**Summary of Tekmar Group PLC Final Results for the Year Ended 30 September 2025**
Tekmar Group PLC, a leading provider of asset protection technology and offshore energy services, announced its audited results for the fiscal year 2025 (FY25). The company reported revenue of ยฃ28.7 million, slightly below the previous years ยฃ32.8 million, and an Adjusted EBITDA of ยฃ0.1 million, compared to ยฃ1.7 million in FY24. Despite the decline, the results were in line with market expectations, with a notable improvement in the second half of the year, driven by higher volumes, better utilization, and enhanced commercial execution.
**Key Highlights**
1. **Project Aurora Progress**
The company reorganized into two verticals: Asset Protection Technology and Offshore Energy Services, achieving a leaner cost base and improved commercial focus.
Project Aurora, the companyโs value creation strategy, is on track, with significant progress in streamlining operations and enhancing visibility for future growth.
2. **Financial Performance**
FY25 revenue was ยฃ28.7 million, with Adjusted EBITDA of ยฃ0.1 million.
The second half of FY25 saw a ยฃ1.5 million improvement in Adjusted EBITDA, driven by higher volumes and better commercial execution.
Gross profit margin for FY25 was 34%, with H2 25 achieving 38%, reflecting disciplined commercial management.
3. **Commercial Settlements**
Legacy defect notifications were largely resolved through commercial settlement agreements, reducing historical risk exposure with no admission of liability or cash impact on the Group.
4. **Post Year-End Highlights**
Secured ยฃ43 million in new orders since 1 July 2025, with a record order book of ยฃ40.7 million.
Improved revenue visibility with ยฃ26 million secured for FY26 and ยฃ15 million for subsequent years.
Strengthened balance sheet through the sale of Innovation House for ยฃ2.84 million, providing additional headroom for growth and investment.
5. **Strategic Initiatives**
Continued focus on scaling the business, operational excellence, and strategic investments under Project Aurora.
Expansion into new markets like Marine Infrastructure, with significant contract wins in port development projects.
6. **Outlook**
The Board expects H1 26 performance to be ahead of H1 25 and full-year performance in line with market forecasts.
Strong order backlog of ยฃ40.7 million, including ยฃ26 million scheduled for FY26, supports improved revenue visibility.
Confidence in long-term growth driven by structural demand in offshore wind, oil & gas, and marine infrastructure markets.
**CEO Commentary**
Richard Turner, CEO, highlighted FY25 as a pivotal year with the launch and execution of Project Aurora. He emphasized the companyโs momentum, record order book, and strengthened balance sheet, positioning Tekmar for sustained, profitable growth and enhanced shareholder value.
**Chairmanโs Statement**
Steve Lockard, Chairman, underscored the companyโs progress in strengthening its business and focus on delivering sustained returns. He praised the teamโs efforts in converting pipeline into orders and revenue, and expressed confidence in the successful execution of Project Aurora to build a differentiated, diverse, and profitable technology business.
**CFO Review**
Philip Lanigan, CFO, detailed the financial performance, noting the impact of lower volumes in H1 25 and the recovery in H2 25. He highlighted improvements in gross margins, restructuring efforts, and effective cash management, positioning the company for future growth.
**Conclusion**
Tekmar Group PLC demonstrated resilience in FY25, with strategic initiatives under Project Aurora driving operational improvements and financial stability. The company is well-positioned to capitalize on growth opportunities in its core markets, supported by a strong order book, improved balance sheet, and a clear strategic vision.
Hereโs an HTML table comparing the financials and debt year-on-year for Tekmar Group PLC based on the provided text:
### Key Observations:
1. **Revenue Decline**: Revenue decreased by 12.5% from ยฃ32.8m in FY24 to ยฃ28.7m in FY25.
2. **Adjusted EBITDA Drop**: Adjusted EBITDA fell significantly by 94.1% from ยฃ1.7m to ยฃ0.1m.
3. **Gross Profit Margin Improvement**: Despite lower revenue, gross profit margin improved from 32.0% to 34.2%.
4. **Order Intake Stability**: Order intake remained relatively stable, with a minor decrease of 2.5%.
5. **Net Debt Increase**: Net debt increased by 52.6% to ยฃ2.9m, primarily due to lower cash balances.
6. **Cash Balance Reduction**: Cash balance decreased by 26.1% to ยฃ3.4m.
7. **Trade and Other Receivables Decline**: Trade and other receivables decreased by 30.5% to ยฃ14.1m.
8. **Total Debt Reduction**: Total debt decreased slightly by 9.3% to ยฃ6.8m. This table provides a clear comparison of key financial and debt metrics between FY24 and FY25 for Tekmar Group PLC.