A TECHNOLOGY firm is celebrating after recording an increase of 46 per cent growth in revenue on the prior financial year.

Tekmar Group, headquartered in Newton Aycliffe, has five primary operating companies, these are Tekmar Energy Limited, Subsea Innovation Limited, AgileTek Engineering Limited, Ryder Geotechnical Limited and Pipeshield International limited.

The group has hailed its final results for the year despite the challenges brought by the coronavirus crisis.

It said it has demonstrated its capability by delivering substantial revenue growth across all businesses resulting in an increase of 46 per cent and an order book increase of 39 per cent to £10m.

This was despite facing the impact of Covid-19 and the associated rapid shutdown in China affecting its most productive fourth quarter from January to March.

A spokesperson for the group said it has maintained its strong balance sheet, with net cash and zero leverage at the year end.

The team has also continued to deliver their strategic objective to diversify revenue streams and position the business for growth in the global subsea markets which are benefitting from high structural growth drivers.

Alasdair MacDonald, non-executive chairman of Tekmar Group, said: “Whilst the level of growth in profitability in FY20 was inevitably affected by Covid-19 and the shutdown in China, our strong market position and track record in offshore wind cable protection projects remain unrivalled globally.

“Our overall confidence in the prospects for the business should not be understated. I now see a group which has truly been transformed and, with a much wider portfolio of complementary technologies, is able to offer an international customer base a unique customer-value proposition.

“Coupled with a robust balance sheet, the group is well positioned with a solid platform for growth over the next decade, which is supported by a positive market outlook, despite some short-term uncertainty as we transition through the Covid-19 recovery, which the Group has somewhat mitigated by receipt of a a Coronavirus Business Interruption Loan of £3m post year end.”

During the financial year, the team welcomed 23 new additions to the Tekmar family, taking the total headcount to more than 200.

Mr MacDonald added: “I would like to take this opportunity to sincerely thank all our people. Covid-19 brought about an unforeseen business disruption which made this growth more challenging than anticipated.

"Our teams have shown an impressive resilience to deliver a strong H2 performance and, thanks to their efforts, our businesses have delivered the best possible outcome for shareholders in the circumstances and have maintained a sustainable strong position for our future.

“Whilst the level of growth in profitability in FY20 was inevitably affected by Covid-19 and the shutdown in China, our strong market position and track record in offshore wind cable protection projects remain unrivalled globally.

"Our overall confidence in the prospects for the business should not be understated."