Board Changes

RNS Number : 8471U

Tekmar Group PLC

03 August 2020

 

3 August 2020

The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

TEKMAR GROUP PLC

("Tekmar Group" or the "Group")

Board Changes

Tekmar Group (AIM: TGP), a leading provider of technology and services for the global offshore energy markets, announces that James Ritchie-Bland, Chief Executive Officer ("CEO"), has informed the Board of his intention to leave the business before the end of the current financial year, and has, today, resigned as CEO and stepped down from the Board.

Alasdair Macdonald ("Ally"), currently Non-executive Chairman of the Group, assumes the role of Executive Chairman with immediate effect and a formal process to recruit and appoint a new CEO will commence shortly. James will remain in the business, working closely with Ally, until a new CEO is secured to effect an orderly and efficient handover.

James was a founder of Tekmar Energy, which was established over 12 years ago, when he identified a global opportunity for subsea cable technology in offshore wind. He led a management buy-out of Tekmar Energy in 2011, backed by Elysian Capital and the successful IPO and Admission to AIM seven years later (June 2018).

Under his leadership, the business has grown from a start up to a global technology business, delivering revenue in excess of £40m, representing a CAGR of c.25% in the last six years, and employing over 200 people in 17 locations worldwide.

Alasdair Macdonald, Executive Chairman of Tekmar, said :

"On behalf of the Board and everyone at the Company, I would like to thank James for his unwavering commitment and outstanding contribution to the business over the last decade. His drive and ambition have transformed Tekmar Energy from a small family start up into a global business, generating revenues in excess of £40m and employing over 200 people in 17 locations. He should be truly proud of his achievements.

"I am personally delighted that he has agreed to stay with the business in the near term and look forward to working closely with him until his successor is in place. On behalf of everyone at Tekmar Group, I would like to take this opportunity to wish him the best of luck in his future ventures."

James Ritchie-Bland said :

"I am very proud of all that we have achieved to date as a team at Tekmar Group. It has been a privilege to be part of the Group's journey, which has taken us from humble beginnings, through private equity ownership to admission to the London Stock Exchange's growth market, AIM.

"It is the right time for me to hand over the reins to Ally's experienced hands and I am confident in the team's ability take the business onto the next stage of its development. I look forward to following the Group's progress, as a shareholder, and watching the business as it continues on its exciting growth trajectory."

Enquiries:

Tekmar Group plc Alasdair Macdonald, Executive Chairman Sue Hurst, Chief Financial Officer	Tel: [phone]
Grant Thornton UK LLP (Nominated Adviser) Philip Secrett / Jen Clarke	Tel: [phone]
Berenberg (Broker) Chris Bowman / Ben Wright / Richard Salmond	Tel:  [phone]
Belvedere Communications (Financial PR) Cat Valentine Keeley Clarke	[e-mail] Tel: [phone] Tel: [phone]

About Tekmar Group plc  -  www.tekmargroup.com

Tekmar Group plc's vision is to be the partner of choice for the supply and installation support of subsea protection equipment to the global offshore energy markets. The Group has five primary operating companies; these are Tekmar Energy Limited, Subsea Innovation Limited, AgileTek Engineering Limited, Ryder Geotechnical Limited and Pipeshield International limited.

Tekmar Energy is a global market leader in protection systems for subsea cable, umbilical and flexible pipe. Tekmar have been trusted to protect billions of Euros worth of assets in the offshore wind, oil & gas, wave, tidal and interconnector markets since 1985.

Subsea Innovation is a global leader in the design, manufacture and supply of complex engineered equipment and technology used in the offshore energy market. Its products include large equipment handling systems which operate on the back of pipelay installation vessels; emergency pipeline repair clamps (EPRC) which protect major oil and gas pipelines, and bespoke equipment for use in the construction of offshore energy projects.

AgileTek Engineering is an award-winning subsea engineering consultancy for offshore energy projects. AgileTek helps its clients de-risk projects through advanced computer simulation and analysis.  AgileDat, a division of AgileTek, provides software development, cloud architecture and data analytics services.

Ryder Geotechnical provides expert geotechnical design and consulting services to the offshore wind and subsea oil and gas sectors. Services include offshore structure foundation design, geohazard assessment and subsea cable routing and burial assessment.

Pipeshield international is a market leading provider of specialised subsea protection solutions in the form of concrete mattresses used for the stabilisation and impact protection of subsea equipment in areas where they cannot be buried and further to limit the development of scour (seabed erosion) particularly local to that of a foundation, pipeline or in marine ports.

Tekmar Energy and Tekmar Group plc is headquartered in Newton Aycliffe in the United Kingdom; AgileTek operates from an office in London; Subsea Innovation have their head office and manufacturing centre in Darlington, United Kingdom. Ryder operate in Newcastle and within Agiletek London, Pipeshield headquarters are in Lowestoft with manufacturing in Blyth. Tekmar Group plc also has representation in South Korea, USA, China and the Middle East.

 

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