Heading for record 2023 deliveries

Top Picks for 2023 - 2022 review and outlook for 2023

On 10 January last year, we set out our ten top stock picks for 2022, in what turned out to be a very poor twelve months for global equities, due to war, accelerating inflation, political instability and recession fears. Between 7 January 2022 and 31 December 2022, the AIM All-Share Index declined 30.0%, whilst the average performance of our ten top picks was -24.7%, a modest relative outperformance. In this note we discuss the performance of our 2022 top picks, equities trends in 2022, and our

Terminating coverage

Setting up a breakthrough year - Correction

Somero Enterprises - Year-end trading update – slightly lower than expectations

The update reflects some slight customer supply chain constraints, with the resultant FY revenue and EBITDA slightly down on previous guidance. Underlying market demand remains positive with expected backlogs. Strong growth was again recorded by Europe (+20%) and Australia (+40%). We reduce our revenue for FY22 by 3.5% with a 3.7% reduction in Adj EPS. Lower net cash of $34.0m is also reflected in dividends, which we reduce by 22% to 37.5ȼ. The growth story remains strong with international grow

ITM Power (ITM LN) - Trading update

• ITM has released a trading update, reporting on progress of the detailed review being carried out under its new CEO. This includes a profit warning, with FY 2023 results now expected to exhibit lower revenue and a higher EBITDA loss than previous guidance (existing guidance was to be at the lower end of the range on output of 48-65MW and £23-28m revenue, and was also for EBITDA loss of £45-50m), with the difference described as “material”. This has been driven by several factors: losses on cus

QuotedData’s Real Estate Monthly Roundup – January 2023

Performance - 2022 ended with another difficult month for property companies as the sector continues to get to grips with the impact of higher interest rates. There were several funds that performed well during December, however, with secondary shopping centre landlord Capital & Regional top of the pile. For a second month on the trot Home REIT saw its share price tank after it came under attack from a short seller in November. Valuation moves - It was a mixed bag for valuations, with six-month

This Week's AIM Highlights 20th January 2023

LIBERUM: SigmaRoc* - Good start to 2023 with strong pipeline

LIBERUM: Yü Group* - Yet more upgrades

Strix (KETL LN) - Full year trading update

Strix have issued a full year trading update indicating profit after tax will be c. £23.0m, in line with updated guidance provided in the 30 November 2022 trading update following completion of the Billi acquisition. Year-end net debt came in at £87.0m, slightly ahead of Zeus forecasts, leaving the company well placed to bring net debt / EBITDA materially below 2.0x during FY23. Profitability being in line provides confidence that the Zeus FY22 revenue forecast of £110.0m will be achieved, imply

Q4 & FY22 Trading Update

Capital Limited (LSE: CAPD) this morning provided its Q4 & FY2022 trading update. The Company has continued to perform strongly in 2022 with Q4 revenue 8.2% higher QoQ and 18.9% higher YoY. The full year of revenue has once again exceeded the revised guidance (albeit marginally) and our estimates.

ITM Power - A Major Reset

ITM’s new CEO has outlined a major reset for the company focused on transforming it into a volume manufacturer of market leading electrolyser technology. Getting there will involve a lot of work and cost and today’s revised guidance shows a near doubling of EBITDA loss against the original consensus for FY23. FY 24 should start to see the benefit of cost cutting and the company has also announced two new 100MW contracts announced today with Linde. Importantly, ITM has the cash reserves to suppor

Powerhouse Energy - Progress In Poland

Powerhouse is making progress in Poland. This is potentially a major opportunity for Powerhouse, and establishing a project here using its technology could open a potentially strong market in our view.

Cautious optimism for FY23