Companies: Gateley (Holdings) Plc (GTLY:LON)Xeros Technology Group Plc (XSG:LON)
Companies: FOUR D4T4 XSG
Allergy Therapeutics (AGY): Corp FY 2020 – record pre-R&D EBIT | Amino Technologies (AMO): Corp Argentinian software contract win | ANGLE (AGL): Corp Peer reviewed publication, using Parsortix in MBC | Bigblu Broadband (BBB): Corp Quickline secures up to £6.1m of subsidy in Lincolnshire | Hardide (HDD): Corp Trading in line with a stronger Q1 expected | Trackwise Designs (TWD): Corp Interim results, new contracts boost confidence | Xeros (XSG): Corp Commercial progress tracking in line with expectations
Companies: AGY AMO AGL XSG TWD BBB HDD
Xeros has announced interim results for the 6 months to June 2020. This marks a period when the company has completed its transition to an asset-light, IP licensing business model through the disposal of all direct operations. A strong cash position coupled with substantially reduced costs should enable Xeros to reach profitability in H2 FY2022E. Despite COVID, commercial progress is tracking as we would expect. Hence we are not changing forecasts for the current (or future) years and our target price remains 2p/share.
Companies: Xeros Technology Group Plc
Bigblu Broadband (BBB): Corp BBB’s SkyMesh becomes Australia’s largest satellite ISP | Hardide (HDD): Corp Trading update: oil sector demand softens | Morses Club (MCL): Corp Collections holding up on a reduced loan book | Savannah Resources (SAV): Corp Positive metallurgical update | Xeros (XSG): Corp Verification milestone for XFiltra
Companies: SAV XSG BBB HDD
Xeros has announced a placing raising £5.7m (gross) at 0.5p/share to fund the business model through to profitability and cash generation. We have now sensitised our forecasts for COVID19 and expect circa six months delay to projects with Chinese and Indian licensees, but we believe that the impact on the long-term potential of the business and its valuation will be negligible. Our target price is adjusted to 2p/share to take account of the new shares being issued through the placing.
Caribbean Investment Holdings. Incorporated in Belize . CIHL primarily operates financial services businesses through its subsidiaries The Belize Bank Limited and Belize Bank International Limited, both located in Belize and international corporate services through Belize Corporate Services Limited. CIHL shares are also traded on the Bermuda Stock Exchange. Lord Ashcroft holds 75%. No capital raise. Due 28 April. £36m . 2019 net profit US$ 10.7m
Companies: PEG SDX N4P TEK SCLP IHC SWG XSG ZAM
discoverIE (DSCV): Corp | Quartix (QTX): Corp | Sopheon (SPE): Corp | Xeros (XSG): Corp
Companies: DSCV QTX SPE XSG
Bango (BGO): Corp | Best of the Best (BOTB): Corp | Cambridge Cognition (COG): Corp | PCI Pal (PCIP): Corp | Shoe Zone (SHOE): Corp | Telit (TCM): Corp | Xeros (XSG): Corp
Companies: BOTB COG SHOE TCM PCIP XSG
Abal Group (formerly on AIM) to relist as Supply@Me, a growing innovative "inventory monetisation" platform, having originated more than EUR300m of prospective "inventory monetisation deals" in its first six months of operating (to June 2018). In the first half of 2019, an additional prospective EUR300m was originated. As at the date of the publication of the Prospectus and Circular to Abal shareholders, dated 4 March 2020 , EUR972m of prospective contracts have been originated. Raising £2.2m. Due 23 March.
Companies: LIT SEE COG OSI BIRD ENET XSG EMAN BOTB NUOG
ANGLE (AGL): Corp | Braemar (BMS): Corp | Destiny Pharma (DEST): Corp | Gooch & Housego (GHH): Corp | President Energy (PPC): Corp | 4imprint (FOUR): Corp | DX (DX): Corp | Xeros (XSG): Corp
Companies: FOUR GHH AGL PPC DEST XSG BMS DX/
FRP Advisory Group, UK professional services firm specialising in restructuring advisory. Raising £80m (£20m primary). Expected market cap £190m. Compound annual growth of 16.4 per cent. in revenue and 10.9 per cent. in operating profit since the beginning of FY17.o Strong average EBITDA margins of 51 per cent. over FY17 to FY19, and consistently strong cash conversion
Companies: CRW SRB TERN 88E EQT XSG CRCL NTOG NBB LSAI
Filtronic (FTC): Corp CEO leaves with immediate effect | President Energy (PPC): Corp Group update | Xeros (XSG): Corp Saving the world’s water, one XOrb at a time
Companies: PPC FTC XSG
Xeros has developed a polymer-based technology that has been proven to save vast quantities of water in water intensive industries such as garment processing and manufacturing, commercial & domestic laundry. Given that the bulk of these industries are in highly water stressed regions such as India and China, the scope for commercial success is clear. With £130m invested to date, BASF as a supplier and some of Asia’s largest washing machine makers either taking licences or in discussions, Xeros appears to be at the inflection point.
Kaspi.kz, the largest Paym ents, Marketplace and Fintech Ecosystem in Kazakhstan w ith a leading m arket share in each of its key products and services. GDR offering expected Oct 2019. In the first half of 2019, the Company generated total revenue of KZT226,862m (U.S. $598m), up 34% and net income of KZT77,001m (U.S. $203m), up 54%. Registration document approved for Helios Towers. The Group provides essential network services, flexible infrastructure solutions and reliable power supply to mobile network operators in five African growth economies. Revenue increased 7 per cent. year-on-year to US$191m (H1 2018: US$178m), with Adjusted EBITDA up 15 per cent. year-on-year at US$99m (H1 2018: US$86m) for the six months ended 30 June 2019.
Companies: XSG TRAK CREO BIDS VDTK BKS LSAI WHR GYG
Research Tree provides access to ongoing research coverage, media content and regulatory news on Xeros Technology Group Plc. We currently have 38 research reports from 3 professional analysts.
AMTE Power, a developer and manufacturer of lithium-ion battery cells for specialist markets, announced its intention to seek admission to trading on AIM. Admission is expected to take place during March 2021. The Company intends to raise approximately £7m by way of a placing of new ordinary shares in the capital of the Company. Timing TBC. Samarkand Group Limited, the cross-border eCommerce technology and retail group opening up the world's largest market for brands and retailers, intends to IPO on the Apex Segment Aquis Stock Exchange Growth Market. Admission is targeted for March 2021. Cellular Goods a UK-based provider of premium consumer products based on biosynthetic cannabinoids announced its intention to join the main market (standard) this Spring. Target valuation £20m raising c. £8m “to finalise the development and launch of a range of the Company's premium-quality consumer products based on biosynthetic cannabinoids, which is fully compliant under UK law.” NextEnergy Renewables to launch an IPO on the Main Market. NREN is a differentiated renewables investment Company that aims to capture the most attractive private renewables and energy transition infrastructure investment opportunities globally. Targeting a £300m raise. NREN is targeting total returns of 9-11 per cent. per annum (net of all fees and expenses but including the Target Dividend and capital appreciation) . The Company's target dividend yield for the first full financial year to 31 December 2022 is 5.5 pence. Due Early March 2021. Auction Technology Group is considering an IPO on the Main Market. The Group operates six world-leading online Marketplaces and proprietary global auction platform technology for curated online auctions. In FY20 the Group delivered pro forma revenue of £52.3m, supported by notable underlying year-on-year growth from both Standalone ATG Group and Standalone Proxibid Group (12.4 per cent. and 40.4 per cent., respectively). For the same period, the Group delivered a strong profitability performance of £22.3m pro forma Adjusted EBITDA representing a pro forma Adjusted EBITDA margin of 42.6 per cent. Expected March 2021. Digital 9 Infrastructure launch an initial public offering on the Specialist Fund Segment of the Main Market of the London Stock Exchange, by way of an initial placing and offer for subscription for a target issue £400m. Digital 9 Infrastructure plc is a newly established, externally managed investment trust. The Company will invest in a range of digital infrastructure assets which deliver a reliable, functioning internet. The IPO Prospectus is expected to be published in March 2021. Team PLC announced their plans for an AIM IPO. Team owns Theta Enhanced Asset Management Ltd, trading as Team Asset Management. This is a Jersey-based active fund manager providing discretionary and advisory portfolio management services to private clients, trusts and charities. Assets under management were GBP291m in November, up from GBP140m in December 2019 . The Company is seeking to raise no less than £5 million. The Placing will be priced on a pre-money valuation for the Company of £7 million. Targeting March Admission. Virgin Wines UK Plc recently set out their plans for an AIM IPO. Virgin Wines is a direct-to-consumer online wine retailer that sells products to retail customers in the UK through two subscription schemes and a pay-as-you-go offering. The Group also sells a range of beers and spirits and operates a B2B sales channel for corporates. Deal details TBC but media reports suggest a £100m valuation. Targeting 2nd March Admission Fix Price announces its intention to float on the Main Market of the London Stock Exchange. Fix Price is one of the leading variety value retailers globally and the largest in Russia, with more than 4,200 stores. Fix Price has revenues of RUB 190.1bn, RUB 142.9bn and RUB 108.7bn for 2020, 2019 and 2018, respectively. Adjusted EBITDA for the same years was RUB 36.8bn, RUB 27.2bn and RUB 14.2bn, respectively. The Offer would consist of an offering of GDRs by certain existing shareholders of the Company. Great Point Entertainment Income Trust PLC announced its prospectus has been approved by the FCA. Great Point Entertainment Income Trust PLC is a newly established, externally managed closed-ended investment company. The Company will provide project finance to content makers and commissioners in the global television and film production industry via senior loans secured against pre-sold intellectual property (IP) rights. GPEIT's investment objective is to provide Shareholders with dividend income and modest capital growth through exposure to media content finance. According to media reports, Deliveroo, are expecting to release their IPO plans on 8th March. The company raised more than $180m in January with a valuation of more than $7bn.
Companies: SBI OCI IDOX ROL JAN BSE PXS SHED TSG KDNC
Directa Plus has announced that it has signed a supply agreement and a Strategic R&D Agreement with NexTech Batteries Inc, a leading company in the field of Lithium Sulphur batteries based in Nevada, US. These agreements follow on from the Memorandum of Understanding entered into between the two companies and announced on 26 October 2020. The Supply Agreement has an initial duration of three years, with an option to extend for an additional two years and under the Supply Agreement, Directa Plus will supply NexTech with 300kg of nanoplatelets in 2021, with quantities for delivery in each subsequent year to be agreed between the parties. Directa Plus and NexTech have also agreed a worldwide bilateral exclusivity between the parties in the lithium battery field for the duration of the Supply Agreement. The three year R&D Agreement provides for Joint Lab activities with the intention of developing new specific grades of G+® graphene nanoplatelets for a next generation of Li-S batteries. Both parties will dedicate selected scientists from their R&D teams and part of their respective facilities to the enterprise. As announced in November 2020, NexTech, using Directa Plus's G+ materials, achieved 410Wh/kg of specific energy in a practical demonstration system at a weight only slightly below 30g. For comparison, standard lithium-ion batteries have a specific energy density of 100-265 Wh/kg.
Companies: Directa Plus Plc
We update our valuation following our initiation note in September. Since then there has been multiple positive developments in terms of new strategic collaborations with world leading organisations as well as investment to ensure capacity can be built up to satisfy demand. Our revised target valuation of 191p reflects elements of the ABB relationship in a number of major markets, albeit the longer-term opportunity could be much bigger than this. Indeed, we have not included all AFC’s growth opportunities in this valuation. Recent profit taking gives an opportunity to re-visit the long-term investment thesis. The next scheduled news flow is FY results in early March.
Companies: AFC Energy plc
Report on Techcrunch that IROKO, a Nigerian-based media company, could file to go public in the next 12 months on the London Stock Exchange (LSE) Alternative Investment Market. Founded by Jason Njoku and Bastian Gotter in 2011, IROKO boasts the largest online catalogue of Nollywood film content globally. According to this report, the media company will raise between $20 million and $30 million valuing the company at $80 million to $100 million. AMTE Power, a developer and manufacturer of lithium-ion battery cells for specialist markets, announced its intention to seek admission to trading on AIM. Admission is expected to take place during March 2021. The Company intends to raise approximately £7 million by way of a placing of new ordinary shares in the capital of the Company. Timing TBC. Samarkand Group Limited, the cross-border eCommerce technology and retail group opening up the world's largest market for brands and retailers, intends to IPO on the Apex Segment Aquis Stock Exchange Growth Market. Admission is targeted for March 2021. Cellular Goods a UK-based provider of premium consumer products based on biosynthetic cannabinoids announced its intention to join the main market (standard) this spring. Target valuation £20m raising c. £8m “to finalise the development and launch of a range of the Company's premium-quality consumer products based on biosynthetic cannabinoids, which is fully compliant under UK law.” Kanabo Group (RTO by Spinnaker Opportunities SOP.L) on the main market (standard). Raising £6m, enlarged mkt cap £23.4m. Kanabo focuses on the distribution of Cannabis-derived products for medical patients, and non-THC products for CBD consumers . Due 16 Feb. NextEnergy Renewables to launch an IPO on the Main Market. NREN is a differentiated renewables investment company that aims to capture the most attractive private renewables and energy transition infrastructure investment opportunities globally. Targeting a £300m raise. NREN is targeting total returns of 9-11 per cent. per annum (net of all fees and expenses but including the Target Dividend and capital appreciation) . The Company's target dividend yield for the first full financial year to 31 December 2022 is 5.5 pence. Due Early March Auction Technology Group is considering an IPO on the Main Market. The Group operates six world-leading online Marketplaces and proprietary global auction platform technology for curated online auctions . In FY20 the Group delivered pro forma revenue of £52.3 million, supported by notable underlying year-on-year growth from both Standalone ATG Group and Standalone Proxibid Group (12.4 per cent. and 40.4 per cent., respectively). For the same period, the Group delivered a strong profitability performance of £22.3 million pro forma Adjusted EBITDA representing a pro forma Adjusted EBITDA margin of 42.6 per cent. Digital 9 Infrastructure launch an initial public offering on the Specialist Fund Segment of the Main Market of the London Stock Exchange, by way of an initial placing and offer for subscription for a target issue £400m. Digital 9 Infrastructure plc is a newly established, externally managed investment trust. The Company will invest in a range of digital infrastructure assets which deliver a reliable, functioning internet. The IPO Prospectus is expected to be published in March 2021. Cordiant Digital Infrastructure to admit its shares on the Specialist Fund Segment of the Main Market of the London Stock Exchange . Targeting a £300m raise. Cordiant invests in global infrastructure and real assets, running infrastructure private equity and infrastructure private credit strategies through limited partnership funds and managed accounts. Due 16 Feb 4basebio UK Societas is a specialist life sciences group focused on therapeutic DNA for gene therapies and DNA vaccines and providing solutions for effective and safe delivery of these DNA based products to patients. The Company has been divested from 4basebio AG , a German company listed on the Prime Standard segment of the Frankfurt Stock Exchange . No capital to be raised on Admission. Anticipated market capitalisation on AIM Admission: £14.53m. Due 17 Feb Cornish Metals (TSX-V: CUSN) intends to list on AIM. The Company is proposing to raise £5m by way of private placement of new Common Shares to advance the United Downs copper-tin project. The Company expects that Admission will become effective 16 February 2021. The Company's Common Shares will continue to be listed and trade on the TSX-V in Canada. Raising £8.2m. £18.7m mkt cap.
Companies: CCS UKOG PTD SFE STAR ATYM AVG PHD CGNR SNX
AMTE Power, a developer and manufacturer of lithium-ion battery cells for specialist markets, announced its intention to seek admission to trading on AIM. Admission is expected to take place during March 2021. The Company intends to raise approximately £7 million by way of a placing of new ordinary shares in the capital of the Company. Timing TBC. Samarkand Group Limited, the cross-border eCommerce technology and retail group opening up the world's largest market for brands and retailers, intends to IPO on the Apex Segment Aquis Stock Exchange Growth Market. Admission is targeted for March 2021. Cellular Goods a UK-based provider of premium consumer products based on biosynthetic cannabinoids announced its intention to join the main market (standard) this Spring. Target valuation £20m raising c. £8m “to finalise the development and launch of a range of the Company's premium-quality consumer products based on biosynthetic cannabinoids, which is fully compliant under UK law.” Kanabo Group (RTO by Spinnaker Opportunities SOP.L) on the main market (standard). Raising £6m, enlarged mkt cap £23.4m. Kanabo focuses on the distribution of Cannabis-derived products for medical patients, and non-THC products for CBD consumers . Due 16 Feb. NextEnergy Renewables to launch an IPO on the Main Market. NREN is a differentiated renewables investment company that aims to capture the most attractive private renewables and energy transition infrastructure investment opportunities globally. Targeting a £300m raise. NREN is targeting total returns of 9-11 per cent. per annum (net of all fees and expenses but including the Target Dividend and capital appreciation) . The Company's target dividend yield for the first full financial year to 31 December 2022 is 5.5 pence. Due Early March 2021. Auction Technology Group is considering an IPO on the Main Market. The Group operates six world-leading online Marketplaces and proprietary global auction platform technology for curated online auctions . In FY20 the Group delivered pro forma revenue of £52.3 million, supported by notable underlying year-on-year growth from both Standalone ATG Group and Standalone Proxibid Group (12.4 per cent. and 40.4 per cent., respectively). For the same period, the Group delivered a strong profitability performance of £22.3 million pro forma Adjusted EBITDA representing a pro forma Adjusted EBITDA margin of 42.6 per cent. Expected March 2021. Digital 9 Infrastructure launch an initial public offering on the Specialist Fund Segment of the Main Market of the London Stock Exchange, by way of an initial placing and offer for subscription for a target issue £400m. Digital 9 Infrastructure plc is a newly established, externally managed investment trust. The Company will invest in a range of digital infrastructure assets which deliver a reliable, functioning internet. The IPO Prospectus is expected to be published in March 2021. Cordiant Digital Infrastructure to admit its shares on the Specialist Fund Segment of the Main Market of the London Stock Exchange . Targeting a £300m raise. Cordiant invests in global infrastructure and real assets, running infrastructure private equity and infrastructure private credit strategies through limited partnership funds and managed accounts. Due 16 Feb. 4basebio UK Societas is a specialist life sciences group focused on therapeutic DNA for gene therapies and DNA vaccines and providing solutions for effective and safe delivery of these DNA based products to patients. The Company has been divested from 4basebio AG , a German company listed on the Prime Standard segment of the Frankfurt Stock Exchange . No capital to be raised on Admission. Anticipated market capitalisation on AIM Admission: £14.53m. Due 17 Feb Cornish Metals (TSX-V: CUSN) intends to list on AIM. The Company is proposing to raise £5m by way of private placement of new Common Shares to advance the United Downs copper-tin project. The Company expects that Admission will become effective 16 February 2021. The Company's Common Shares will continue to be listed and trade on the TSX-V in Canada. Raising £8.2m. £18.7m mkt cap.
Companies: OHG MDZ PEG IQE RBN WHR HMI ANIC KOD GMR
Directa Plus has announced that its existing relationship with NexTech Batteries Inc has progressed to a formal supply and strategic R&D agreement. We consider this a very positive development, given the potential for Lithium-Sulphur (Li-S) to disrupt the dominance of Lithium-Ion batteries. Directa will supply NexTech with 300kg of G+® graphene platelets this year, with potentially far higher quantities for delivery in subsequent years linked to NexTech’s anticipated growth.
Volex has reported interim results that are in-line with expectations following a strong trading update in mid-October. Of far greater significance is today’s announcement of the proposed acquisition of DEKA for a consideration of up to €61.8m on a debt free basis. DEKA is a leading and highly profitable power cord manufacturer, strategically located in Turkey, that serves leading European white goods manufacturers. The acquisition should close in early CY2021, subject to expected Turkish Competition Authority approval. We foresee 15% earnings enhancement in FY2022E with further opportunities for revenue synergies with Volex in the Far East as its operations also vertically integrate, production efficiencies increase and the cost of production falls. The statement highlights that pro forma net debt/EBITDA remains under 0.4x and this provides scope for further bolt-on acquisitions alongside a new $70m RCF and $30m accordion, also announced with the interims.
Companies: Volex plc
NBB is an established and well-recognised 40-year brand in the field of senior executive-level talent acquisition, which has been substantially upgraded since appointing Mike Brennan as Group CEO in 2016, and has become a totally transformed company. Notably NBB has lifted its game dramatically, growing into a broad human capital solutions business delivered via professional embedded processes, where before what we had was the familiar well-respected but single-strand executive search operation. As a result, growing and more relevant new service lines now form the largest part of the company, and aligned with this, NBB's financial prospects have improved significantly. While Covid has been challenging, the company has managed the crisis well by considered and strategic headcount additions, while at the same time taking out over £500,000 in costs. Positive H1 and FY EBITDA reports stand out as important milestones. Net debt cut from c.£1m to near-zero in H1 reflected a return to cash-generation. We are now able to include forecasts for FY-2020E and in addition '21 and '22 scenarios, illustrating the potential upside.
Companies: Norman Broadbent plc
Rolls-Royce issued a trading update as of November. The Defence business remained resilient while the situation in civil commercial aerospace was more contrasting. The recovery is still fluid, with a few uncertainties still to overcome in 2021 but visibility in 2022 should be better. Still, we see the cash generation capability of the company will remain under pressure.
Companies: Rolls-Royce Holdings plc
Cornish Metals (TSX-V: CUSN) intends to list on AIM. The Company is proposing to raise £5 million by way of private placement of new Common Shares (the "Fundraising") to advance the United Downs copper-tin project. The Company expects that Admission will become effective in February 2021. The Company's Common Shares will continue to be listed and trade on the TSX-V in Canada. Further media reports that Dr Martens, the British Boot brand is planning an IPO on the LSE. It is currently owned by PE group, Permira who is expected to sell down its stake at the IPO. March 2020 YE the group had revenues of £672m and EBITDA of £184m. Deal size TBC. VH Global Sustainable Energy Opportunities plc, a closed-ended investment Company focused on making sustainable energy infrastructure investments, today announces intends to launch an initial public offering of shares on the Official List (Premium) of the Main Market of the London Stock Exchange. Due by Early Feb. Moonpig, the digital greeting card company, is planning an IPO with a potential valuation of £1bln, according to multiple media reports. Further details expected to be announced over the next two weeks.
Companies: ZPHR PANR PRSM SENS CYAN G4M ITX CRCL FEN ZIN
In the past two years, since Hardman & Co first started to target the IC sector, we have heard many managers of ICs and boards talk of the growth of the retail investor on their registers. Many have approached Hardman & Co for help in addressing this market, since we have a unique strength in this field relative to other providers.
Companies: AVO ARBB BBGI CLIG DNL FLTA ICGT OCI PCA PIN PHP RECI STX TRX VTA YEW
Alba Mineral Resources (ALBA LN) – Welsh exploration programme Bluejay Mining* (JAY LN) - BUY - Valuation 40p – Bluejay training students and personnel in Greenland for Dundas project IronRidge Resources* (IRR LN) – Progress at Ewoyaa Lithium Project Keras Resources* (KRS LN) – Chairman reports no outstanding requirements on grant of exploitation permit at Nayéga manganese mine in Togo Mkango Resources* (MKA LN) – Pilot plant test-work underway Power Metal Resources* (POW LN) – Option exercised to acquire Coco East Property Sibanye-Stillwater (SSW JSE) - Sibanye-Stillwater Partner up with Keliber for lithium in Finland Tirupati Graphite (TGR LN) – Trials of battery grade spherical graphite accelerate timetable to commercial production
Companies: MKA ALBA JAY KRS POW TGR IRR SSW
US & German manufacturing PMI hits lowest readings since 2009, UK manufacturing PMI heads below 50, BorgWarner expects material financial impact from customer production halts
Companies: AVON CGS HAYD HEAD HILS JHD RNO SCPA TWD TRI ZTF SOM GHH
AFC Energy announced today (through an RNS REACH) that it is unveiling a new, zero emission power generator to be featured in the inaugural Extreme E electric SUV racing series that begins in April 2021. According to the company, following six months of collaborative engineering and design, AFC Energy's hydrogen power generator has been successfully commissioned, on schedule, and is to be handed over to Extreme E this week. The fuel cell system has been configured to operate across desert, arctic and high-altitude locations. It will power all of the Championship's ODYSSEY 21 electric SUVs in its inaugural season of racing. The first Extreme E race, the Desert X-Prix, is scheduled for the weekend of the 3rd and 4th of April; it will be held in Saudi Arabia.
XPD is a well-established pan-European freight management and logistics operator. We have selected the Group as one of our Top Picks for 20211. XPD has stated in a pre-close update today that profits for the year to 31 December will be “significantly ahead” of market expectations. Due to better demand for services in the UK and Europe during the peak months of November and December, XPD expects to report adjusted PBT of c.£7.2m. This is a 40% increase on 2019 (£5.15m) and against prior guidance for 2020 of “in excess” of £6m. Margins have expanded to 3.3% from 2.4% in 2019, aided by cost savings. The Group has been rebuilding its senior management team and recently announced the appointment of industry insider Michael Williamson as CFO. More strategically, when Covid abates we think customers will be focused on supply chain resilience, and CEE countries will become even more attractive as manufacturing venues. This strongly favours XPD’s footprint and expertise.
Companies: Xpediator Plc
