Secular Growth Trends

Morgan Sindall (LON:MGNS) operates in construction and regeneration, with activities in partnership housing, UK infrastructure, office fit out, and general construction. Morgan Sindall (LON:MGNS) operates through six divisions:  Construction & Infrastructure, Fit Out, Property Services, Partnership Housing, Urban Regeneration, and Investments.

Confidence restored, earnings growth ahead

Morgan Sindall (MGNS) met its optimistic update statements by reporting strong earnings and cash last year; operating profit grew 26% and year-end net cash was over £209m, with average daily cash of £25m. The company delivered EPS of 84.7p, well ahead of consensus estimates, which were around 78p. The company has set medium-term targets which, if achieved, could see EPS approach 150p, on a three-year view. That is based on £100m of operating profit versus £48.4m in 2016. The company states that

Record next-generation award

Invinity Energy Systems - Mistral Funded For 84 MWh

Invinity has followed the first sale of its Mistral flow battery with the news that the US Department of Energy will make funding available for 84 MWh of these larger units at six sites. This is major potential business in its own right but will also create a portfolio of reference sites, effectively seeding the US market for Invinity. The move gives us confidence in our long-term forecasts. We have factored in a gross margin gain for FY 24 and FY 25 as Mistral gains relative to the older VS3 pr

Strix (KETL LN) - Interim results & CMD

Strix has announced interim results for the six months to June showing revenue up 28.6% to £65.2m. The strong top line growth, driven by its 2022 acquisition of Billi, has resulted in gross profits rising 22.6% to £23.9m. Excluding Billi, revenue was down c. 14% yoy. Following updated guidance in today’s announcement, along with its Capital Markets Day, we adjust our forecasts to reflect the slower than anticipated economic recovery along with the impact rising interest rates have had on profita

LIBERUM: Yü Group: More upgrades - again

Focussing on light duty

LIBERUM: Yü Group: More upgrades - again

SP Angel Spec Sits: (YUG) H1 2023: Revised EBITDA Target of £33m+

YUG announced its finacial results for H1 2023 with revised Adj. EBITDA expectations for the year of over £33m, from ~£19m currently.

Interims and earnings update

LIBERUM: ATOME Energy : Poised for a re-rating

Ultimate Products+ (UPGS, House Stock at 117p) - European showroom opens in Paris

Judges Scientific - Interim results – Excellent H1 underpins FY2023 with upside potential to FY2024E

Judges Scientific is a group focused on acquiring and developing companies in the scientific instrument sector. Judges has delivered an excellent first half with order books reaching a new mid-year record of 22.4 weeks. H1 revenue increased by 32% (organic +16.5%) to £61.3m (H1-22: £46.4m) which helped yield an adjusted pre-tax profit of £12.8m (H1-22 £9.6m), a 33% YoY increase (organic: +12%), with EBITA margin climbing to 23.2% (H1-22: 21.8%). Adjusted fully diluted EPS increased 22% to 150.3p

ATOME Energy - Progress on Projects

ATOME’s interims reflect the company making rapid progress in developing its green fertilizer projects in Paraguay with Phase I Villeta hoping to reach FID before the year end. The expansion of secured electricity now sees the company with power purchase agreements supporting 445MW of capacity in country.

Robust results, forecasts updated for acquisitions

Avingtrans has reported a robust set of FY23 results with EBITDA growth of 10.6%, marginally ahead of expectations. The Group entered the current year with good momentum and a strengthened order book that now provides over 90% visibility for FY24 and over 45% for FY25. Post year-end the Group acquired the assets of Slack & Parr, a specialist pump manufacturer, and also recently completed the acquisition of Adaptix, a manufacturer of compact 3D X-ray machines, as well as investing further in Magn

LIBERUM: Safestyle: Looking to strengthen balance sheet

Ultimate Products Global Sourcing - Bonjour Paris

Ultimate Products has announced the opening a new showroom in Paris and appointed a new sales team, also based in the capital. UPGS generates c.30% of its revenue in Europe, with Germany accounting for 30% of European sales. These announcements should act as the springboard to achieve a similar level of penetration in France. A launch event was held on Thursday 21 September, where the ribbon was cut by Hajir Hajji, the CEO of Action. The stock is -29% YTD, driven by concerns over the cost-of-liv