LIBERUM: New Energy Nuggets: Hydrogen - the future is green

Invinity Energy Systems - More Progress In Taiwan

Invinity’s 1.1MWh sale to NARLabs adds to existing progress in Taiwan and by providing a verification facility augments the company’s development in a country moving fast to support a large renewable energy roll out.

Invinity Energy Systems: H1 2023 Interim Results

Invinity Energy Systems (IES LN), which develops Vanadium Flow Batteries (VFBs) for utility scale grid storage, recently announced Interim results for the period ending June 30th, 2023 (H1 2023). In H1 2023, the Group reported revenue of £14.8m, delivered a record 26.5 MWh of VFBs and manufactured 15.6 MWh (a 2.6x increase YoY). The Company is now rapidly ramping up production, investing in marketing and R&D, which saw a 1H 2023 EBITDA loss of £11.9m. We see the next generation, higher margin “M

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

Record next-generation award

Invinity Energy Systems - First Mistral Order Signed

Invinity has delivered on its promise of an initial sale of its next-generation Mistral flow battery with a conversion of an existing order to the new technology. The new technology offers better margins and the deal will target deployment in a grid balancing application highlighting a key use case for flow batteries. An additional MoU brings the opportunity for expanded manufacturing capacity to support further orders with the client already targeting a further 255MWh.

Invinity Energy Systems - More Traction In Australia

A new sale for Invinity in Australia may be small but has potential to grow given the client’s ambitions and the opportunities we see as evident in the Australian market.

VSA Transitional Energy Comment 19/07/23 (Invinity Energy)

Invinity Energy Systems (IES LN), which develops Vanadium Flow Batteries (VFB) for utility scale grid storage, has provided an update on current trading ahead of its Annual General Meeting, which is being held this morning in London. IES notes that it has performed strongly in the year to date and continues to trade in line with expectations set out in its 2022 Full Year Results (December end period) and Current Trading announcement on 28 June 2023. The Company will announce its full interim fin

Invinity Energy Systems- Performance on Track

Invinity has provided a brief trading update ahead of its AGM today. The company continues to trade in line with previous guidance and now expects H1 23 total income of not less than £13.0m, comparing favourably to our forecast annual revenue figure of £22.4m for FY23, assuming the pace of delivery continues through H2.  In addition to this, Invinity also announced a 0.4MWh battery sale into a new European market. This is a positive update showing continuing commercial progress as the company co

Brickability Group - A diversified and resilient model

Today’s interims are in line with the recent trading update (11th October) and as such we make no changes to forecasts. Revenue of £324.8m represents a LFL decline of 14%, with EBITDA of £25.6m (H123: £25.5m). This is a strong performance, against what is a challenging market backdrop and underlines the benefits of its diversified operating model and focused strategy. We therefore continue to be surprised at the weakness of the share price, especially in the context of a broader peer group. Putt

LIBERUM: Restocking Indicator still says BUY: Equities lift too

Hybridan Small Cap Feast - 01/12/23

1st December 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment obje

PROGRESSIVE: SDI Group: Acquisition of Peak Sensors

SDI Group has announced the acquisition of Peak Sensors, a UK manufacturer of temperature sensors, for an estimated £2.4m (£2.3m less cash). The initial cash consideration is £1.58m, with a further c.£0.82m payment due shortly after completion. The deal will be funded from SDI’s revolving credit facility. As at 30 September, SDI had c.£1.78m cash, £15.1m bank debt and £9.9m undrawn bank facility excluding the accordion, providing considerable financial flexibility for the group. The acquisition

Morning Note – 28 November 2023

TClarke - £1.1bn order book and delivery protection measures

TClarke has confirmed it is on track to deliver its three-year growth-plan target of £500m of revenues in 2023E (up from £426m in 2022). It detailed a 99% increase in the order book to £1.1bn alongside a further £1bn in opportunities. Reflecting the current challenges in the construction sector, management has made a number of strategic decisions to preserve the business’s strong market and financial position. These include changing some supply-chain partners mid-contract to protect project comp

LIBERUM: Luceco: LED lighting the way ahead

H1 23: RR may have finally found a bottom

After years of slippage, Rolls Royce may have finally found the bottom. H1 23 was marked by a 28% organic increase in revenues, a 531bp increase in operating margin and a sharp increase in cash generation, thanks to a higher activity level and the initial benefits of the multi-year transformation plan. Following these strong results, the company has upgraded its FY23 outlook.

Van Elle Holdings plc (VANL LN) - Trading in line with FY24 expectations, completion of Rock & Alluvium acquisition

Van Elle has released a pre close trading update for HY24 confirming it is trading in line with expectations. Revenue is down 16% yoy to £68.0m which is broadly in line with Zeus expectations for FY24 of 12.1% decline in revenue, pre the addition of Rock & Alluvium. Estimates are updated on the back of the completion of the deal increasing revenue by 6% in the current year to £138m and 11% to £155m in FY25. Zeus leave profit before tax estimates unchanged at £5.0m in FY24 due to integration cost

PROGRESSIVE: SDI Group: Strong FY23

SDI has announced FY23 results in line with the guidance given in its May trading update. Strong organic growth and outperforming acquisitions delivered revenue growth of 36% to £67.6m (FY22: £49.7m), with adjusted PBT at £11.8m (FY22: £11.8m). Despite increased global economic uncertainty, SDI’s niche businesses, operating in diverse end markets, delivered organic growth of 6.4% (constant currency). This excludes the ‘one-off’ Atik Cameras PCR contract, which was c.£8.5m in FY23 and c.£10.9m in

James Halstead - AGM update demonstrates continued positive trading momentum

James Halstead is a manufacturer and international distributor of commercial floor coverings. This morning the group has released a brief AGM update, pointing to the positive sales and margin performance seen in H2 2023A continuing during the first five months of the current financial year, alongside confirmation of the final dividend of 5.75p (FY 2023A 8.0p +3.2%), the 47th consecutive year in which it has increased. While key markets remain highly competitive, the group reports increased outpu

Renold - Strong interim results – FY24 EPS upgrade of 9.3%

The group has seen a very strong H1 performance, with decent momentum in Chain markets but driven by the strong increase in output in Cardiff in the TT division. Margins in particular saw a strong improvement with both divisions generating ROS of 16%. Order intake has continued to see some softer conditions, with ordering patterns normalising, although this results in a lower order book, particularly in Europe. On strong H1 results management expect FY24 to be ahead of expectations. We upgrade F

LIBERUM: Kier Group - Visit re-assures on outlook for HS2

Ince Group - Interim Trading Update

Ince has generated a robust performance through this crisis, finishing the first half of its 2021 financial year with revenues 6% ahead YoY (o/w 3.6pp organic). This run rate brings the business achingly close to its pre-crisis £100m revenue target given the usual seasonality favours the second half. Whilst management offer no guidance, we are willing to go out on a limb and forecast revenue just shy of £100m on the basis of limited further COVID restrictions being put into place and comments th

AB Dynamics (ABDP LN) - Up with events

Earnings are resilient, acquisitions look sensible, and ABD has a healthy net cash position. But the shares have outperformed, and ABD’s valuation is looking full.