Solid State has issued a post-close trading update stating that FY21 performance is expected to be ahead of the consensus forecasts, which were upgraded in February to reflect positive trading up to that point. Broker consensus FY21e EPS has been raised by 8%. Consensus FY22 estimates, which were raised twice in March to reflect two separate acquisitions, have not been changed to reflect yesterday’s announcement.
Companies: Solid State plc
Solid State is a manufacturer of computing, power and communications products, and value added supplier of electronic components. This morning, the group has released a trading update pointing to the fact that profitability in the year to 31 March 2021 is now expected to be ahead of recently upwardly revised expectations. Principally, this has been driven by both pulled forward demand, partly as a result of increased customer stocking due to certain component shortages, as well as a strong contr
Companies: BYOT SOLI TRI JOG CORA
The group’s trading update points to a strong end to the year, exceeding recently upgraded forecasts. March saw some orders pulled forward as customers mitigated supply chain challenges evident (freight and logistics issues, semiconductor shortages). We therefore upgrade FY21 adjusted EPS by 7.6%, keeping FY22 unchanged. Our price target also increases, in line with the EPS upgrade from 950p to 1020p, offering good upside to the current FY22 P/E rating of 15.2x. This is an encouraging update, co
Solid State has acquired Willow Technologies, a manufacturer and value-added distributor of electromechanical products. The initial consideration payable is c £5.5m cash (net), financed from existing resources. Broker consensus FY22 EPS has been raised by 9% to reflect the earnings enhancement in the first full year.
Solid State is a manufacturer of computing, power and communications products, and a value added supplier of electronic components. This morning, and just two days on from its acquisition of Active Silicon, Solid State has announced the acquisition of Willow Technologies, including its US subsidiary American Electronic Components (AEC), a manufacturer and value added distributor of electro-mechanical products used in strategically important markets such as EV. The gross initial consideration pai
Companies: AGY SOLI ARB
The group has made its second acquisition this week, announcing the acquisition of the Willow Technologies Group for an initial effective consideration of £5.5m. It is a good strategic fit, offering a springboard into the US and enhancing the group’s existing product offering, with good exposure to growth markets. We maintain our FY21 forecasts, with a full contribution in FY22 enhancing EPS by 9.4% to 55.2p. We likewise raise our PT by 9.4% to 950p, pointing to a fair value of 17.2x, attractive
Proposed move to AIM from the main market (standard) by Emmerson (EML.L) to provide Emmerson with access to a market and environment which is more suited, in the Board's view, to the Company's current size and strategy ahead of pivotal period for the Company with the commencement of mine construction at the Khemisset Potash Project expected by end of 2021. Follows recent award of Mining Licence granting Emmerson exclusive right to develop and mine the potash deposit and £5.5m raise to fund ongoi
Companies: LND GDR GAMA SOLI SHED RLE CRU WRES SBI MNO
Solid State is a manufacturer of computing, power and communications products, and a value added supplier of electronic components. This morning, and one week on from its recent positive trading update, the group has announced the acquisition of Active Silicon, a specialist designer and manufacturer of circuit board level solutions for high-performance digital image capture, processing and transmission. The gross initial consideration stands at £6.3m; however, net of cash this falls to £2.7m, im
Solid State has acquired Active Silicon, which designs and manufactures imaging and embedded vision systems that support the capture, processing and transmission of image data in high performance and critical environments. The initial consideration payable is £2.7m cash (net), financed from existing resources. Broker consensus FY22 EPS has been raised by 5% to reflect the earnings enhancement in the first full year.
Companies: SOLI STX TRCS CORA
The group has announced the acquisition, of Active Silicon, a digital image processing and transmission business for an effective cost of £2.7m. It is complementary and additive to the group’s position in opto-electronics and embedded computing. The acquisition is EPS enhancing in its first year, with a 4% upgrade to 50.4p. We also raise our PT by 4% from 835p to 868p, offering decent upside to the current share price. This bolt-on acquisition should be taken well as a useful strategic enhanceme
Solid State’s trading update states that FY21 adjusted profits are likely to be ahead of consensus estimates and FY20, which was itself a record performance. Noting the potential impact of global semiconductor supply chain issues and continued customer uncertainty related to the coronavirus pandemic, management expects FY22 performance to be comparable with this year.
Solid State is a manufacturer of computing, power and communications products, and value added supplier of electronic components. This morning, the group has released a short trading update, pointing to the fact that profitability in the year to 31 March 2021 is now expected to be ahead of market consensus estimates and above the previous financial year, itself a record performance. This has been principally driven by a stronger mix of revenue for higher value-added products, services and soluti
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boohoo Group has announced solid Q1 FY22 trading with Group revenue +32% YOY ahead of ZC forecasts (+25%) and consensus expectations (+28%), driven by strong momentum in key markets of the UK (+50% YOY) and USA (+43% YOY) despite tough PY comps (Q1 FY21 +45% YOY).
Companies: boohoo group Plc
Frontier have delivered record revenues for FY21 that were slightly ahead of our expectations, thanks to a strong performance across all four franchises and despite the challenges that faced the recent Odyssey launch. We now know that the FY22 upcoming licensed IP game will be Jurassic World Evolution 2, a sequel to Frontier’s biggest-selling game to date that will launch later this year. Simultaneously the Board are providing prudent revenue guidance which assumes that the first F1 management t
Companies: Frontier Developments Plc
FY21 underlying loss before tax of £59.2m was better than our forecast £79.9m, driven by higher revenue (stores) and a better gross margin. Year-end net cash (pre-reported) of £66.7m was well ahead of our forecast of £7.1m this time last year. We leave our profit forecasts unchanged, but the shape alters with lower sales and a higher gross margin as TED’s full price stance begins to kick-in supported by the new product offer. Management has delivered impressively on the Year 1 targets set out in
Companies: Ted Baker PLC
Tern plc* (TERN.L, 23.75p/£78.5m) | CAP-XX Ltd* (CPX.L, 8.15p/£36.0m) | MTI Wireless Edge Ltd* (MWE.L, 64.5p/£57.1m) | Newmark Security plc* (NWT.L, 1.2p/£5.6m) | Blackbird plc* (BIRD.L, 32.0p/£107.9m)
Companies: TERN CPX MWE NWT BIRD
Strong trading update with upgraded FY21 revenue growth target (+5% vs. +3-5% previously) and strong confidence in the New Generation Products development.
Companies: British American Tobacco p.l.c.
Today's news & views, plus announcements from ICP, BATS, OXIG, PAG, NCC, OTMP, XPD, PPC
Companies: BATS OTMP XPD
CAP-XX, the leading designer and manufacturer of supercapacitors and energy management systems, has announce an unaudited pre-close trading update for the year to 30 June 2021 which is in line with the expectations from our 10 May 2021 Initiation note.
Revenue for the year ending 30 June 2021 of A$4.1m to A$4.2m is up 15% YoY and in line with our forecast of A$4.1m. Unadjusted EBITDA loss of approximately A$2.1m to A$2.2m also in line with our forecast of A$2.1m. Importantly the company notes i
Companies: CAP-XX Limited
AVO’s goal is to deliver an affordable and novel PT system, called LIGHT, based on state-of-the-art technology developed originally at the world-renowned CERN. Over the past two years, important technical milestones have significantly derisked the project. Now, AVO is working on the verification and validation phase, prior to LIGHT being used on the first patients to support CE marking. In its recent technical update, the company highlighted progress made over the past three months towards a ful
Companies: AVO ARBB ARIX BBGI CLIG DNL FLTA ICGT OCI PCA PIN RECI STX SPO SCE TRX VTA
discoverIE’s FY21 results confirmed that measures taken to manage the business through the pandemic minimised the impact on profitability and reduced gearing significantly. Strong order intake in H221 has returned the business to organic growth and the company continues to make higher-margin acquisitions in the Design & Manufacturing (D&M) business. We lift our underlying EPS forecast by 5.3% for FY22.
Companies: discoverIE Group PLC
Tern has announced the proposed IPO and admission to the NASDAQ First North Growth Market in Stockholm of its portfolio company Wyld Networks (Wyld), with a likely market capitalisation of £8m. The announcement demonstrates the success of the Group’s investment strategy, delivering value from the portfolio even with the backdrop of COVID-19. At the current offering price, there is a small uplift to Tern’s book valuation of Wyld. The IPO allows Wyld to remain a core part of Tern’s portfolio whils
Companies: Tern PLC
IG Design Group delivered another year of profit growth, at both adjusted and reported levels, despite the vicissitudes of the coronavirus pandemic. Net cash at the period end rose by 46% to $76.5m, with the Group’s unerring focus on cash management translating into average leverage of 0.0x (from 0.9x in FY20). The total dividend for the year was maintained at 8.75p, reflecting this robust cash generation. The Group has unveiled both its new Growth Plan and its Design Group Sustainability Framew
Companies: IG Design Group plc
The UK market showed a continued recovery in the first quarter albeit the indices are still well short of their all-time peaks, unlike many of their international peers. The FTSE 100 has risen by 1,186 points (21.4%) since the end of October and the FTSE 250 by 4,304 points (25.0%). The comparable performance since the start of the year is less spectacular- the FTSE 100 has risen by 253 points (3.9%) and the FTSE 250 has risen by 1,070 points (5.0%). The factors behind the sustained rally are fa
Companies: AMYT ARBB CEG BAG BVC BEG BONH BLVN BRSD CML CWK CRPR EYE ECHO FDM FAR FA/ GPH GSF HUW INSE JDG KAPE KP2 MACF MPAC MNZS NESF NBI OTMP OBD PREM QFI RUA SCS SEN SOS SUR TON TOU TXP TGL TCN UEM VLS WYN
Catena Group (CTNA.L) to complete reverse takeover and be renamed Insig AI and is acquiring the remaining shares of Insight Capital Partners. Insight, which is based in the UK, is a data science and machine learning solutions company that provides bespoke web-based applications, advanced analytical tools and modern technology infrastructure to make machine learning accessible to investment professionals. Insight has developed five products specifically aimed at accelerating an asset manager's d
Companies: SWG LOGP G4M SDG MTL GTC KWS ARK ANCR EME
boohoo Group has announced results for the 12 months ended 28 February 2021, reporting a strong finish to the year, with performance ahead of ZC’s forecasts, driven by strong momentum in both the UK and USA in the final months of the year. Profit generation has been robust, despite significant cost headwinds resulting from COVID and the impact of a number of dilutive acquisitions made over the year. The shares have traded sideways in recent months, despite the Group’s continued strong trading pe
CAP-XX is a world leading developer and retailer of supercapacitors, an important electrical energy storage technology, that delivers high power densities not possible with batteries. The company, its technology and strong IP position are well proven with more than 62 million CAP-XX supercapacitors sold to-date by CAP-XX and its four licensees. As well as reaching EBITDA positive on an underlying basis for its H1/FY21, it has recently concluded a transformational deal which has seen it acquire t