In our view, SDI Group has delivered an impressive performance in FY21, benefiting from the diversity of its products and end markets. Two product lines are benefitting from significant one-off COVID-19 related contracts in contrast to weaker demand due to the pandemic in some of its other end markets. This has significantly boosted sales and profitability which we expect to continue into FY22E. Growth has also been enhanced by the acquisition of Monmouth Scientific. Strong cash generation and b
Companies: SDI Group plc
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SDI reported full-year results to 30 April that were in line with its trading update; reporting a 70% increase in adjusted pre-tax profit. A stronger cash position (net cash of £0.8m) reflect a delay in the Monmouth contingent payment into FY 2022 and higher OEM contract prepayments. Underlying organic growth of 19% reflected the follow-on OEM contract. Adjusted pre-tax profit rose 70% to £7.4m, with adjusted EPS up 74% to 6.0p. We have made minor changes to forecasts and reflected the impending
SDI Group has published a second positive trading update ahead of July’s FY21E results announcement. Management’s guidance for revenue and adjusted PBT is approximately £35.3m and £7.4m respectively, ahead of our previous FY21E estimates (and previous guidance) of £34.0m and £6.7m. We upgrade our FY21E forecasts accordingly, with a 10% uplift to our fully adjusted PBT forecast. Current base guidance for FY22E remains unchanged with revenue of £42m and adjusted PBT of £8.7m. Consequently, we are
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Dish of the day
Pharma C Investments (AQSE:PCIL) has listed as a SPAC on the Access Segment of the AQSE Growth Market. It is specifically seeking to take advantage of the dynamic regulatory environment surrounding legal Medicinal Cannabis. Successful £1m fundraising at 0.7p per share.
Off the menu
Wey Education has left AIM following a recommended acquisition.
What’s cooking in the IPO kitchen?
UK SPAC (formerly Mountfield Group and now an AIM Rule 15 Shell) has applied for admission to the
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…leads us to substantially upgrade our forecasts
SDI has indicated that it expects revenue and adjusted profit before tax in 2021 and 2022 to exceed current market expectations on account of material follow-on orders for its Atik cameras from an OEM manufacturer of real-time PCR DNA amplifiers, driven by the ongoing demand for COVID-19 testing instrumentation. While the timing of delivery for the orders in hand is still to be finalised, and there is no guarantee that further orders will follow, we have increased revenues in FY 2021 and 2022 by
Minor upgrade to our forecasts for FY21 and FY22
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Robust FY21 performance forecast, despite pandemic
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The interim results to 31 October demonstrate the resilience of SDI’s business model, the benefits of having a diverse range of businesses and the attractions of the buy-and-build strategy. We expect the platform that SDI is building to appeal to many vendors, and the ability of management to source exciting businesses even during lockdown points to further upside. Revenues increased 23% to £14.1m in the period, underpinned by strong c.8% organic growth. Together with cost controls, this saw adj
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EKF has delivered another strong set of results, with the step change in the scale of the business firmly consolidated. H1 revenues increased 46.5% driven by an ongoing recovery in the core business and strong demand from a number of public and private sector customers for sample collection devices. The outlook remains positive and progress is being made against the new strategy set out earlier in the year. We upgrade our FY21 revenue forecasts by 7% and EBITDA by 13% noting this still implies a
Companies: EKF Diagnostics Holdings plc
After the exceptional trading conditions in China last year comes the hangover. A further softening in pork prices highlighted at the July trading statement has led to conditions in China continuing to ease in Q2. Revenues YTD in that market are now significantly below management expectations and down YoY. Whilst some recovery is expected in H2, there looks to be much to do to make up the shortfall. More encouragingly, trading in the group’s other markets remains in line with expectations. We re
Companies: ECO Animal Health Group plc
Momentum is building in Circassia, with the recovery from the pandemic gaining traction and actions taken by management to focus the business having a material impact on the bottom line. Having already upgraded in July, we are upgrading forecasts again today to reflect the further progress on reducing fixed costs. We now expect the group to trade close to EBITDA breakeven this year and for significantly improved profitability and cash generation from next year onwards.
Companies: Circassia Group PLC
Exactly one year ago, the FTSE 100 closed at 5,862, having fallen 100 points on the day, the lowest point since mid-May 2020, due in part, to the strength of sterling vs US$ at $1.34. One year on, the FTSE 100 has risen to 7,119, a rise of 21%, it remains 7% below the peak in January 2020. From an international viewpoint, US and European markets continue to trade at record highs. The US Federal Reserve is close to withdrawing some of its economic support this year as inflation picks up and the e
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Undoubtedly, renewable energy is a growth sector, albeit one where public subsidies are pivotal. Approximately 40% of UK electricity demand is now met by renewable energy, a figure that is set to rise further as coal-fired stations are decommissioned and nuclear power capacity, despite the Hinkley Point C project, falls.
Of the privatised electricity companies, SSE, by some way, is the key renewables player: it owns more than 3.8GW of renewables generation capacity. However, there are now
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genedrive has raised £6m with up to £4.5m possible via an Open Offer to launch its point-of-care (POC) antibiotic-induced hearing loss (AIHL) test in September, complete development and launch of its POC molecular COVID-19 test, and support commercialisation and further product development activities. Both new tests will utilise the Genedrive® POC instrument platform, which is a proven molecular diagnostics (MDx) platform validated by the US Department of Defense (DoD). The AIHL test could suppo
Companies: Genedrive Plc
Interims show a sharp recovery in revenues (+63% YoY) and a continued improvement into H2, albeit with the caveat that visibility remains limited in the short term. The building blocks are in place for a strong growth story, but this remains dependent on elective surgery volumes normalising over a consistent period. At the moment, the recovery is somewhat stop-start in nature, hence we cautiously reinstate FY21 estimates, but leave outer years withdrawn for now.
Companies: Surgical Innovations Group plc
MAST Energy Developments (MED) is to IPO on the Standard List on 14th April 2021 under the ticker MAST. The company has raised £5m giving a market capitalisation on listing of c. £23m. MED is currently a 100% subsidiary company of AIM quoted, Kibo Energy*. MED was established to acquire and develop a portfolio of flexible power plants in the UK and become a multi-asset operator in the rapidly growing Reserve Power market. PensionBee has confirmed its intention to float on the High Growth Se
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EKF recently unveiled a strategy for driving growth in the business over the next few years. It will be led by a refreshed executive management team and board, building on renewed strength in the core business and opportunities in developing wider contract development and manufacturing activities. Accretive bolt-on acquisitions will also be considered, all funded by the current strong net cash position of the group. Overall, the ambition is to deliver sustainable double-digit EBITDA growth into
Fusion showed solid FY21 revenue growth of 7% to £4.2m (vs £3.9m), particularly as client projects were delayed by the COVID-19 pandemic. Operating loss rose marginally from £1.1m to £1.2m (reported net profit in FY21 was distorted by a £1.7m non-cash, accounting charge). This reflects strong R&D investment in the new OptiMAL service; this is due to gain commercial revenues in FY23. Fusion should then experience narrowing losses on the trajectory to profitability. After a £3m gross capital raise
Companies: Fusion Antibodies Plc
Companies: Medica Group Plc
Maiden interim results are slightly ahead of our expectations with a better performance on cash preservation. This should be taken positively in light of the strong strategic progress in the period. The validation study of Clarava and Tuteva is on track to complete by year-end 2021 and, pending the outcome of the data in Q1 2022, be commercially launched in 2022. We have made no headline forecast changes, but the Company is well-placed to execute against our FY’21E estimates and is fully funded
Companies: Verici Dx Plc
Medical device companies are gradually seeing a rebound in their business after the focus of healthcare is slowly shifting from Covid-19 back to normalcy. Stryker Corporation is one of the top-most high-tech names within this domain that has performed exceptionally well on the financial front on account of the recovery in surgical volumes in the U.S. and abroad. It is worth highlighting that Stryker’s product portfolio has grown exceptionally well over the years, both organically as well as thro
Companies: Stryker Corporation (SYK:NYSE)Stryker Corporation (SYK:NYS)
Doctor Care Anywhere (DOC) has delivered on another IPO commitment, entering the Australian telehealth market with its acquisition of GP2U Telehealth for A$11m. The COVID-19 pandemic has created permanent structural changes in Australian healthcare, which has accelerated the adoption of telehealth, particularly for its large rural population where access to quality healthcare has historically been limited. This acquisition gives DOC a foothold in the market, where management’s experience could a
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Following a placing in June 2021, raising gross proceeds of £7.7m,
management is now leveraging the strength of the balance sheet to accelerate its
growth strategy. The Martlet investment diversifies NSCI's business further with
quality investments in high-growth sectors, aligned to NSCI's capital-light
investment model, while providing further transactional opportunities for its
subsidiary EMV Capital. The portfolio companies, and additional strategic funding
partners, decrease port
Companies: NetScientific plc