PROGRESSIVE: SDI Group: Solid update reflects strong second half

SDI Group’s trading update for the year ended 30 April 2024 is in line with current guidance for FY24, with good momentum heading into FY25. This reflects the hands-on approach under the new CEO, addressing short-term issues that had led to underperformance in some businesses. The underlying portfolio performed well in terms of profitability and cash generation, with improved trading in a number of businesses. The increased cashflow in H2 and significant headroom within its banking facilities le

SP Angel Morning View: Copper and gold pull back as Fed pushes back rate cut expectations

Hardman & Co Insight: 2023 was an annus horribilis for Quoted UK Infrastructure and Renewable Energy

The focus of Hardman & Co Research is on the nine quoted Infrastructure Investment Companies (IICs) and on the 22 Renewable Energy Infrastructure Funds (REIFs): the stocks analysed are all members of the Association of Investment Companies (AIC). We are updating our publication of January 2023, assessing both the lacklustre share price performances during 2023 and the key issues, including interest rates, inflation and power prices. As a 31-strong group, its combined market capitalisation is no

Trading update: performance ahead of expectations

In an Update for the year to 30 April 2024 Cohort reports overall performance slightly ahead of market expectations. We note that the Group reports very strong order intake of c.£387m (compared to £218m in FY23) resulting in a closing order book which stood at c.£518m (FY23: £329.1m), inclusive of the March SEA Royal Navy £135m Ancilia contract. The group notes strong H2 performance, with overall growth in the Sensors & Effectors division, notably Chess and SEA, outpacing the Communications & I

Galliford Try | CME - Raising the bar

Galliford Try hosted its Capital Markets Event (CME) yesterday at which it introduced its new targets through FY30 based on executing the unchanged Sustainable Growth Strategy which has proven so successful. The key new targets are a divisional operating margin of 4.0% and revenue in excess of £2.2bn which implies compound revenue growth of 7% pa from FY23, more than doubling at the divisional operating profit level which would be on track to hit c£90m in FY30. That in turn is expected to drive

Epwin (EPWN LN) - Continuing to perform

Epwin’s AGM statement confirms it is continuing to trade in line with expectations despite the volatile operating environment. Competitors, as well as other building products peers, have warned recently that trading in the first months of 2024 has been below expectations, putting pressure on estimates. The fact Epwin has not warned is testament to how well the business has been managed. It came out of the pandemic in a strong commercial position providing flexibility to manage the business in th

PROGRESSIVE: Oxford Metrics: Tracking nicely

Oxford Metrics held a capital markets day on 18 April at its recently opened office in Oxford. The event was well attended by investors who saw demonstrations of Vicon’s markerless technology within a 3D virtual reality entertainment environment and within an industrial environment in conjunction with Industrial Vision Systems (IVS), acquired in late 2023. The potential of markerless technologies, smart manufacturing inspection and the ongoing application of the £52m funds from Yotta’s disposal

LIBERUM: Eneraqua Technologies: In line earnings and strong cash as promised

Van Elle Holdings plc (VANL LN) - FY24 profit in line, net cash ahead

Van Elle’s FY24 profit (April y/e) is expected to be in line with market expectations, confirming a resilient performance during tough market conditions. Aligning to the figures in today’s statement, we increase FY24 revenue by 1% to £140m and net cash (ex. leases) by 27% to £5.5m, with underlying PBT unchanged at £5.0m. We continue to believe Van Elle has substantial growth opportunities in sectors such as energy, water and rail (including internationally), as well as being well positioned to b

Alenby Capital - Transense Technologies - Interims

Transense posted a positive H1 with PBT up 146% on revenues up by just 10% as a consequence of a temporarily lower cost base. Going forward the Company has invested in strengthening the sales team to stimulate future revenue growth and this increase in the cost base, coupled with some limited visibility to revenue streams has resulted in a reduction in the expected growth rate for FY24 and FY25. We see this is a modest reset to expectations but also expect a continuation of the growth path set i

Mpac Group+ (MPAC, House Stock at 490p) - Clean energy advances

SP Angel Morning View: Copper prices bounce of record highs following short squeeze

Judges Scientific+ (JDG, House Stock at 11,650p) - AGM trading, forecasts unchanged

Plant Health Care - Record start to the year, outperforming the sector

Plant Health Care has released a trading update noting that in the four months of 2024, revenue was approximately $4.3m, up 72% versus 2023 (2023: $2.5m). This is a record start to a year, with it substantially outperforming the wider agritech sector where larger peers are reporting Q1 revenue declines of 5-32%. We attribute this outperformance to the differentiated and highly attractive attributes of its biological solutions, which provide proven results to distributors and farmers. This start

Judges Scientific+ (JDG, House Stock at 8,900p) - HY; strong order book, FY23F unchanged