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Mpac, the specialist high-speed packaging and automation solutions provider, supporting the roll-out of next-generation technologies, has today (12 January 2022) published a FY21F trading update (Y/E December). Overall, despite the operational challenges, Mpac’s high-quality, agile and resilient business model has come to the fore. The Group has reported year-on-year (yoy) growth in order intake, revenue and adj. PBT; its ‘One Mpac’ business model continues to progress strongly, in our view. As
Companies: Mpac Group PLC
JOHN MENZIES+ (MNZS, BUY at 315p) – Note Publication: Evolutionary trends…
MARKS & SPENCER+ (MKS, HOUSE STOCK at 253p) Q3 TS – FY22 guidance firmed up, c5% underlying upgrade
NORTHBRIDGE INDUSTRIAL SERVICES+ (NBI, House Stock at 174p) - Further progress in Tasman disposal
BUNZL^ (BNZL, BUY at 2723p) – Note published: Solid strategic outlook
TESCO^ (TSCO, BUY at 292p) Q3 & Christmas TS – a beat to expectations and so further FY22 upgrades (c5%)
HILTON FOOD G
Companies: IDEA BRK ASC PFG MAB HFG TSCO BNZL NBI MKS MNZS
Companies: Gattaca plc
Further international potential for the deployment of Powerhouse’s waste to hydrogen technology is emerging in the form of a LoI between partner Hydrogen International and Mitsubishi Heavy Industries. Clearly this is a strong partner and we identified Japan is a strong area of opportunity in our view.
Companies: Powerhouse Energy Group PLC
Power reliability testing group Northbridge has today updated the market on the disposal of its Tasman oil drilling tools division. The exit from Malaysia and Singapore is now finalised and the exclusive discussions on the sale of the larger Australian and New Zealand units are progressing. The Board aims to give a more detailed update on this disposal within the next few weeks. Reflecting this process, the Tasman MD is standing down. Northbridge performance for 2021 remains in line with managem
Companies: Northbridge Industrial Services plc
Trading through Q3 and into Q4 to date has proven to be strong and not blunted by any of the headwinds that management held caution against at the time of reporting its Interims (on 1 December). Taylor Maxwell, and within that its timber merchanting division, has outperformed expectations and consequently management is now guiding to FY22E EBITDA of at least £32m, 13% ahead of our previous estimate and a baseline for FY23E from which it can still feel confident of growing profits by 20% plus. Ma
Companies: Brickability Group PLC
Capital Limited has released its Q4 and FY2021 trading statement this morning. Overall, it shows 2021 was an outstanding year for the company with revenue growing an impressive 68% to $226.8m (above the latest guidance of US$220 -US$225 million) and most other operating metrics growing with it. The company enters 2022 with an ongoing tailwind from the commodity markets, the highest rig count in its history, Sukari at full speed and the MSALABS business at an inflection point for growth. In other
Companies: Capital Limited
We believe the narrative for the UK equity market remains very good. Some inflation appears embedded in markets and economic growth seems robust. We saw investors show caution into the end of 2021 and so have cash to deploy in our view. This has been corroborated by investor feedback we’ve had already this year. The UK equity market is materially cheaper than global equities on a relative basis so asset allocators have to be looking at UK equities while UK 2022 GDP growth is likely the best of t
Companies: AFM ANX AXL CYAN GLAN MODE OBI MATD SEN SOM WSG
Powerhouse’s development partner, HUI, has raised £3m which will help to secure development progress in Europe as well as fund cashflow to Powerhouse under the existing exclusivity agreement covering Poland, Greece and Hungary. We see the move as helping to de-risk progress outside the UK with HUI looking towards its first waste to hydrogen project at Konin in Poland as well as making early progress at a potential site in Bulgaria.
The group’s update expresses confidence in achieving published FY22 revenue forecasts and reveals a new Hybrid Fuel Cell (HFC). The update summarises the group’s agreements with ABB, Urban-Air Port, Mace, Altaaqa, ACCIONA and Julich and the entry into the maritime sector with VARD. The HFC platform will add fuel flexibility to the group’s offering, enabling the use of methanol as a feedstock. The investment thesis, which we refreshed in September, remains enticing and we reiterate our 186p valua
Companies: AFC Energy plc
While we were away
Mac Alpha Limited (MACA.L) joined the Main Market. (24/12/21)
Atome Energy PLC (ATOM.L) joined AIM. (30/12/21)
What’s cooking in the IPO kitchen?
Graft Polymer a business focused on the development of polymer modification and drug delivery systems is to join the Main Market (Standard). Graft Polymer has developed a proprietary set of polymer modification technologies, which can improve existing products and processing methodologies by enhancing per
Companies: VLX VRCI LBE RENX SOM TAST DDDD CMH IQG SRC
The winning of German federal support for the development of series production and industrialisation of electrolysis systems puts ITM in a strong position in this key geography in our view. It also furthers ITM’s exposure in continental Europe as the EU increases support for hydrogen.
Companies: ITM Power PLC
Image Scan is a specialist in the field of X-ray imaging for the security and industrial inspection markets. Reflecting continued investment and innovation by the company, Image Scan has announced the market launch of ThreatScan®-AS1 (expanding the ThreatScan family of products), with a silicon panel based, high resolution integrated portable X-Ray system for bomb squads and security professionals worldwide.
Companies: Image Scan Holdings plc
Oil posted a fourth straight weekly gain, the longest winning streak since October, on signs that the market is tightening as global consumption withstands the impact of the omicron virus variant.
West Texas Intermediate futures in New York closed up 2.1% on Friday, posting a 6.2% weekly increase. Oil has made a strong start to the year, underscored by depleting US inventories and product demand at multiyear highs.
Crude has clawed back most of its losses late last year that were driven b
Companies: FO 88E DEC EME GTC TRIN UOG WEN
Volex has announced the completion of the acquisitions of Prodamex and Terminal & Cable (‘TC’) following the receipt of regulatory approval. The businesses have been acquired debt free for US$17.8m, equivalent to a 7.7x EV/EBITDA multiple based on results for the year ended May 2021. The acquisitions, which will be accretive from completion, are an excellent fit with Volex’s existing operations and focus, and should add to management’s strong record for complementary acquisitions. We have update
Companies: Volex plc