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Tekmar Group plc release FY20 results

Posted on 04 August 2020

Tekmar Group plc release FY20 results

Newton Aycliffe, UK - 03 August 2020: Tekmar Group plc, a leading provider of technology and services to the global offshore energy markets has today released results for the year ended 31 March 2020 (FY20).

Tekmar Group is delighted to share a strong set of results that demonstrate growth throughout the financial period and continued delivery of its strategy set out at initial public offering (IPO) in June 2018.

Key highlights include:

  • 46% growth in Group sales which now exceeds £40m.
  • Major increases in exports with ‘rest of world sales’ delivering over £10m or 25% of Group turnover.
  • Third acquisition completed with Pipeshield International now working alongside Group companies on multiple projects.
  • Record revenue growth for Subsea Innovation up 147%, representing now 20% of Group revenue.
  • AgileTek increased sales by over 200% and now represents 5% of Group revenue.
  • Team growth of 26 people to a total of 206, representing a 14% increase.
  • ZERO lost time incidents across the group – safety remains a top priority.

The Group now offers a much wider portfolio of complementary technologies and a unique customer-value proposition to a truly international customer base. The Group is well-positioned with a strong platform for growth and a positive market outlook for the next decade.

Board Change

After 12 years with Tekmar James Ritchie, Chief Executive Officer has decided to step down from the board, handing responsibility to Alasdair MacDonald. James will remain with the business until the end of the current financial year or as such time that an orderly hand over is completed.

James Ritchie, CEO of Tekmar Group, said “Firstly, I want to reassure you this was my personal decision and is in no way a reflection of my confidence in Tekmar longer term. It has been an exciting 12-years of growing the business from a small family start-up to where we are today, and it will remain an astonishing story. Together we developed a market-leading technology,  established the largest track record in offshore wind with an outstanding brand recognised the world over, completed a management buy-out of Tekmar Energy in 2011 backed by Private Equity, and then successfully floated on the London Stock Exchange becoming Tekmar Group plc seven years later (June 2018).  More impressively we have doubled in size in the first 2-years achieving £41m in sales and employing over 200 people across 6 businesses. For me now, this feels like the right time to hand over the reins.”

Alasdair Macdonald, Executive Chairman of Tekmar Group, said "On behalf of the Board and everyone at the Company, I would like to thank James for his unwavering commitment and outstanding contribution to the business over the last decade. His drive and ambition have transformed Tekmar from a small family start-up into a global business. He should be truly proud of his achievements".

Ally joined Tekmar in 2013 and has over 30 years’ experience in the Oil and Gas industry holding senior executive positions including CEO and COO with Wellstream International Limited and Wellstream Holdings plc, a FTSE 250 company, and Seanamic Group. Ally spent 19 years with Technip UK, acting as Managing Director of Technip Umbilicals Limited between 2005 and 2008.