Tekmar Group – a big recovery is on the way for this little group, its Order Book is growing apace and its shares now 15p could soon be trading up to 20p

Mark Watson-Mitchell - 19.08.2026

Safeguarding the world’s critical offshore infrastructure

A couple of days ago Tekmar Group (LON:TGP) announced another useful contract, taking the tally of its new orders to over £50m since July last year.

The £20m-capitalised group is involved in providing asset protection technology, products and services to the global offshore energy market.

The current trading year to the end of next month will show that the group is rapidly recovering from its operating losses of 2025.

The build-up in its Order Book is a good pointer that a bounce could be seen in 2027.

Based upon analyst estimates I now consider that its shares could very soon advance by a third to 20p, and then still look undervalued, trading on just 13 times earnings.

A bigger advance could well come into view for the group’s 2028 year, pushing them down to just over 7 times earnings.

The Business

Established in 1985, Tekmar is a leading provider of asset protection technology and offshore energy services, supporting critical offshore infrastructure projects across offshore wind, oil & gas, interconnectors and marine infrastructure markets worldwide.

With nearly 40 years of experience, more than 100,000 subsea stabilisation products deployed, over 12,000 cable protection systems supplied and more than 340,000 engineering hours delivered, Tekmar has built a trusted reputation for technical excellence, innovation and project delivery.

It operates from some 70,000 sq.ft of space in Newton Aycliffe in County Durham that includes its manufacturing and business administration, and a 30,000 sq.ft facility that handles product testing, client training, sales, project and engineering offices.

The group, which also has offices in London, Hamburg and Shanghai, has agents in South Korea and the US for its Offshore Wind Farm division and in Singapore and Abu Dhabi for its Subsea division.

Offshore Wind - Trusted across 120+ offshore wind projects worldwide, Tekmar has helped safeguard more than 50GW of critical offshore wind infrastructure through engineering expertise, protection technologies and specialist offshore services.

Oil & Gas - For nearly four decades, Tekmar has supported the protection and performance of critical offshore oil and gas infrastructure through trusted engineering expertise, subsea technologies and specialist offshore services.

Engineering services, solutions and technology - Integrated products and services designed to protect, support and optimise offshore wind infrastructure across the project lifecycle.

Interim Trading Update

On Thursday, 18^th June, the group reported a significant improvement in its Interim Results for the six months to end-March, with revenue increasing by 31% to £16.2m compared to the prior year, accompanied by higher gross margins of 30.5% and a positive adjusted EBITDA of £0.1m, a substantial turnaround from a £0.7m loss.

The company also saw a substantial increase in order intake to £29.5m, contributing to a rebalanced order book weighted 23% to Oil & Gas and 77% to Offshore Wind, with a current order book of £30.1m positioning it for a stronger second half and improved visibility into FY27, despite some disruption from events in the Middle East.

The loss after tax narrowed to £1.1m, a 59% improvement from the previous year.

CEO Richard Turner stated that:

"The business performed well in the first half of this year, delivering a material improvement in year-on-year profitability consistent with our guidance.

We are encouraged by the continued progress we are making in delivering on the Project Aurora strategic plan.

The reorganisation and refocus of the "front end" of our business combined with improved commercial effectiveness has enabled the Group to operate with a record level of work, increased utilisation, improved visibility and a stronger balance sheet.

The ongoing impact of events in the Middle East has had some disruption to projects and supply chain in the region.

Despite this, the Board anticipates strong revenue and profit delivery in the second half as we continue to build our improved revenue visibility into FY27.

This momentum, together with the healthy pipeline we see ahead of us, supports our confidence in delivering sustained, profitable growth and enhanced value for shareholders."

Latest Management Comment

Upon announcing the new contract this week, CEO Richard Turner stated that:

"Securing this contract marks another positive step in the delivery of our growth strategy.

It reflects the ongoing success of the changes taking place within Tekmar, under Project Aurora, which has delivered a record level of backlog to date, driving additional throughput and operational efficiencies across the Company's existing capacity. 

It is also a demonstration of the Company's market-leading position in Asset Protection Technology, the strength of the relationships we have with customers and the progress we are making in broadening our offer to customers across the global offshore wind and oil and gas markets, with the aim of our concrete solutions offer mirroring the success of our wider cable protection technology business."

The Equity

There are some 139.8m shares in issue.

The larger holders include SCF Partners LLC (31.2%), Scottish Widows Unit Trust Managers Ltd. (9.32%), Schroder Investment Management Ltd. (4.93%), Philip J. Milton & Co. Plc (4.06%), Alasdair MacDonald (3.51%), Steven Lockard (2.78%), River Global Investors LLP (2.26%), Octopus Investments Ltd. (0.72%), Richard Turner (0.57%), and Leanne Wilkinson (0.44%).

Broker Views

Analyst Ian McInally, at Cavendish Capital Markets, rates the group’s shares as a Buy, with a Target Price of 30p.

His estimates for the year to the end of next month, show a recovery in revenues to £38.6m (£28.7m) with an improved pre-tax loss position at just - £0.1m (-£2.4m), and an earnings loss of 0.08p (loss 1.6p).

For the coming year to end-September 2027, the analyst looks for an even healthier sales line at £52.6m, helping to return to pre-tax profits of £2.3m, generating 1.5p per share in earnings.

Leaping ahead to 2028, McInally has pencilled in £60.5m revenues pushing profits of £4.2m, worth 2.7p per share in earnings.

My View

Taking a one-year view on this group’s corporate performance, it would appear to me that Tekmar Group is showing a good enough recovery to progress its shares from the current 15p to soon trade the 18p/20p price range.

(Profile 19.08.26 @ 15p set a Target Price of 18.50p)

Tekmar Oil & Gas