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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.
Companies: Invinity Energy Systems PLC
Longspur Clean Energy
Norcros is the UK’s leading design-led sustainable kitchen and bathroom products group. Its compelling investment case was highlighted at its May 2024 capital markets day (CMD), where its unique, asset-light, design-led model was clearly illustrated. The CMD also indicated the enormous scale of the opportunity that is available in terms of entering adjacent unaddressed markets in the UK and South Africa, as well as the potential presented by other attractive geographies. Furthermore, revised med
Companies: Norcros plc
Edison
Xeros’s FY2023 results are largely as expected with adj. LBITDA of -£4.6m and year-end cash both in-line with our forecasts. Tight cost control ensured cash utilisation averaged c.£400k/month whilst management continued to drive commercial progress. Xeros is now well capitalised with a further £1.7m raised through the exercise of warrants and a £4.7m fundraise complete. The focus for FY2024E and beyond is on executing on the existing pipeline of opportunities including the launch of Yilmak’s den
Companies: Xeros Technology Group Plc
Cavendish
Canaccord Genuity
In its pre-close FY24 trading update, Accsys stated that trading in Q424 was better than expected and cost saving measures are on track to deliver more than €3m annually. Management now expects adjusted group FY24 EBITDA to be higher than consensus of €2.5m. It also commented that the construction of the Accoya USA plant is still on track to begin commercial operations in mid-2024 and it is committed to make a decision on the Tricoya project in the UK in H125. On higher estimates, our discounted
Companies: Accsys Technologies PLC
SDI Group’s trading update for the year ended 30 April 2024 is in line with current guidance for FY24, with good momentum heading into FY25. This reflects the hands-on approach under the new CEO, addressing short-term issues that had led to underperformance in some businesses. The underlying portfolio performed well in terms of profitability and cash generation, with improved trading in a number of businesses. The increased cashflow in H2 and significant headroom within its banking facilities le
Companies: SDI Group plc
Progressive Equity Research
Payment of the £2m milestone payment connected to the 230MW first Uskmouth battery project brings helpful cash to SAE following the completion of earthworks at the site. A further £2.4m is expected in two tranches over the next 12 months. The location remains important to SAE with further battery development potential and the company is actively developing over 1GW of storage capacity.
Companies: SIMEC Atlantis Energy Ltd.
Galliford Try hosted its Capital Markets Event (CME) yesterday at which it introduced its new targets through FY30 based on executing the unchanged Sustainable Growth Strategy which has proven so successful. The key new targets are a divisional operating margin of 4.0% and revenue in excess of £2.2bn which implies compound revenue growth of 7% pa from FY23, more than doubling at the divisional operating profit level which would be on track to hit c£90m in FY30. That in turn is expected to drive
Companies: Galliford Try Holdings PLC
Capital Access Group
The focus of Hardman & Co Research is on the nine quoted Infrastructure Investment Companies (IICs) and on the 22 Renewable Energy Infrastructure Funds (REIFs): the stocks analysed are all members of the Association of Investment Companies (AIC). We are updating our publication of January 2023, assessing both the lacklustre share price performances during 2023 and the key issues, including interest rates, inflation and power prices. As a 31-strong group, its combined market capitalisation is no
Companies: AEIT ROOF DGI9 INPP GSF SEIT USFP HICL ORIT BSIF TRIG NESF SEQI HEIT GRP GCP FSFL 3IN AERI PINT RNEW BBGI GSEO DORE TENT GRID CORD HGEN AEET
Hardman & Co
EQTEC have announced a fundraise for c.£850k to support the company’s working capital position. The raise follows the refinancing of the company’s term loan as EQTEC looks to gain a firmer financial footing as it continues to move towards its capital light technology licensing model.
Companies: EQTEC PLC
Quadrise (QED LN) has signed a Commercial Framework Agreement with OCP, its industrial client in Morocco where extensive trials have been carried out. The agreement demonstrates intent towards commercial production of QED’s products with a focus on MSAR potentially across a number of sites.
Companies: Quadrise PLC
VSA Capital
Companies: BMET GGP AAL BOD HUM CNR KOD CUSN BHP PXC SQM
SP Angel
28th May 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, or it is a rumour Dish of the day Admissions: Delistings: Accrol Group Holdings (ACRL.L) has left AIM. China Nonferrous Gold Limited (CNG.L) has left AIM. What’s baking in the oven? ** Potential**** Initial Public Offerings: ITF announced: 7th May: Time To ACT plc, an engineering business focused o
Companies: QED ZOO ING INSP KRS STX EQT CEG LND
Hybridan
Van Elle’s FY24 profit (April y/e) is expected to be in line with market expectations, confirming a resilient performance during tough market conditions. Aligning to the figures in today’s statement, we increase FY24 revenue by 1% to £140m and net cash (ex. leases) by 27% to £5.5m, with underlying PBT unchanged at £5.0m. We continue to believe Van Elle has substantial growth opportunities in sectors such as energy, water and rail (including internationally), as well as being well positioned to b
Companies: Van Elle Holdings Plc
Zeus Capital
In an Update for the year to 30 April 2024 Cohort reports overall performance slightly ahead of market expectations. We note that the Group reports very strong order intake of c.£387m (compared to £218m in FY23) resulting in a closing order book which stood at c.£518m (FY23: £329.1m), inclusive of the March SEA Royal Navy £135m Ancilia contract. The group notes strong H2 performance, with overall growth in the Sensors & Effectors division, notably Chess and SEA, outpacing the Communications & I
Companies: Cohort plc
Equity Development
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