Losses widened at offshore cable specialist Tekmar

OPERATING losses have widened at North East offshore engineering group Tekmar, amid lower than expected orders.

- TOM KEIGHLEY Business writer [e-mail]

The cable protection specialist's CEO, Richard Turner, said the business has significant free capacity. Tekmar has offset the slower trading with around £lm of cost savings, including head count management and IT.

First-half results for the listed County Durham firm show a £2.3m group operating loss in the six months to the end of March, compared with a £14,000 operating loss in the same period of 2024. That came as revenue fell to £12.3m from £16.2m.

Around £8m of revenue came from the offshore wind market, which was lower than the comparable period in 2024, and said to be down to timing of contract awards as the sector recovers from well-publicised challenges. Meanwhile, £4m of revenue came from the oil and gas market.