TGP

Tekmar Group PLC

Energy First-pass screen £18m

410/1000 Overall fit

AI beneficiary 35% 25

Operating leverage 25% 68

Valuation 25% 30

Downside protection 15% 52

First-pass take

No AI revenue or enterprise AI exposure; offshore wind/oil&gas asset protection lacks AI tailwinds. Operating leverage potential (3x output capacity, H2 margin recovery to 38%) undermined by execution risk (H1 losses, 4 customers = 50% revenue) and missing valuation visibility.

Flags

no-valuation-dataloss-makingcustomer-concentrationexecution-risknegative-fcfno-ai-exposure