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Tekmar IPO to make 28-year-old boss one of the youngest on stock market

Offshore wind company Tekmar has announced its intention to ..

Offshore wind company Tekmar has announced its intention to float today in what will make its 28-year-old chief executive officer (CEO) James Ritchie one of the youngest bosses on the stock market.

Tekmar makes technology to protect subsea cables and pipes used in offshore oil and gas and wind energy.

Read more: Photos: The world's first floating wind farm has started up off Scotland

Ritchie joined Tekmar as a teenager and led a management buyout when he was 21 in 2011 backed by private equity firm Elysian Capital.

The float is expected to value the company at between £70 and £80m.

Tekmar reported revenue of £21.9m and adjusted earnings before interest taxes depreciation and amortisation (ebitda) of £4.9m for the year ended March 2018.

Tekmars offshore wind division has a current pipeline of 60 tendered projects with a potential aggregate sales value of £68m.

Read more: Hunting posts profit as shale booms, but it's not giving up on offshore oil

In the three year period to 31 March 2018 it delivered a conversion rate of tenders won to sales enquiries of 70 per cent.

Ritchie said: “Our plans to join the AIM market follow a period of consistent, strong organic growth supported by the groups current owners, Elysian Capital.

“Tekmar is already the undisputed leader in offshore wind cable protection systems and it is our objective to become the partner of choice for the supply of subsea protection equipment to the global offshore energy markets. Admission to AIM will enhance our profile and brand recognition further in our sectors and allow us to execute our strategy to grow in both existing and new markets and geographies.”

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