Companies: DSCV ELCO IGP TWD
Interim results show strong operational progress and commercial traction, with the scale up of operations progressing and the kit-out of the new Stonehouse site still on track for completion in early 2022, in time for the scheduled production ramp up for its EV customer. The outlook comment points to some continuing pandemic-related supply chain delays and inflation, but nevertheless it remains on track to meet FY expectations. No change to forecasts. We believe the next year will see a major tr
Companies: Trackwise Designs Plc
Trackwise Designs expects H121 group revenues to increase 71% year-on-year to £4.1m, reflecting the acquisition of Stevenage Circuits (SCL) in March 2020 and a 130% jump in IHT revenues to £0.6m. Management expects adjusted EBITDA to quadruple to £0.45m and adjusted operating loss to narrow from £0.4m to £0.1m. We leave our estimates unchanged.
Companies: DSCV ELCO EOG IOG QXT SRT TWD
The trading update confirms H2 trading and the FY outlook is in line with expectations, with a good first-half performance and significant investment in new facilities and capabilities. Revenue growth was constrained by continuing pandemic, supply chain and Brexit effects, though with some recent signs of improvement. IHT opportunities are progressing well, including with its EV OEM, with APCBs seeing solid growth but with an increase in demand and order book, it plans to introduce a second shif
Trackwise Designs’ FY20 results show a resilient response to the pandemic while management expanded IHT capacity to meet the requirements of a multi-million order from an undisclosed UK electric vehicle (EV) OEM. This OEM has recently extended its supply and manufacture agreement with Trackwise from three years to four, increasing the total value by £16m to up to £54m. We note that the volume ramp-up under this agreement has been delayed by a quarter to H122, so we have revised our FY21 estimate
Companies: FEN TRI TWD
Trading results were in line with expectations, though with a larger than expected tax credit, EPS was ahead of expectations. The strong increase in revenues was boosted by the acquisition of SCL, while pandemic effects have been experienced on both customer demand and the supply chain. The rescheduling of EV production into early 2022, as well as supply chain issues, will affect FY21 sales and profits, partly offset by further new customer wins. We therefore reduce forecasts with EPS of 2.8p mo
Trackwise has announced a seven-year supply agreement with CathPrint, which has created a novel technique for manufacturing catheters. Assuming the ongoing development project supplying Trackwise’s Improved Harness Technology (IHT) to CathPrint for advanced catheters is successful, this potentially represents sales of significant volumes of IHT for medical applications from FY23 onwards. This announcement coincides with the news that Trackwise has completed the acquisition of a new site in Glouc
Companies: ELCO SNG UNG PCIP JOG TWD GDR
The group has announced a new seven-year customer agreement with a Swedish Medical Device company developing Catheters, using IHT. It has also updated progress on its plan to scale up capabilities, with a new site and appointment of a new, high-calibre COO. Today’s news provides encouraging progress.
Trackwise has announced that it expects FY20 revenues to be c £6.1m, which is lower than our estimate, reflecting disruptions to supply chains caused by tighter coronavirus restrictions and uncertainty about the Brexit deal. However, careful cost control means that management expects adjusted operating losses to be c £0.2m, in line with our estimates. We have updated our FY20 forecasts but leave our FY21 estimates, which are underpinned by an order worth up to £38m over three years from a UK ele
Companies: Evgen Pharma Plc (EVG:LON)Trackwise Designs Plc (TWD:LON)
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Companies: Science In Sport Plc
Games Workshop’s (GAW’s) trading update indicates sales growth for Q122 (three months to 29 August 2021) is in line with management expectations. Management has highlighted pressure on freight costs and currency exchange rates given GAW’s high international exposure. The declared dividend of 25p per share brings the year-to-date total to 65p. Our forecasts for FY22 and FY23 are unchanged. Our DCF-based valuation remains £129 per share.
Companies: Games Workshop Group PLC
The Character Group (Character) has informed the market that while sales and trading remain very strong, the logistical challenges facing many companies in terms of ongoing delays at ports, shipping and container shortages and a rise in freight rates, mean that underlying profits for the year to August 2021 will be slightly lower than market consensus. We have therefore reduced our 2021 PBT forecast by 8% from £12m to £11m. Cash forecasts remain unchanged and on the assumption that this is a cha
Companies: Character Group plc
The publication of Boohoo Group’s Economic Impact Report, released yesterday, made clear its commitment to the UK, with plans to invest more than £500m over the next five years, creating 5,000 new UK jobs in the process. The report also detailed the Group’s material contribution to the UK economy, supporting more than 8,000 full time jobs and contributing more than £2bn to UK GDP since 2009. The investment signals both the quantum of the future growth opportunity and confidence in the Group’s pr
Companies: boohoo group Plc
discoverIE announced two acquisitions for a total cost of £77m cash and a placing to raise £55m at the beginning of September. We have upgraded FY 2022E EPS by 4.5% and FY 2023E EPS by 8.0%. The acquisitions fit entirely with the long-established growth strategy, create further organic growth opportunities in the Group’s target markets (particularly medical and industrial & connectivity), significantly increase the footprint in North America and enhance margins by c.0.8ppts on a proforma basis.
Companies: discoverIE Group PLC
Tandem Group plc is a leading provider of sports, leisure and mobility products in the UK, with a valuable collection of licenses (eg Disney, Warner Bros and Mattel) and its own brands. The group is aligned with key structural growth trends such as rising demand for e-mobility products (e-bikes and e-scooters), boosted by a desire for less polluting forms of transport. Trading on a T+2 Adj P/E of only 6.8x, we believe Tandem is significantly undervalued, and see upside of c64% to the current sha
Companies: Tandem Group plc
A positive trading update this morning signals that Zytronic is trading ahead of expectations. The recovery in sales (of which there were tentative signs at the time of the interims) has now taken hold convincingly. H2 sales are currently running some 30% ahead of H1 and therefore also ahead of our previous cautious forecast of a balanced H1:H2 split. This has enabled a faster return to profitability than expected and a reversal of the H1 loss. This is clearly good news and we look forward to up
Companies: Zytronic plc
Semper Fortis Esports* recently announced its intention to IPO onto the Access Segment of the Aquis Stock Exchange Growth Market. Semper is a multi-operational Esports organisation focusing on gaming technology solutions, brand enhancement and high growth team infrastructures. The company plans to raise £2.5m to develop their three core areas of establishing an esports team, forming partnerships with brands for sponsorship and B2B consultancy services. The Board are highly experienced in spor
Companies: BOKU RBGP MUL WATR GFIN MKA TIDE MNO INX TUNE
Companies: Made.com Group PLC
Gleeson has reported a year of excellent growth with completions, revenue and profits all ahead of pre-pandemic levels. The results are in line with expectations (upgraded several times during the year) and the FY22 2,000 home target has been reiterated. Both divisions continue to experience robust demand and supply chain challenges are being well managed. A new sustainability strategy is being launched this year alongside emissions reduction targets (direct and indirect), which will only serve
Companies: MJ Gleeson PLC
An excellent set of interim results with trading comfortably back above pre pandemic levels and a strong start to H2. Significant investment remains underway to support sustained sales growth and mid-teens margins, with good progress YTD. Prudence / wider supply chain risks means we make no forecast changes, but the risk remains on the upside. Overall, Portmeirion is firmly moving in the right direction and the shares are attractively valued on a FY22 P/E of 11x and 6x EV/EBITDA with a strong ba
Companies: Portmeirion Group PLC
The interim results again showed strong PBT growth (44%) helped by the ongoing trend of an improving product mix as well as a relatively more favourable currency impact. We retain our profit forecasts but see potential for upside if positive trading momentum continues. The balance sheet again continues to strengthen with net cash up to £12.5m and the interim dividend was increased by 10% to 3.80p. With underlying trading remaining positive, we continue to feel that an FY17 P/E rating of 15.6x i
Few retailers can boast the enviable track record of JD Sports, the ambitious multi-channel ‘athleisure’ business with a fashion-forward offering that combines the major sportswear brands with established own-label ranges. The company’s expanding international footprint is about to be enhanced by a potentially game-changing recently announced US acquisition, which has yet to be reflected in the consensus forecasts.
Companies: JD Sports Fashion Plc
CAP-XX Ltd* (CPX.L, 4.5p/£19.9m) | Gfinity plc* (GFIN.L, 3.8p/£28.9m) | MTI Wireless Edge Ltd* (MWE.L, 44p/£38.7m) | Newmark Security plc* (NWT.L, 1.175p/£5.5m)
Companies: CPX GFIN MWE NWT
Although renewable energy has been gaining increasing traction over the past decade as the costs of renewable energy generation and perhaps more importantly, energy storage have fallen, 2020 was a seminal year for transitional energy investors driven by governments seeking to “build back better” after COVID-19. The US has committed US$2.25trn largely focused on the energy transition while the EU has committed US$0.54trn with companies around the world including China committing to net zero targe
Companies: LAM FSJ TGP PRES JMAT CRPR NEXS VLX
