Tekmar Group (LSE:TGP) has reported a stronger first-half performance, with revenue, profitability and order intake all improving as the company’s Project Aurora transformation programme continues to reshape the business.
For the six months ended 31 March 2026, revenue increased 31% to £16.2 million, supported by higher levels of activity in the oil and gas sector and improved operational execution across the group.
Return to Positive EBITDA
The offshore energy services specialist delivered adjusted EBITDA of £0.1 million during the period, returning to positive territory as gross margins improved to 30.5%.
Losses also narrowed, with the company reporting a post-tax loss of £1.1 million compared with the previous period.
Management said the performance reflected progress in both operational efficiency and project delivery, despite ongoing disruption affecting some customer projects and broader geopolitical uncertainty linked to developments in the Middle East.
Order Intake Surges
One of the strongest indicators of momentum came from new business wins, with order intake almost tripling to £29.5 million during the first half.
The increase lifted Tekmar’s order book to £31.7 million, providing greater visibility over future revenues and underpinning management’s expectation of a significantly stronger second half.
The company said the growing backlog reflects demand across both traditional energy markets and renewable energy infrastructure projects.
Project Aurora Delivering Results
Tekmar credited much of the improvement to Project Aurora, its restructuring and growth programme aimed at strengthening operational performance and creating a more balanced business model.
The strategy has helped diversify the group’s order book across offshore wind and oil and gas markets while improving project execution and commercial discipline.
Management believes the programme is creating a more resilient platform for long-term growth by reducing reliance on individual markets and increasing exposure to recurring opportunities across the offshore energy sector.
Stronger Financial Position and Revenue Visibility
The company has also taken steps to strengthen its financial flexibility through refinancing initiatives and the sale of property assets, which have improved liquidity and balance sheet resilience.
In addition, recent contract awards in offshore wind and marine infrastructure are expected to provide multi-year revenue streams extending into the 2027 financial year.
These developments are helping to improve funding flexibility and enhance visibility over future earnings as the business continues its recovery.
Positioned for Long-Term Growth
Tekmar said the combination of a growing order book, improving profitability and a more diversified customer base supports its objective of building a larger, more resilient and sustainably profitable business.
Management remains confident that the progress achieved under Project Aurora will continue to support growth opportunities across both conventional and renewable offshore energy markets.
More about Tekmar Group
Tekmar Group plc is a UK-based provider of offshore energy services and asset protection technologies. The company supplies engineering solutions designed to protect and extend the life of offshore wind farms, subsea power cables, oil and gas infrastructure, ports and other marine assets. Operating internationally across Europe, North America, Asia-Pacific, Africa and the Middle East, Tekmar has delivered thousands of subsea protection systems and supported more than 50GW of offshore wind generation capacity worldwide.
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