Advent’s Q2 results show progress with a notably strong gross margin. Operating costs were high, reflecting development spend as the company makes progress on developing key long term business through initiatives such as CRADA development agreement with the DoE. Against this we see the Serenergy acquisition as offsetting medium term capex and in the current year Advent has reiterated unchanged guidance on overall spend across capex and opex. We have adjusted forecasts for the small dilution on t
Companies: Advent Technologies Holdings, Inc. Class A
Advent’s acquisition of the fuel cell systems business of fischer Group allows it to fully integrate into downstream manufacturing, capturing margin and offsetting capex. The deal also gives the company access to an established route to market with fischer already having built share for sales of its own high temperature PEM (HT PEM) fuel cell solution. Overall, we see this deal as accelerating market traction for Advent and cementing its position as the clear leader in the HT PEM market.
Advent has reached a key milestone in its validation program with the US Department of Defense. While the full program will take up to two years, today’s announcement represents clear progress in our view.
Advent has issued some further details on its Q1 performance showing a fivefold increase in bookings and shipments of materials for redox flow batteries. We think this highlights the diversity of opportunity available to Advent in several sectors of the energy transition.
Advent’s maiden Q1 results show strong revenue growth as the company gains traction for its High Temperature Proton Exchange Membrane (HTPEM) products. Growth has come across the business, in HTPEMs, IoT sensors, flow battery materials and with the acquisition of the UltraCell lightweight fuel cell business. With $125m in cash at the period end, we think Advent feels well placed to develop the considerable opportunities available to it as the hydrogen economy develops.
The International Energy Agency (IEA) published its Net Zero by 2050 roadmap. This confirms work by others showing high demand for renewable energy, storage, electric vehicles and hydrogen if we are to reach a position of global net zero emissions by 2050. Given historic criticism of the IEA for failing to recognise the role of renewable energy, we see this report as an important indicator of how far expectations are shifting in favour of clean energy.
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Advent’s business update shows strong revenue progress reflecting growing momentum for the company’s membrane electrode assemblies (MEAs). Momentum is further evidenced by the company being chosen to partner on a bid for the major €8bn White Dragon hydrogen project in Greece.
Advent Technologies offers exposure to the next generation of hydrogen technology and is already selling a viable product today. The NASDAQ listing brings fresh capital giving it firepower to develop new sales opportunities and the signing of a development agreement with the US Department of Energy puts it at the forefront of fuel cell development globally. We initiate coverage with a central valuation of $20 per share.
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Fonix has reported a strong set of FY21 results, with financials that are all in line with our expectations, and +1-3% ahead of our original forecasts established at the October 2020 IPO. FY21 TPV grew +10% to £233m, as Fonix has continued to successfully expand with existing customers while experiencing no churn, and it has grown its active customer base to 111 from 98 at FY20 and 105 at H1 21. By sector, media, gaming, and charity customers have delivered growth of over +22% through FY21, incl
Companies: Fonix Mobile PLC
A renewal and extension worth c. A$30m over the coming year at ANZ takes FY21 revenue visibility to c.100% with a quarter to go. Q4 wins would mean upside. ANZ will grow its Clareti revenues 35% yoy to A$14m. It is this type of growth in excess of opex growth that is pushing Clareti into positive FCF generation. We think the market is missing the substantial operational gearing that a SaaS company experiences as it goes through b/e and can see Clareti generating FCF of up to £6m in short order a
Companies: Gresham Technologies plc
Exactly one year ago, the FTSE 100 closed at 5,862, having fallen 100 points on the day, the lowest point since mid-May 2020, due in part, to the strength of sterling vs US$ 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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PEN's H1 results this morning are in line with last month's trading update with revenues at £7.4m, well up on the prior year, a significantly reduced EBITA loss, and good progress from the Integrated Product Support (IPS) software business in particular. The company provides software and analytical services in parallel with highly technical engineering simulations, mainly focused on training and asset maintenance, now in the US as well as Canada, Australia, the Middle East and the UK. PEN cont
Companies: Pennant International Group plc
Encouraging interim results from the UK’s longest-running ‘full service’ cyber security provider with strong revenue growth in the two key divisions: Assurance (+20%) and Managed Detection & Response (MD&R) (+17%) and group +15.3% to £3.0m. Higher utilisation in Assurance increased group gross margin (60.4% vs 56.1%) but the planned investment meant adj. EBITDA decreased to £19k (H1 FY20: £52k). The accelerated adoption of remote and cloud working occasioned by COVID-19 has increased the number
Companies: ECSC Group Plc
FY21 results are as expected but do not reflect the fundamental transformation of the group that occurred post-period end in June with the acquisition of Attend Anywhere (AA) and placing to raise £25m. This was the fourth and largest acquisition made to date as the group continues on its buy and build strategy, creating a comprehensive virtual care platform. The outlook remains positive as the digital transformation of healthcare picks up momentum. Induction is a rare asset in the space yet trad
Companies: Induction Healthcare Group Plc
Companies: Bango plc
Ingenta is a provider of software technology and supporting services to content providers and publishers around the world. The company enjoys a stable, high level of recurring revenue and has consistent cash generation leaving it well positioned for its planed future growth and able to introduce a progressive dividend policy announced today with the H1/21 interim results (4.5% forecast yield). Ingenta has a well-established market position and requires minimal investment in its core products for
Companies: Ingenta plc
In the face of unprecedented challenges to the NHS, brought on by the COVID-19 pandemic and the fundamental shift in the way services have had to be delivered, Totally was able to support front-line NHS services and deliver a set of full year results that were ahead of the comparative period. We believe that this speaks volumes to the professionalism of the Company and the high regard that it holds within the NHS. The legacy, as the COVID impact gradually reduces, is a paradigm shift in the way
Companies: Totally Plc
Companies: In the Style Group Plc
Companies: Luceco PLC
ZOO has provided a short trading update to accompany its AGM which will be held later today. The business is seeing strong momentum, driven by new production resuming and the migration of back catalogue content for streaming, coupled with further territory launches. H1 is expected to be slightly ahead of guidance with a considerable increase in EBITDA compared to the FY21 comparator, due the uptick in revenue and operational gearing. We make no changes to estimates at this stage (which we upgrad
Companies: ZOO Digital Group plc
As noted in the August update, a post-lockdown bounce in economic activity and the recruitment markets exposed underinvestment and resource shortage in Parity’s core recruitment business, leading to disappointing 1H results. Mark Braund was appointed Non-Executive Chairman in April and took control as interim Executive Chairman in June to revamp the strategy. Parity has an excellent brand name and client base, and with the right investment in front line resources, should perform very well on the
Companies: Parity Group plc
Companies: GetBusy Plc
Ocado has on-boarded Aeon, one of the largest retailers in Japan, under its Solutions business. The deal is not only a pleasant surprise (marks its entry into Asia) but is also valuation accretive. With the UK-based company’s plate (order book) looking quite full, the focus now shifts towards management’s success in implementation. We will increase our estimates upwards and maintain a positive stance on Ocado’s strong business model.
Companies: Ocado Group PLC