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Invinity is seeing further traction in North America with a new sale of its VS3 flow battery in California for delivery this year. The 4MWh sale is to PowerFlex, part of EdF Renewables North America, and represents a second sale within the broader EdF Renewables group following the 5MWh Oxford Superhub deployment in the UK. In California, it follows the recent delivery of a the similar but larger 10MWh sale to the Viejas project. We see the deal as helping to derisk our revenue forecast for the
Companies: Invinity Energy Systems PLC
Longspur Clean Energy
Companies: LBE CUSN SOM
Cavendish
Norcros’s FY24 results highlight its resilience in the face of tough markets, but we continue to believe that the outlook is improving in both of its core markets, the UK and South Africa. Despite the improving outlook we have maintained our revenue and profit forecasts and 251p/share valuation post the results, with the company trading on an undemanding P/E rating of 6.6x. However, it is worth highlighting the scale of the opportunity on offer to Norcros, which was illustrated at the recent cap
Companies: Norcros plc
Edison
Companies: James Cropper plc
Shore Capital
Invinity is wasting no time in implementing the capex-light manufacturing strategy set out during the recent £57m fund raise. The leasing of an additional facility in Scotland will quadruple UK manufacturing capacity to over 500MWh allowing the company to respond to growing demand.
Ultimate Products hosted a Capital Markets presentation at the Exclusively Housewares Exhibition in London on Tuesday this week, where the company showcased its re-brand for Beldray®, having engaged in a similar process for Salter at the same event in 2023. Regarding trading, despite some sales and profit disruption so far in FY2024, we continue to expect above trend organic growth in FY2025. We retain our 200p fair value for the shares. UP’s Brand Director Tracy Carroll presented key features
Companies: Ultimate Products PLC
Equity Development
Ultimate Products management used the analysts’ trip to the Exclusively Housewares Trade Show at the London Design Centre earlier this week to showcase the planned Beldray brand refresh. Beldray is the second brand to Salter, which has been the focus of attention since acquisition. The Beldray rebrand aims to (1) increase sales and awareness, (2) make the packaging consistent across products, (3) exploit the gaps in the competition and (4) increase marketing opportunities. The trade roll-out sta
The significant fund raising announced on 1 May has now completed, raising a total of £57.38m which will see the company to net cash generation and support the scale up of the business ahead of the launch of the next-generation Mistral flow battery. With this new offering in the market and a stronger balance sheet, we see the company unlocking sales and bigger deals as power markets globally address the need for flexibility to balance growing deployment of intermittent renewables.
Norcros has reported a strong set of results for FY24 showing Group operating margin ahead of Zeus forecast at 11.0% (Zeus: 10.5%) despite revenue down 6.0% to £392.1m on a L4L constant current basis, broadly in line with Zeus’ forecast of £395.5m.
Zeus Capital
Companies: Kooth PLC (KOO:LON)Global Ports Holding Plc (GPH:LON)
Companies: SigmaRoc Plc
Liberum
Companies: Severfield Plc
Oxford Metrics’ interim results for the six months ended 31 March 2024, released today, show healthy growth and good execution. H1 FY24 revenue of £23.5m is 10.5% ahead of last year. Anticipated increases in operating costs have led to a 9.4% reduction in the adjusted PBT versus prior year. But with >90% visibility on full-year revenues, OM is well set to meet expectations for FY24. We maintain our forecasts. Recently acquired Industrial Vision Systems (IVS) is performing in line with expectatio
Companies: Oxford Metrics PLC
Progressive Equity Research
Image Scan is a specialist in the field of X-ray imaging for the security and industrial inspection markets and has today announced a repeat order, of approximately £350k, from a customer to supply significant quantity of ThreatScan®-LSC Systems to a military customer for use by their Explosive Ordinance Disposal (“EOD”) units currently engaged on active service.
Companies: Image Scan Holdings plc
WHIreland
Somero reported FY23 results in-line with expectations, showing challenges in the North American market, offset by gains from the relaunched S-22EZ availability in H2 and strong growth momentum continuing in Australia. Management cautiously guides to a flat revenue year, which may offer some upside. We make no changes to forecasts, which are pitched conservatively and may offer some upside scope with the launch of new products. We retain our 585p target price which offers significant upside to c
Companies: Somero Enterprises, Inc.
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