Director Change

RNS Number : 2995A

Tekmar Group PLC

01 June 2021

 

TEKMAR GROUP PLC

("Tekmar Group" or the "Company")

Director Change

Tekmar Group (AIM: TGP), a leading provider of technology and services for the global offshore energy markets, today announces that Sue Hurst, the current Chief Financial Officer ("CFO"), will step down from this role today, although will remain on the Board to ensure an orderly transition. The Board is pleased to announce the appointment of Mr Derek Bulmer to the Board as Chief Financial Officer with immediate effect.

Derek Bulmer has significant experience in senior finance and management roles at public companies including, most recently, as Chief Financial Officer and in house counsel at AIM listed radiation detection technology company Kromek Group plc for ten years between 2010 and 2020. Prior to Kromek, Mr Bulmer built significant financial and legal experience at Bass plc, AWG plc and Ibstock plc, as well as a number of privately owned companies across a range of industries including the energy industry. Mr Bulmer qualified as a Chartered Accountant in 1992 and as a Barrister in 2010, being a member of the Middle Temple.

Julian Brown, Non-executive Chairman of Tekmar Group, said:  "I would like to extend my sincere thanks to Sue for her considerable contribution to the business as a key member of the senior management team for the best part of 10 years.  Sue has been instrumental in our success to date, building robust financial systems as our business has transformed in scale, leading our M&A activity and funding strategy, including our listing on AIM, bringing her expertise to bear in a commercial capacity and working with Ally and the team in developing and embedding the refreshed strategy. I appreciate that whilst Sue will remain with the company for the next several months, she feels this is the right time to make this change at a personal level.

The Board carries out regular and routine succession planning for senior positions and I am delighted to welcome Derek to our Board as CFO. He brings a wealth of public market experience, having spent 10 years as CFO of Kromek, an AIM listed technology group with a global customer base, successfully growing the business organically and through M&A. Derek also brings considerable well-rounded commercial expertise, augmented by his experience as in-house legal counsel having qualified as a Barrister in 2010, which will be instrumental in delivering our ambitious plans for the medium to long term.

I look forward to having Derek and Sue working together with Ally over the next few months as we further embed the refreshed strategy and ensure a smooth handover."

Derek Bulmer commented: " I am delighted to have been appointed as CFO of Tekmar. The Group has achieved a huge amount in establishing the Tekmar of today, with major market share in attractive end markets highlighting its position as a technology leader in the industry.  It is a great time to be joining Tekmar, with the refreshed strategy setting out a clear direction of travel for the business. I look forward to working with Ally and the team, building on Sue's considerable efforts and making my own contribution to the continued success of Tekmar as we deliver on our plans to reinforce Tekmar's industry leadership credentials and deliver value for shareholders."

Sue Hurst added : " The refreshed strategy sets the course for Tekmar to deliver accelerated, profitable growth over the next five years and after nearly 10 years in the Company, I feel that it is the right time to pass the baton to Derek who can help deliver the next chapter of growth for Tekmar.  For me personally it is time to move my career in a different direction and I want to thank the Board for their understanding and support with my decision.  I wish the Board, the leadership team and all of my colleagues, with whom it has been an absolute pleasure to work, every success for the future and look forward to working with the team over the next few months as we execute on our plans."

The following disclosures are required regarding Mr Bulmer's appointment pursuant to Schedule Two paragraph (g) of the AIM Rules for Companies ("AIM Rules"):

Full name: Derek Bulmer

Age: 54 

Current directorships: None

Previous directorships in the last five years:

· Kromek Group plc

· Kromek Limited

· Kromek (Germany) Limited

Save as set out above, there is no further information to be disclosed in respect of Mr Derek Bulmer under Schedule 2(g) of the AIM Rules.

Enquiries:

Tekmar Group plc Alasdair MacDonald, CEO Sue Hurst, CFO	[phone]
N +1 Singer (Nominated Adviser and Joint Broker) Rick Thompson / Rachel Hayes	[phone]
Berenberg (Joint Broker) Chris Bowman / Ben Wright / Ciaran Walsh	[phone]
Bamburgh Capital Limited (Financial PR & Investor Relations) Murdo Montgomery	[phone]

About Tekmar Group plc  -  www.tekmargroup.com

Tekmar Group plc's vision is to be the leading provider of technology and services for 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 Energy has 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 is headquartered in Newton Aycliffe in the United Kingdom; AgileTek operates from an office in London; Subsea Innovation has its head office and manufacturing centre in Darlington, United Kingdom. Ryder operates in Newcastle and within AgileTek London, Pipeshield headquarters are in Lowestoft with manufacturing in Montrose and Blyth. Tekmar Group plc also has strategic supply bases and representation across Europe, Africa, the Middle East and Asia Pacific.

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