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Q2 sales up 22% Q2 sales were up 22%, with 25% from constant scope and exchange rates. Photonics was particularly strong, up 30% yoy, while Medical remained steady at +16%. Photonics boosted by spatial and defence This was partly explained by a scope effect, with the SAAB activity being acquired in May 2022. Defence and Spatial therefore strongly outperformed and was up 63% reported. This segment''s performance was also supported by product deliveries for several satellite constellation contract
Companies: Lumibird SA
BNP Paribas Exane - Sponsored Research
FY EBITDA came in at EUR31.3m, down 4% yoy FY EBITDA came in at EUR31.3m, down 4% yoy and 3% above consensus. The Photonics division suffered the most, with EBITDA down 12% for sales up 16.4%. This is partly explained by the lag effects of passing on price increases (longer-term contracts). Other elements of group EBITDA margin compression were due to opex investments (staff: +13%; Lumibird is scaling up its organisation), non-recurring costs related to sourcing (EUR3m) and the need to re-design
H1 EBITDA down 22% H1 EBTIDA was EUR11.2m down 22% yoy with the EBITDA margin receding from 19% to 13.3%. The gross margin decline of 70bps was due to the photonics division with the backlog being mostly booked at firm price. The gross margin was therefore down 290bps on this division whereas medical was healthy at +110bps (easier to pass on price increases with distribution being partly direct). H1 EBIT down 55% yoy H1 EBIT was EUR3.9m down 55% yoy. In addition to a weaker gross margin, the
EBITDA up 34% yoy Lumibird''s EBITDA was EUR32.4m, up 34% yoy and 5% above consensus. This performance was driven by the gross margin uplift (+EUR15.6m) notably due to product mix and the roll-out of commercial synergies within the medical division. Operating leverage was also supported by the strict control of opex with personnel expenses increasing modestly. Medical driving the EBITA margin improvement By division, the performance was particularly impressive in medical with the EBITDA mar
Q3 sales up 13% Q3 sales were up 13% (+15% organic) to EUR37.2m of which Medical up 5% to EUR19.3m and Photonics up 27% to EUR18m. For Photonics, we note that Industrial and Scientific was up c50%, Defence and Spatial remained well oriented at +3.8% (with a stable contribution from the megajoule contract) while LIDAR was up a robust 22% in the quarter as production issues are abating. Guidance confirmed Lumibird is comfortable with the consensus estimates for FY sales at EUR160m. It implies
EBITA tripled in H1 Lumibird''s H1 EBITA was EUR8.6m vs EUR2.9m in H1 20. This in our view is remarkable as H1 results were achieved in a context of gross margin decrease (down 320bps), notably due to mix. In spite of this, with sales growing by 65% (of which 35% due to scope effect) and by 13% on a pro-forma basis, the EBITA margin expanded from 6.3% in 2020 to 11.4% in H1 21, with Lumibird focusing heavily on opex control. Medical margin increase impressive, Photonics healthy The EBIT margi
Q2 pro-forma growth reaching 25% Q2 sales reached EUR75.5m, up 75% yoy and up 23% on a pro-forma basis. This represents a real acceleration in Q2 (+3.2% in Q1). Medical up 11% on a pro-forma basis at the end of H1 Growth in medical has been driven by pent-up demand following the re-opening of the economies and the further roll-out of commercial synergies following last year''s acquisition of Ellex. The integration is now well advanced and from 2022 onwards the focus on profitability optimisa
Leader of the European laser market, Lumibird operates in segments that look set for solid growth. Rerating should continue as the group takes a further step in its transformation while MandA is afoot. European laser market leader Lumibird has expanded 8.5x in revenue in four years (2016 to 2020), becoming a European champion in the process. A multi-technology specialist with deep knowledge in solid state, diode and fibre lasers, Lumibird offers a solid product offering boasting more than 300
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Watkin Jones’s guidance for FY24E is unchanged in its trading update for the first half to 31 March. We maintain our forecasts for the full year and introduce half-year estimates, in line with reiterated guidance that performance will be significantly H2 weighted. The group confirms a continuing gradual recovery in appetite among institutional investors to forward fund its build-to-rent (BTR) and student developments. We believe this should gather pace as the direction of interest rates becomes
Companies: Watkin Jones Plc
Progressive Equity Research
Ceres Power Holdings’ innovative technology uses electrolysis to produce green hydrogen and solid oxide fuel cells to generate power. In a year where it moved to the Main Market of the London Stock Exchange, it recorded revenue growth of 13% and gross margin expansion to 61% (the highest in the sector, according to management), but is yet to record an operating profit (FY23 operating loss of £59.4m versus £54.0m in FY22). Ceres continued its strategy to drive innovation and technology across sol
Companies: Ceres Power Holdings plc
Edison
Surface Transforms has issued new revenue guidance for FY24, with the company now expecting revenues in the range £17.5-22m. We are withdrawing our previous forecasts for FY24 and withdrawing our price target while we review the impact of the new guidance.
Companies: Surface Transforms PLC
Cavendish
Solid State’s trading update affirms the sustained strength in demand throughout H224, resulting in record FY24 revenue and adjusted PBT ahead of prior consensus of £155m and £12.5m, respectively. This is attributable to the earlier-than-expected delivery of a NATO contract. As a result, consensus FY24 revenue and adjusted PBT estimates have been raised by c 6% and c 20%, with respective FY25 estimates declining commensurately.
Companies: Solid State plc
Banquet Buffet*** Abingdon Health 9.25p £11.3m (ABDX.L) The lateral flow contract development and manufacturing organisation announces its unaudited interim results for the six months ended 31 December 2023. Revenue increased 117% to £2.4m (H1 2023: £1.1m). The Adjusted EBITDA loss decreased 47% to £1.2m (H1 2023: £2.2m). Furthermore, reduction in operating loss of 50% to £1.2m (H1 2023: £2.4m). The Board therefore expects that H2 2024 revenue will be significantly improved compared with H1 2024
Companies: CPX SLP FA/ FIPP ECR ETP ORCA
Hybridan
AFC has unveiled a groundbreaking modular ammonia cracker system demonstrating viable and scaleable production of hydrogen in the UK using this method. The cracker system is designed to deliver 140 tonnes of fuel cell grade hydrogen each year. Hydrogen from the plant will initially be targeted for sale into AFC’s UK H-Power Generator deployments, including those with Speedy Hydrogen Solutions. Along with the recent purchase of the mobile storage and distribution assets of Octopus Hydrogen, AFC c
Companies: AFC Energy plc
Zeus Capital
Gooch has issued a positive update for H1. Trading has started to recover with stocking levels normalising at industrial and medical devices customers. The outlook is positive with growth returning, and management has confirmed our full year estimates (adjusted for the disposal of EM4). The order book and order flow appear healthy, and net debt is comfortable. Gooch clearly still has plenty to do to lift operating margins from a lacklustre 8.1%, but the transformation plan appears to be back on
Companies: Gooch & Housego PLC
Sanderson Design Group (SDG) continues to deliver on its key strategic initiatives and growth drivers despite a challenging global backdrop. The group’s FY23 performance showed flat revenue, with adjusted underlying PBT rising £0.1m to £12.6m. Net cash dropped back to £15.4m, with the total dividend maintained at 3.5p. The star performers were Licensing (reported revenue +25%), the Morris & Co brand (+16%) and the US market (+20%). Our forecast revisions assume more modest sales progression, wit
Companies: Sanderson Design Group PLC
17th April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi
Companies: ARS TIDE SCE SNX ECK CNS TST SPEC SSTY
AFC has made strong progress with products and its manufacturing strategy. Despite heavy investment, the cash position, at £27.4m, was slightly better than our estimate for £26.9m, demonstrating good discipline. The monthly cash burn rate (at c. £1.3m) is tracking in-line with our expectations. Generally, we maintain our estimates for significantly increased sales in FY24e and FY25e, with the cash position unchanged. Recent news on commercial progress has been positive. The 30kW H-Power Generato
We note the regulatory announcement this morning from Surface Transforms and withdraw our estimates and valuation, pending conversations with management.
SCE is raising £16m through a placing (and up to a further £3m through open offer) to fund substantial expansion and additional working capital. This will enable the Group to grow to £75m revenue capacity in the near term, commence the build and equipping of a new factory and then (with internally generated free cash flow) scale to £150m revenue capacity and beyond. With a contracted order book of £190m and a prospective pipeline of £400m, this is clearly the time to seize the opportunity. The e
On 9 January last year, we set out our ten top stock picks for 2023, for what turned out to be another relatively poor twelve months for UK equities due to two wars, stubbornly high inflation and further tightening of monetary policy. This was even as other major markets, such as the US, largely recovered in the year. In the 2023 calendar year, the AIM All-Share index fell 8.2% and is still 42% off its 2021 high. From the release of our 2023 top picks note, the average total return (assuming div
Companies: PTAL GHH IGP MSLH PINE NXQ EQLS NXR AXL
Sanderson Design Group (SDG) has reported an 8% increase in interim adjusted PBT, to £6.8m. This was achieved despite a weak backdrop in the home UK market and a 2% decrease in overall group revenue. Increased profitability was driven by strong performances in two of its key and higher-margin strategic growth pillars – Licensing and North America – which grew by 82% and 10%, respectively, on a reported basis. New product launches, including Disney Home x Sanderson, have seen sampling running at
Sanderson Design Group has delivered its full-year trading update to 31 January 2024. Group revenue has eased back 3.1% to £108.5m on a reported basis, following the 2% decline in H1. The strongest performances were delivered by the strategic growth cornerstones of Licensing and North America, offset by challenging market conditions in the UK, Europe and the Rest of the World. A strong balance sheet saw year-end cash rise to £16.2m, compared with £15.4m at year-end FY23. Having traded in line wi
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