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Companies: FOG BOIL BYOT SDI STX
Cavendish
SDI has indicated that a slowdown in the life science / biotech market, and some resultant destocking, is likely to impact its expected FY24 revenue, leading the group to moderate current year guidance for both revenue and adjusted EBITDA. SDI notes that FY24 represents a short-term phenomenon, due to the over-ordering of the past three years caused by inflated Covid demand. However, we remain confident for the long term, given the strength of SDI’s ‘buy and build’ business model, with a number
Companies: SDI Group plc
Progressive Equity Research
SDI released interim results showing mixed trading in challenging markets. As anticipated, the completion of the exceptional Covid-related camera orders resulted in a reduction at Digital Imaging, offset by Sensors & Controls revenue growth of 40%. Some customer destocking is being seen as well as softer markets in China and Germany. As a result, the outlook points to FY24E adj PBT of between £7.9m-8.4m. This leads us to downgrade our Adj PBT by 18% to £7.9m, with a reduction in adj EPS of 19% t
Companies: CPX IGP FOUR SDI DOTD
SDI has announced the acquisition of Peak Sensors for c.£2.4m; a manufacturer of temperature sensors, specialising in standard and bespoke thermocouples and resistance thermometers, which are used in various industries, the most important to Peak being the glass industry. The acquisition is a typical SDI-target; strong niche position, profitable and cash generative. It is funded from SDI’s existing debt facility, with net debt at 30 September having been c.£13.3m (unchanged from 30 April 2023 du
SDI Group has announced the acquisition of Peak Sensors, a UK manufacturer of temperature sensors, for an estimated £2.4m (£2.3m less cash). The initial cash consideration is £1.58m, with a further c.£0.82m payment due shortly after completion. The deal will be funded from SDI’s revolving credit facility. As at 30 September, SDI had c.£1.78m cash, £15.1m bank debt and £9.9m undrawn bank facility excluding the accordion, providing considerable financial flexibility for the group. The acquisition
6th November 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 obje
Companies: ROQ FARN POS SDI PHE TENG SPR CELH
Hybridan
Companies: SDI Group plc (SDI:LON)Redcentric Plc (RCN:LON)
Dish of the day Joiners: No joiners today. Leavers: Non-standard Finance (NSF.L) has left the Standard Segment of the Main Market. CT Property Trust (CTPT.L) has left the Premium Segment of the Main Market. What’s cooking in the IPO kitchen?** Announced ITF 4 August: Tan Delta Systems plc, a Sheffield based Company intends to IPO on AIM. Tan Delta has developed an innovative and differentiated monitoring solution based on real time oil analysis and analytics that offers equipment operators enhan
Companies: CNC PHSC SDI PYC LBE SMRT MCON
SDI reported adjusted FY 2023 results in line with its trading update of 11 May, save for lower (£1.4m) revenues, which were due to its auditors’ view on revenue recognition. With its Atik camera OEM customer contract having come to an end, the focus is on driving organic revenue growth, which was 7.2% (6.4% CER) in the year. With a positive start to the year and expectations of meeting market forecasts, a strong M&A pipeline and the prospect of further acquisitions in FY 2024, we make minor cha
SDI has announced FY23 results in line with the guidance given in its May trading update. Strong organic growth and outperforming acquisitions delivered revenue growth of 36% to £67.6m (FY22: £49.7m), with adjusted PBT at £11.8m (FY22: £11.8m). Despite increased global economic uncertainty, SDI’s niche businesses, operating in diverse end markets, delivered organic growth of 6.4% (constant currency). This excludes the ‘one-off’ Atik Cameras PCR contract, which was c.£8.5m in FY23 and c.£10.9m in
Companies: ELCO SOLI SDI
SDI Group expects revenue for the year to 30 April 2023 to be c.£69m, slightly ahead of market expectations. We estimate that this reflects high single-digit organic growth, excluding the ‘one-off’ Atik PCR contract (c.£8.5m in FY23). Adjusted PBT is expected to be in the region of £11.8m (FY22: £11.8m), in line with our forecast. Strong organic growth and outperforming acquisitions highlight management’s ability to consistently deliver, despite a difficult economic backdrop and supply-chain pre
SDI has issued a trading update for the year ending 30 April. Whilst revenues are expected to be c.£69m, up 39% on FY 2022 and some £2.5m or 4% higher than our forecast, higher investment into sales & marketing pegs back adjusted PBT to around £11.8m (no change to FC £11.9m est). Product mix changes in FY 2024 (lower higher-margin Atik sales, offset by higher lower-margin new business sales), coupled with sustained investment in opex will impact our forecasts for FY 2024. We leave revenues uncha
Research Tree provides access to ongoing research coverage, media content and regulatory news on SDI Group plc. We currently have 0 research reports from 3 professional analysts.
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
Companies: Renold plc
Companies: BILN ELCO NXQ CUSN ATG
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
Companies: Capital Limited
Tamesis Partners
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
Companies: Billington Holdings Plc
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
Companies: Plant Health Care PLC
Companies: 88E RNO TRIN KRM EXR BOOM
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
Companies: discoverIE Group PLC
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
Companies: Severfield Plc
Edison
Companies: Iofina plc
Canaccord Genuity
Companies: PLL TLG HZM SAV KAV KP2 SVML
SP Angel
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.
Liberum
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.
Companies: Invinity Energy Systems PLC
Longspur Clean Energy
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
Companies: ATOME PLC
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