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The group’s H1 trading update is reassuring, with a strong first half, pointing to a continuation of previously indicated trading patterns. Revenue and profit has been resilient, while cash flow has been strong, returning to normalised patterns having repaid PAYE and VAT and also its final dividend in September. H1 trading benefited from a strong order book heading into the lockdown and due to some delays in order intake over recent months has an order book around 7% less than last year. Management is cautiously optimistic, but still considers that the trading outlook remains uncertain, so guidance remains withdrawn. As such, we look to the December interims to resume forecasts, when order visibility will be clearer.
Companies: Solid State plc
IG Design Group’s H1 trading update for the six month period to 30 September has delivered both top and bottom line performance ahead of management expectations, driven by a strong recovery in Q2. Group revenues rose by 40% including the CSS acquisition. Excluding CSS, sales were just 8.3% down, having been down 11.7% on an LFL basis in Q1. Customer orders now exceed 80% of full year revenue forecasts. This robust sales performance has been accompanied by significant deleverage with period end net debt of $23.2m, compared with $106.1m last year. CSS is now fully integrated and focussed on delivering sales opportunities, with cost synergies ahead of schedule. While H1 performance suggests forecast risk is weighted to the upside, management prudently highlights caution on the FY21E outturn given the continuing Covid backdrop and associated risks, hence our unchanged forecasts at this stage.
Companies: IG Design Group plc
Zytronic’s year end update highlights the impact of the pandemic on the year to 30th September. Sales reduced to £12.7m (FY19: £20.7m) but, encouragingly, EBITDA for the year was positive. Cash at the year end was £14.0m (FY19: £13.1m), which has increased by £1.6m since 31st March. Uncertainty remains over demand levels, particularly within the Gaming and Financial sectors, but the Group is in a strong financial position with a strong balance sheet and well invested operations. We will reinstate forecasts as visibility improves. A further update will be provided alongside the Group’s preliminary results, which are expected to be published in early December.
Companies: Zytronic plc
Today’s announcement confirms the strong trading momentum seen in Q1 has continued YTD. Group sales are +45% YOY with revenue growth across all geographies and brands, and profitability improving YOY.
Companies: boohoo group Plc
Solid State’s post-close trading update states that, despite the coronavirus pandemic, it expects to announce revenues and adjusted profits for H121 that are similar to those for H120, which was a record first-half performance for the group. Although management notes some delays in order intake and a shortening of client order scheduling related to the uncertainty caused by the pandemic, it currently anticipates that FY21 performance will be similar to that for FY20.
Q3 figures beat expectations with a strong volume/mix and a significant acceleration in emerging markets. Even so, no return to FY20 guidance.
Companies: Unilever PLC
Reckitt reported stronger than expected Q3 20 revenue growth of 13.3%, on an lfl basis, to £3.5bn, driven by strong growth in Health (+12.6%) and Hygiene (+19.5%). Factoring in FX headwinds of 6.4pp, reported growth came in at 6.9%.
Management upgraded FY20 top-line growth expectations to low double-digit (vs high single-digit earlier) while keeping EBITDA guidance unchanged (350bp margin contraction vs FY 19). Following the strong Q3 performance, we will raise our estimates as well as the target price.
Companies: RBN RB/ RB 3RB RBGPF
discoverIE reported resilient trading through H121, with a revenue decline of 6% y-o-y, noting that sales in target markets performed significantly ahead of other sectors. Order intake improved through Q2 and the book-to-bill ratio for September was above 1x. With increased confidence in its outlook and a strong balance sheet, the company intends to reinstate the dividend with interims in November and has resumed its M&A strategy with the acquisition of a high margin US sensors business.
Companies: discoverIE Group PLC
Transense Technologies (Transense) is a developer and manufacturer of sensor technology and equipment. The recent transfer of the assets and licensing of iTrack IP is game changing as far as the future is concerned and leaves Transense with two existing sensor divisions, plus a royalty income stream which we conservatively forecast to grow from a current run rate of c.£0.6m pa to £2.3m in FY2023 and strong cash generation. Q1 2021 results indicate a near breakeven position and having reached an important inflexion point in its development we consider Transense to be an extremely attractive investment opportunity at the current share price.
Companies: Transense Technologies PLC
Walker Greenbank’s FY20 results date has been reset to 30 June (and complies with updated FCA policy guidance). Its latest update provides no new financial information though orders continue to be received despite lockdown conditions. Operational steps already taken appear to be appropriate, retaining sufficient infrastructure to service prevailing sales demand levels while additional actions aimed at preserving business liquidity are referenced, consistent with those seen elsewhere in the quoted sector. Taken together, the company appears to have quickly adjusted its business model to meet current market challenges in FY21.
Companies: Walker Greenbank PLC
Trackwise Designs has signed a three-year product manufacture and supply agreement with a UK electric vehicle OEM. The agreement is potentially worth up to £38m in total, subject to pricing revisions, and will generate up to £5.0m in revenues in FY21. This will be the first full series production of flexible circuits incorporating Trackwise’s Improved Harness Technology (IHT). The agreement represents a step change in sales as total revenues for H120 were £2.4m, of which IHT was only £0.3m.
Companies: Trackwise Designs Plc
Trackwise Designs has developed a proprietary, proven technology, IHT, for manufacturing extremely long, flexible circuits that can replace conventional wiring harnesses. This disruptive technology is applicable to many industries including electric vehicles (EVs), medical devices and aerospace. Trackwise has already manufactured prototypes for customers in each of these sectors and received its first series production order from an EV manufacturer this September. Since IHT is an adaptation of the proven technology Trackwise uses for making advanced printed circuits, IHT has the transformative potential of a new technology but with much less risk.
For fighter pilots, it is a minimum requirement. But having 20/20 ‘visual acuity’ (correct term) does not necessarily mean you have perfect vision (as convention assumes); instead, it indicates sharpness and clarity of vision at a distance. It is measured by a Snellen Chart, which displays letters of progressively smaller size and whereby 20/20 means that the test subject sees the same line of letters at 20 feet that a person with normal vision sees at 20 feet (or 6 metres; but 6/6 simply didn’t catch on).
Companies: ABBY BDEV BWY BKG VTY CRN CSP CRST GLE GLV INL MCS PSN RDW SPR TW/ WJG
The covid-19 pandemic has had a devastating effect on the share price of property companies, with 31% wiped off the value of their total market capitalisation during the first quarter of 2020.
Companies: AEWU CREI CSH BOOT INL HLCL THRL SUPR RESI RGL DIGS GR1T SOHO PHP EBOX ASLI UTG AGR UAI BLND UANC CAL SHED CWD WHR EPIC WKP GRI YEW HMSO PCA CCRGF NRR
Walker Greenbank is a higher-end interior furnishings business with well-established global brand names and manufacturing facilities in the UK. The Group has this morning released an H1 update, which less than two weeks on from the AGM statement, again illustrates the continued improvement in trading across the group.