• Tekmar Group to build North East ‘growth story’ following £4m fundraise

    Tekmar Group to build North East ‘growth story’ following £4m fundraise

    The offshore engineering specialist says its raising £4m is evidence of shareholders buying into its growth strategy

    Offshore engineering group Tekmar says it is building a North East growth story, having raised £4m through its successful share placing.

    The Darlington headquartered group – which also has facilities in Newton Aycliffe, Blyth, Newcastle, Montrose and Lowestoft – said the move was a huge vote of confidence from shareholders amidst geopolitical pressures on global markets.

    Speaking to BusinessLive, Tekmar Group’s CEO Alasdair MacDonald – who personally invested £50,000 via the placing – said the company has now been positioned for growth in a global offshore wind market that’s worth an estimated £22bn.

    He said: “We’ve positioned ourselves – having done acquisitions – to grow further. We’re looking to organically double the size of the business in the next five years, as we declared in our strategic plan last July.

    “Despite these choppy waters of the world economy, we feel we’re on the right road.

    “We’ve restructured the team and the business to be engineering solutions led. I think we’re getting traction in the industry and among our investors in support of that strategy. It’s a positive growth story, and we’re going to grow that around a North East company.”

    He added: “The shares at 45p demonstrate the commitment of the investors and them buying into our strategy and the team. We’re seeing larger contracts in play and the fundraise supports our ability to execute them.”

    Source: Business Live