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Strix has issued a trading update today following a disrupted period due to China’s continued Zero Covid policy approach and ongoing macro uncertainty. This has so far restricted business activity for two of Strix’s top five major OEM customers, with further disruption expected. Revenues for the full year will be below initial expectations whilst profitability is impacted more heavily due to the operational gearing in the business. These difficult market conditions see Zeus full year revenue for
Companies: Strix Group PLC
Invinity has announced a record new order, for 15MWh of its vanadium flow batteries (VFB) for Everdura Technology in Taiwan with 255MWh of follow-on-order potential. This marks Invinity's sixth announced sale this year and its fifth in 2H22. For the YtD that brings total firm orders to 37.7MWh, almost 3.5x the previous annual record. The evidence continues to mount that Invinity has a commercially competitive product, yet it trades at well under half the market capitalisation to book value accor
Companies: Invinity Energy Systems PLC
Invinity have announced their largest single battery sale to date through a 15MWh contract with Taiwanese industrial technology company Everdura. This comes on the back of another recent deal in the Taiwanese market, as well as notable sales in the US and Europe. We see sales momentum for Invinity’s flow battery accelerating as renewable penetration increases creating urgency for proven, low-cost, safe Long Duration Energy Storage (LDES) technology.
Companies: Yu Group PLC
Companies: Atome Energy PLC
SDI reported a strong set of interim results to 31 October, with 14% and 28% increases in adjusted pre-tax profit and EPS, driven by 28% revenue growth. Organic growth of 4% reflected some timing issues relating to component delays, with acquisitions contributing £6.1m (+25%) to revenue growth. We have made minor changes to pre-tax profit and EPS in FY 23 (-3% to £11.9m and 9.1p) and FY 24 (-1% to £12.4m) to reflect higher net debt (working capital) and therefore higher finance charges. Acquisit
Companies: SDI Group plc
Companies: Currys PLC
Invinity has announced a further sale of its vanadium flow batteries (VFB), this one comprising 2.2MWh of its VS3 model. The purchaser is Bei Ying International Corporation, a Taiwanese industrial equipment wholesaler which is acting as a reseller for Invinity. This brings total sales announced since the interims to 14.3MWh and to 22.7MWh for the year to date. Given the run rate, we believe there is a high likelihood of further sales before year end, confirming solid demand for Invinity's VS3 pr
There is not much wrong with the investment case for ABD currently. Earnings are resilient, acquisitions look sensible, and the Group has a net cash position. Many investors will simply not like the valuation (PE c.30x forward), but ABD has always been expensive, priced as a rare provider of value-added testing equipment and services for vehicle active safety and autonomy. Some will worry about supply chain constraints, but we have not heard anything different or particularly concerning from ABD
Companies: AB Dynamics plc
EAAS has announced its full year results (to June ’22) alongside news that it has secured further debt finance of £2.5m in order to support the growth of the business and strengthen the Group’s balance sheet. Last Friday’s update confirmed a strong start to the new year and reiterated expectations of material year on year revenue and EBITDA growth for FY23. We expect to update our valuation analysis following the upcoming AGM (20th Dec).
Companies: eEnergy Group PLC
Singer Capital Markets
DX Group has reported strong full year earnings; we reinstate our estimates and valuation following the relisting of the shares in October. Trading has been resilient despite widely reported, but now resolved, corporate governance issues. Growth was healthy in DX Freight driven by the 1-Man delivery service, and with higher parcel revenues in DX Express. Current trading is reportedly in-line with expectations, and the medium-term operating margin target of 7.5%-10.0% (FY22a: 5.8%) has been reite
Companies: DX (Group) Plc
Companies: Up Global Sourcing Holdings PLC
Companies: RNO DOTD NTQ KMK PMG EVG
Dish of the day
BWP REIT joins the Wholesale Segment of the International Property Securities Exchange (IPSX). BWP REIT is a newly formed single asset company and has raised £35m by issuing 35m new ordinary shares at 100 pence per share to acquire Bridgewater Place, an office-led mixed use property in central Leeds and valued at £63m. The property is one of the tallest buildings in Yorkshire, comprising 234,000 sq. ft of office space, and is close to 90% let to EY, as well as multinatio
Companies: RNO BEM BOIL DOTD NTQ KMK PMG EYE EVG ENET
Energy from biomass or waste can be genuinely low carbon and sustainable, representing a major tool in the decarbonisation toolbox. The ability to add carbon capture technology creates an immediately available negative emissions solution and adding liquid fuels allows the decarbonisation of sectors previously seen as challenging. Demand for all these solutions is likely to grow as decarbonisation and energy security become essential requirements in the energy mix.
Companies: VLS DRX PHE EQT