Industrial Equipment, Goods & Services equity research

Explore the latest equity research for companies who manufacture industrial equipment, goods, or related services. Sectors include Defense & Aerospace, Electrical & Electronic Equipment, Transport & Logistics, Industrial & Construction Supplies, and Waste Services.

Industrial Goods & Services

Explore the latest equity research for companies who manufacture industrial goods, or related services. Sectors include Defense & Aerospace, Electrical Equipment, Transport & Logistics, Industrial & Construction Supplies, and Waste Services.

  • 18 Sep 18

Board changes accompany Interim results

Interim results are in line with the previous trading update, although the outlook statement now points to some slightly softer market conditions, particularly in Flowtech’s engineering-oriented business. The company has recently seen a delay for a customer contract in PMC, which is likely to result in the group trading marginally below expectations. Sean Fennon has also announced that he is retiring as CEO, with Bryce Brooks stepping up to the plate. We reduce our 2018 EPS forecast by 7.7% to 14.8p, with a 5.7% reduction also in 2019. Our TP also reduces by 7% from 215p to 200p.

Companies: Flowtech Fluidpower
  • 18 Sep 18

A year of transition

H1/FY2018 represents another period of significant development at Flowtech. Organic growth of c.9% and the benefit of the Balu acquisition in March for £10.2m, alongside four during H2/FY2017, has seen revenue increase by 65.1% to £56.4m, and operating profit from £4.5m to £5.7m (margin 10.1%). These acquisitions have also driven an improvement in the gross margin by 2% to 36.1%. The Board remains highly confident in the direction of travel and its commercial positioning to capture much further scale within the €12.4bn European fluid power sector. However, the shorter-term focus is firmly on investment that can deliver sustained operational improvements, procurement benefits and wider Group synergies. Our reduced forecasts incorporate increased operational costs associated with this investment and additional overhead from recent acquisitions. We also take a more cautious tone within Flowtech’s OEM-based businesses, including uncertainty on timing over a £1.5m order. Nevertheless, Flowtech continues to trade at a discount to peers on a PER of 11.5x in FY2018E, falling to 10.6x in FY2019E.

Companies: Flowtech Fluidpower
  • 12 Sep 18

Share & share alike

Here we go again – the company reporting season is gathering pace. The MPC is likely to leave rates unchanged although expectations still remain for an increase next year. The UK economy expanded at a faster pace in July helped by the weather and better retail sales. General sentiment continues to be impacted by tariff concerns, combined with Brexit uncertainty. As Table 1 shows, all major indices have fallen over the last month. In Share News & Views, we comment on AorTech*, Bonhill*, DeepMatter*, EU Supply* James Fisher, Haynes, Hunting , Location Sciences*, Marshall Motor and Synectics*.

Companies: AOR APC BMS CRPR DMTR ESC EUSP FDM FA/ GETB LSAI PCF SNX TCN W7L

  • 12 Sep 18

Growth in a critical global market

Water Intelligence has reported another strong set of results providing further evidence of the scale of the opportunity and ability of management to execute. H1 sales increased +39% on last year and adj. EPS +38%. The group is building a scaleable, technology-backed distribution platform for water solutions in a range of international markets. With the focus on reducing water leakage continuing globally, we see the recent share price weakness as an opportunity.

Companies: Water Intelligence
  • 14 Sep 18

Avon Rubber - Delivering growth

Avon Rubber’s pre-close trading statement demonstrates the underlying growth in both divisions. Success continues to flow from the enhanced product portfolio and order progression is building visibility. We have made modest changes to our forecasts to reflect currency and the Merrick’s acquisition.

Companies: Avon Rubber
  • 11 Sep 18

Interims

Group revenues rose 13.7% to £24.2m (1H17: £21.3m; 2H17 £22.8m); excluding the £1.8m from the Landmark acquisition and the £0.8m fall in EB software revenue from £3.3m to £2.5m following the re-platforming at Zest, underlying organic revenue grew by 10.6% to £19.9m.

Companies: Simplybiz
  • 18 Sep 18

Cenkos: Smart Metering Systems Plc - Interim results

SMS has reported interim results for the period to June 2018 showing a significant increase of 43% in annualised recurring revenue (ARR) to £69.3m. Investment in meter assets, particularly domestic smart meters, increased in the period to a record £78.3m, up 60% (H1/17: £48.9m) and growing the portfolio of assets managed to 2.5m, up 24% since FY17 and 50% since H1/17. The core strategy of SMS remains to build its meter asset portfolio on which it earns long term, index linked ARR. ARR had reached £71.4m by 31 August 2018, 95.2% of our current FY18 forecast of £75m. The recent weakness in the share price has created an opportunity, that in our view, investors should not miss out on and we strongly recommend buying the share.

Companies: Smart Metering Systems
  • 19 Sep 18

Cenkos: RA International Group Plc - Interim results

RA International has announced interim results for the period to 30 June 2018. The strategy of pursuing larger and longer duration contracts has started to deliver, with RA successfully winning a 5-year contract with UNICEF and a further 5-year US$30m contract with the UN in Somalia in August. The bid pipeline has increased significantly since the June flotation and, in total, contracts worth US$63m have been won in 2018. Accordingly, management expects a stronger H2/18. Trading at a 2018E PER of 11.4x and EV/EBITDA of 8.9x, falling to 10.7 and 6.8x 2019E respectively, we believe RA offers significant upside potential from the current level. RA also provides a prospective yield of 0.5% with dividend payments commencing in the current year.

Companies: RA International
  • 19 Sep 18

Interims Confirm Growth Optimism

With positive sales growth, even faster EBITDA expansion and a sustained 38% world leading market share in kettle safety controls, Strix’s interim results leave the company well-placed to match full year expectations. Moreover, the US performance complemented a recent announcement regarding coffee in that market. Strix proposes a 2.3p interim dividend confirms both an intended 7.0p full year outcome and 7.7p in FY2019.

Companies: Strix Group
  • 18 Sep 18

Cenkos: Rosenblatt Group Plc - Strong start to public life

Rosenblatt has reported its maiden results following May's IPO and subsequent acquisition of the Rosenblatt Solicitors business. The first 8 weeks of trading as a plc have delivered results in-line with our 2018 expectations, driven by a strong delivery in the core Dispute Resolution division. The group has also announced the establishment of a new subsidiary which will act as a litigation funder in its clients' cases, yielding lucrative funding margins currently paid out to external third parties.

Companies: Rosenblatt Group
  • 19 Sep 18

Solid interims underpin FY18

Strix has announced a solid set of interim results providing a high level of confidence in the FY18 profit before tax forecast of £29.1m. Revenue increased 1.5% to £42.9m (HY17: £42.2m) and gross profit increased 3.5% to £16.3m (HY17: £15.7m) on margins increasing 70bps to 37.9%. Adj. Operating margins increased 120bps to 27.9% and on proforma numbers profit before tax increased 10.4% yoy to £11.0m (HY17: £10.0m). The mix within the controls business has better balance. Regulated Markets continue to grow strongly at c. 3%, albeit down from the 5% in FY17, being driven by the growth market of North America. China has returned to growth reporting 6% and Less Regulated grew 8%. We leave PBT forecasts unchanged across the forecasts period but reduce the assumed tax rate from 19% to c.4% based on management guidance. This increases EPS by c. 19% in each year. On new earnings estimates the shares trade on 12.1x and yield 4.2% with the management confirming its commitment to pay 7.0p of dividend in FY18 followed by 7.7p in FY19.

Companies: Strix Group
  • 17 Sep 18

Cenkos: Restore Plc - Platform for Quality Growth

Restore has announced its interims for FY18E with 9% YoY growth in revenue to £95.1m, adjusted EBITDA increased 13% to £22.1m and the interim DPS up 20% YoY to 2.0p. Management continues to invest for future growth, with the recent TNT acquisition contributing to H2/18E. We believe Restore to be a high-quality, cash-generative, compounding business that is trading on an undemanding c12.6x 12-month blended-forward EV/EBITDA. We maintain our P&L forecasts and update our FY18E CFS following the interims. Buy.

Companies: Restore
  • 03 Sep 18

The Monthly September 2018

September’s Hardman Monthly features an article from guest contributor, Tim Ward. Tim is the Chief Executive of the Quoted Companies Alliance (QCA), an organisation that champions the interests of small to mid-size quoted companies.

Companies: OPM AVO AGY APH ARBB AVCT BNO CMH DNL EVG GDR INL KOOV MCL MUR NSF OXB PHP RE/ REDX SCLP SCE SIXH TRX TON VAL W7L

  • 14 Sep 18

LIBERUM: SThree* - Continued momentum supports upgrades

With continued momentum in the US and EU businesses, underlying gross profit growth of 13% in 3Q18 was ahead of our expectations. With an encouraging outlook for both these regions, combined with the potential for a sequential improvement in the UK, the company is well positioned going into 4Q18.

Companies: SThree
  • 07 Sep 18

The Internet of Things

We believe a confluence of factors (including connectivity (NB-IoT and 5G), power storage (supercapacitors) and investment) is due to accelerate the adoption of The Internet of Things (“IoT”) at a global level. In this note we highlight a rich landscape of opportunity on AIM, initiating coverage on two companies which, in our view, offer investors compelling exposure to the IoT space:

Companies: 7DIG TIDE TRAK FST VNET

  • 27 Apr 18

Boku - Agreement with Paysafe Group

boku-agreement-with-paysafe-group-27-04-2018
  • 20 Sep 18

Flowtech Fluidpower - Half year results

flowtech-fluidpower-half-year-results-20-09-2018
  • 11 Dec 17

Capital Network's Ed stacey on Diploma PLC

capital-network-s-ed-stacey-on-diploma-plc-11-12-2017
  • 19 Sep 18

Strix - Interim results 2018

strix-interim-results-2018-19-09-2018
  • 19 May 17

Leading UK fund manager, Gervais Williams, discusses investing, his outlook and two companies he's excited about

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  • 18 Sep 18

redT energy - Update on German Grid Project Funding

redt-energy-update-on-german-grid-project-funding-18-09-2018
  • 16 Sep 15

Trifast - Trading update

trifast-trading-update-16-09-2015
  • 18 Sep 18

Keywords Studios (KWS) H1 results September 2018

keywords-studios-kws-h1-results-september-2018-18-09-2018
  • 04 Sep 18

Executive interview – Boku

executive-interview-boku-04-09-2018
  • 18 Sep 18

Judges Scientific (JDG) H1 results September 2018

judges-scientific-jdg-h1-results-september-2018-18-09-2018
  • 22 Aug 18

Empresaria Group (EMR) H1 results August 2018

empresaria-group-emr-h1-results-august-2018-22-08-2018
  • 13 Sep 18

CUI Global's GasPT product 'a potential game-changer' for the company

cui-global-s-gaspt-product-a-potential-game-changer-for-the-company-13-09-2018
  • 04 Sep 18

Boku - Interim Results 2018

boku-interim-results-2018-04-09-2018
  • 31 Jul 18

NWF Group (NWF) Full year results July 2018

nwf-group-nwf-full-year-results-july-2018-31-07-2018
  • 30 Jul 18

XP Power H118 interim results

xp-power-h118-interim-results-30-07-2018

Latest Content

Flowtech Fluidpower

Flowtech Fluidpower - Half year results

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flowtech-fluidpower-half-year-results-20-09-2018
  • 20 Sep 18

GYG

Delays continue into H2

GYG has released H1 results which, as expected, reflect the challenging trading conditions the company has faced during the period. Operational challenges in key refit locations, and slower than expected growth in the new build division has impacted trading in the first half, as previously flagged. Clearly trading conditions have been challenging in H1 and a number of external factors have held back performance to date. We leave our full year forecasts unchanged for now, albeit any further disruptions to the operations during the period would put these at risk.

 View

  • 20 Sep 18
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PTY PEG MWG

MORNING COMMENT

Inline H1’s generate double digit profit growth; drivers strong | Interim results illustrate a good performance and strong visibility | Interims – progress continues; FY expectations unchanged

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  • 20 Sep 18
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Trackwise Designs

Solid First Outing

Trackwise Designs has released interim FY18 results, its first results as a listed company. The press release is short as might be expected given the Company listed on 31 July 2018 and we see promising business development commentary and robust financials which provide optimism for the near and longer-term. We reiterate our buy rating and 151p target price, providing 30% upside.

 View

  • 20 Sep 18
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PEG SSY MWG TIDE COG RBD NTBR AST NSCI FPO

Small Cap Breakfast

Green Man Gaming—pure play e-commerce and technology company in the digital video games industry. revenue CAGR growth of 26.7% in the last three years to £47.5m. Due 28 Sep. EBITDA Profitable. Offer TBA Crossword Cybersecurity PLC* (NEX:CCS)—the technology commercialisation company focusing exclusively on the cyber security sector is exploring its options in relation to a potential move to the AIM market of the London Stock Exchange which, if it were to proceed, would likely take place over the next few months. Kropz PLC-Intention to float by the emerging plant nutrient producer with an advanced stage phosphate mining project in South Africa and exploration assets in West Africa

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  • 20 Sep 18
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Frontier IP Group

Cenkos: Frontier IP Group Plc - Alusid £1.34m fund raise

Frontier IP, the capital efficient IP commercialisation company, has announced that core portfolio company Alusid has completed a successful fund raise of £1.34m at a post-money valuation of £4.86m, around double the valuation of the previous fund raise in 2015. The funds raised include the conversion to equity of a £0.35m loan from Frontier IP. Including the effects of the loan conversion, Frontier IP's shareholding has increased in value from £0.7m to £1.4m representing a decrease in percentage from 39.2% to 35.6%. The funds will be used to progress the development of a new factory based on a continuous flow process, where products are fired by being fed onto a conveyer belt system, called a roller hearth tunnel kiln, in a steady stream. The move follows the successful testing of a pilot production line with world-leading Italian ceramic equipment company, Sacmi Group, which will also help to design the new factory. The plant is expected to start production in 2020. Once it is in operation, Alusid's capacity will rise from 4,000m2 a year to 30,000m2 a month, based on a single line producing tiles. Currently, it is estimated the cost of building a factory is about £10m. Options being explored to finance the build include an IPO

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  • 19 Sep 18
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RA International

Cenkos: RA International Group Plc - Interim results

RA International has announced interim results for the period to 30 June 2018. The strategy of pursuing larger and longer duration contracts has started to deliver, with RA successfully winning a 5-year contract with UNICEF and a further 5-year US$30m contract with the UN in Somalia in August. The bid pipeline has increased significantly since the June flotation and, in total, contracts worth US$63m have been won in 2018. Accordingly, management expects a stronger H2/18. Trading at a 2018E PER of 11.4x and EV/EBITDA of 8.9x, falling to 10.7 and 6.8x 2019E respectively, we believe RA offers significant upside potential from the current level. RA also provides a prospective yield of 0.5% with dividend payments commencing in the current year.

 View

  • 19 Sep 18
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Strix Group

Strix - Interim results 2018

 View

strix-interim-results-2018-19-09-2018
  • 19 Sep 18

ASO COG CLL HDD IDP NIPT QXT UNG TSL

Morning Note – 19 September 2018

Avesoro Resources (ASO): Corp New Liberty mineral resource upgrade | Cambridge Cognition (COG): Corp NeuroVocalix – first contract | Cello Health Group (CLL): Corp Trading well with good visibility | Hardide (HDD): Corp Upbeat trading update | InnovaDerma (IDP): Corp FY 2018 results – Boots to range Skinny Tan | Premaitha Health (NIPT): Corp Settlement with Illumina – freedom to operate globally | Quixant (QXT): Corp Weighting on a record H2 for gaming platforms | ThinkSmart (TSL): Corp Credible innovator, now developing new opportunities | Universe Group (UNG): Corp Interims

 View

  • 19 Sep 18
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Strix Group

Solid interims underpin FY18

Strix has announced a solid set of interim results providing a high level of confidence in the FY18 profit before tax forecast of £29.1m. Revenue increased 1.5% to £42.9m (HY17: £42.2m) and gross profit increased 3.5% to £16.3m (HY17: £15.7m) on margins increasing 70bps to 37.9%. Adj. Operating margins increased 120bps to 27.9% and on proforma numbers profit before tax increased 10.4% yoy to £11.0m (HY17: £10.0m). The mix within the controls business has better balance. Regulated Markets continue to grow strongly at c. 3%, albeit down from the 5% in FY17, being driven by the growth market of North America. China has returned to growth reporting 6% and Less Regulated grew 8%. We leave PBT forecasts unchanged across the forecasts period but reduce the assumed tax rate from 19% to c.4% based on management guidance. This increases EPS by c. 19% in each year. On new earnings estimates the shares trade on 12.1x and yield 4.2% with the management confirming its commitment to pay 7.0p of dividend in FY18 followed by 7.7p in FY19.

 View

  • 19 Sep 18
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