Marine engineer 'ready to grow' after record orders

A marine engineer has hailed its future prospects after a turnaround plan delivered a “pivotal and highly productive year”.

Tekmar Group says it is making “tangible progress… towards longer-term success” as a “healthy pipeline” of work complements a record £40.7 million order book.

The County Durham-headquartered firm revealed its upbeat outlook in a trading update today (March 9) for the year to September 30, which showed revenues down slightly at £28.7 million against a marginally higher 34 per cent gross profit.

It added its momentum has been fuelled by its Project Aurora restructuring plan – launched to create new asset protection technology and offshore energy services divisions – which has secured orders worth £43 million since July 1.

Steve Lockard, chair at the Newton Aycliffe-based operator, said: “The ambition we have is strong, and the commercial traction we have now established, evidenced by our growing, more diversified and high-quality order book, demonstrates the team is delivering positive results.

“After a challenging first half in 2025, the financial performance in the second half of the year was significantly stronger and reflected the business’ success in converting the healthy pipeline into order book and then order book into revenue.

“There is still a lot we can do, and are doing, to scale the business, but we are greatly encouraged by the tangible progress the business is making.

“We have a clear strategy to deliver value for shareholders and the team is in place to deliver the plan.”

The company – which also includes Pipeshield, which supplies equipment to protect subsea energy lines, and the Ryder-branded engineering consultancy – recently secured a £7 million UK wind farm deal, a £4 million-plus European offshore wind farm agreement and a £3 million Middle East contract.

It last month sold a former Darlington factory and office site for £2.8 million, with officials saying the “milestone” agreement will boost its balance sheet and support growth plans.

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