SIMEC Atlantis - Major Milestone Payment Received

Payment of the first £5m milestone payment connected to the 230MW Uskmouth battery project brings helpful cash to SAE confirming that the deal has been well structured. A further £4.8m is expected in three tranches over the next 12 months. The location remains important to SAE with further battery development potential and the company is actively developing over 1GW of storage capacity.

SIMEC Atlantis - More Battery Progress

Planning permission for the next 120MW of battery capacity is a positive milestone on SAE’s goal of developing 1GW of capacity at the Uskmouth site. While planning should not be especially contentious at this former industrial site it is still a risk factor and we see this news as incremental positive progress towards SAE’s goal of building a profitable storage business.

SIMEC Atlantis - Major Progress Led by Batteries

SIMEC Atlantis (SAE) has made major progress in moving towards a multi asset developer and operator of tidal energy and battery storage, with the potential to move beyond a recovery story back towards growth. Significantly much of this is based on battery storage projects with grid connections, which would otherwise be a major block to their development. With Uskmouth alone representing over 1GW of potential battery capacity we see this as a major opportunity for the company.

SIMEC Atlantis Energy (SAE LN) - Uskmouth BESS lease monetised

SAE has announced an agreement for monetisation of its lease payments from the 230MW Uskmouth BESS project, helping secure cash payments for the company and further demonstrate this element of its business model. Today’s statement also reports progress on further BESS projects, and a proposed extension to SAE’s Abundance bonds.

Hybridan Small Cap Feast - 27 Sep 23

27th September 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 ob

SIMEC Atlantis - Interims Show a Profit

SIMEC Atlantis has posted a £4.5m profit reflecting the development fees received on the Uskmouth battery project. A return to better operations at MeyGen could help the second half and further out options in batteries could create useful income. The balance sheet remains weak although deferral of the Abundance bonds has removed immediate pressure. There is work to do but the interims show that the company has put itself in a stronger position in our view.

Hybridan Small Cap Feast - 08 Sep23

8th September 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 obj

SIMEC Atlantis Energy (SAE LN) - MeyGen CFD auction award

SAE has announced that it has received a further award of UK government CFD support for its MeyGen project, located off the coast of Northern Scotland.

Simec Atlantis- CFD Support for MeyGen in Round 5

SIMEC Atlantis (SAE) has announced that it has won four Contracts for Difference (CfD) in allocation round 5, guaranteeing £198/MWh for 15 years from the commissioning date in March 2028, allowing for approximately 22MW of additional tidal energy capacity at its MeyGen project. This award follows the company securing support for 28MW of new tidal capacity in the previous allocation round for a combined total of 50MW. This award confirms Simec Atlantis’ position as one of the leading tidal energy

SIMEC Atlantis - Still In The Emergency Room

SIMEC Atlantis remains in the emergency room with a material uncertainty going concern statement. However, costs have been pared back and initial income received from the first battery project at the Uskmouth sustainable energy park. Income at MeyGen will benefit from additional turbines in the water and the option to add additional battery storage projects at Uskmouth and at MeyGen where a grid connection can be utilised gives the company options in our view.

SIMEC Atlantis Energy (SAE LN) - Full year 2022 results

SAE has released its full year results to the end of December 2022.

SIMEC Atlantis - Development Premium Recieved

SIMEC Atlantis (SAE) has announced that it has received the £4.0m development premium, marking financial close at its Uskmouth battery energy storage system (BESS), one of the largest BESS projects in the UK (230MW/460MWh). Following financial close, SAE is now expected to receive c. £950k annually over the 30 years covered by the agreement. This will provide a needed cash boost for SAE and allow for continued work at its MeyGen Tidal Project.

Hybridan Small Cap Feast - 05 Jul 23

5th July 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 objectiv

SIMEC Atlantis - MeyGen Turbine Upgrade

SIMEC Atlantis has successfully re-deployed its second turbine at the MeyGen site following upgrades which will allow for both improved performance and reduced future maintenance time and cost. Since first generation in 2016 to March 2023 the MeyGen site and its four turbines have generated over 51GWh of energy and the latest upgrades ought to increase the availability of this turbine moving forwards, allowing for increased generation and revenues under the CfD scheme.

SIMEC Atlantis - Bond Repayment Deferral

SIMEC Atlantis’ 2017 bonds due to be repaid in June 2023 have been deferred until June 2024, with a 10% interest charge over the extension period being applied. This will allow the company to focus on reaching financial close on the Uskmouth battery storage project in 2023 in order to unlock a further £4m in development premium.

Renold - Strong end to FY24: EPS up 11%. Robust FY25: EPS up 27.6%

The FY24 year-end update is very upbeat signalling trading being materially ahead of expectations, with a better-than-expected profit out turn and stronger cash generation. It continues to strengthen margins through efficiencies and investment in modern equipment. The order book remains close to record levels providing a robust view of future forecasts. In FY24E we upgrade EPS by 11% and in FY25E a significant upgrade of 27.6%. It looks capable of declaring a dividend in FY25 as well as manageme

Morning Note – 16 April 2024

Billington Holdings - Record result boosts dividend; forecasts upgraded

FY23 results show very strong growth over FY22, driven by strong Structural Steel activity, with results slightly ahead of upgraded profit expectations, while stronger than expected cash flow resulted in an unexpectedly generous dividend of 33p (offering a FY23 yield of 7.0%). The group now has net cash of £22.1m and is debt free and is therefore in a strong position for potential M&A activity. Following the recent £90m of new orders to increase the order book to record levels we conservatively

Plant Health Care - China distribution with AMVAC

Plant Health Care announced it has signed a distribution agreement with AMVAC, an American Vanguard Company, to support commercialisation of novel fertiliser products incorporating Plant Health Care's Harpinαβ in China starting in 2024. The novel product combines Harpinαβ technology with an AMVAC fertiliser and is expected to help growers improve crop quality and yield as part of an integrated and environmentally responsible crop production programme. AMVAC continues to evaluate Plant Health Car

Q1 Operating Results

Another Good Year of Diversified Growth with More to Come in 2024 CCapital have released their Q1 operating results. Overall, revenue has come in slightly lower than expected at $80.2m vs TamE of $85.9m but is largely tracking in line with our FY24 annual estimate and we note the company has maintained guidance. Drilling revenue for this quarter was impacted by a fall in utilisaztion rates as well as general remobilisation geographically but we expect a strong recovery throughout the year as k

Morning Note – 15 April 2024

Severfield - Multiple positives should excite investors

Severfield’s trading update indicates that FY23 results are expected to slightly exceed market expectations and the company ends the year with a record UK and Europe order book. Furthermore, with a positive trading outlook and net debt coming in lower than expected, Severfield has announced a £10m share buyback, highlighting the cash-generative nature of the company and management’s confidence in its position. The stock trades on an FY25 P/E of less than 6x and yields 7%, which we believe appear

Warns on brine supply costs

SP Angel . Morning View . Copper prices hold higher as China processing fees fall below $0/t amid low feedstock availability

PROGRESSIVE: Severfield: Targeted acquisition strategy aids growth path

Acquisitions have been an important element of Severfield management’s growth strategy, with the aim of adding new products, sectors and regions to what we have identified as exciting long-term organic opportunities. In this Spotlight report, we focus on the group’s targeted M&A approach, highlighting three significant deals.

discoverIE - Back to organic growth

discoverIE’s March year-end update confirms a strong operational performance in challenging markets. Following two years when sales increased by +48%, FY 2024 Group sales were +1% ahead of 2023 at CER (reported -3%) driven by a +2% contribution from acquisitions and organic -1%. As expected, organic growth returned in the later part of the year (Q4 +2%, +11% sequentially) and the order book has reverted to normalised levels of c.4.5 months’ sales, which – combined with a continuing strong pipeli

Invinity Energy Systems - Update on Strategic Investment

Invinity’s update on discussions with strategic investors reveals interest from multiple parties. While this has slightly delayed finalising an agreement it increases the potential for a better outcome. Although details are unknown at this stage, we think there is enough in the statement to be comfortable that any agreements will be consistent with the company’s strategy of growing market share in core markets and using a licencing and royalty model in other markets.

LIBERUM: Severfield: Erratum: Better EPS and cashflow, and buyback

PROGRESSIVE: Severfield: Step change in European and Indian outlook

Severfield’s full-year results to March will be ‘slightly above’ the Board’s expectations, according to today’s trading update, with net debt significantly better. We maintain our PBT estimates for both forecast years, which are ahead of consensus, but reduce our net debt for FY24E. Record orders were boosted by the steel specialist’s European operations, after last year’s Voortman acquisition, while the Indian JV has seen ‘another step up in profitability’. The group has also launched its first

Clean and competitive fertiliser