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Surface Transforms has announced a £100m contract with OEM 10, a major global automaker. The Group will be the sole supplier for two model variants, and discs will replace those of a key competitor on an earlier model variant, providing validation of Surface’s superior technology. Revenue from this contract will flow in 2025e. In contrast, current trading has been hit by production delays at OEM 8. Production is now restored but Surface has struggled to provide enough discs in a shortened period
Companies: Surface Transforms PLC
Strong H1 results from discoverIE provide further evidence of the value of the group’s focus on the structurally growing markets of renewables, medical, transport and industrial & connectivity. H1 2023 sales were up +26% (+23% CER, +14% organic) and adj. EPS up +37%. Operating margins rose from 10.3% to 11.7%, evidencing rising value-add and the group’s ability to pass on the impact of inflation and supply chain issues. discoverIE’s components are essential to client projects but generally only
Companies: discoverIE Group PLC
Companies: GHH IOM SOLI GELN
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Smarttech247 Group, intends to join AIM. The company is a provider of AI enhanced cybersecurity services providing automated managed detection and response and has raised £3.67m to support its continued expansion into new products and geographies, development of its proprietary technology and for general working capital purposes. Admission is expected to take place on 15 December 2022 under
Companies: HSP INL VRS ATM AEE
Companies: IG Design Group plc
FY results were a little ahead of our expectations. Customer demand remains strong, as evidenced by the 35.3% increase in the order book, with the boost in revenues partly reflecting price increases. Profit performance was held back by a number of macro supply-chain issues and in house resourcing which affected capacity and output, while the lagged effect of price increases following cost inflation impinged on margins. The A&D business saw a gap year in contract programmes but should recover in
Companies: Gooch & Housego PLC
Victoria has reported underlying EBITDA of £100.1m that is in-line with October’s trading update. Revenues of £776m were ahead 59% (7.7% like-for-like organic growth) with significant impacts from acquisitions, namely the Balta carpets and rugs businesses, and inflationary price increases. Underlying PBT and diluted EPS were down 3.1% and 26% respectively. Despite on-going macro challenges, the Board has reaffirmed that it continues to be confident that synergy gains and other management actions
Companies: Victoria PLC
Singer Capital Markets
Solid State is a specialist value added component supplier and design-in manufacturer of computing, power and communications products. This morning, the group has released interim results to 30 September 2022, illustrating another positive period of trading, reporting both strong demand and operating margin expansion. Importantly, the integration of Custom Power, which was acquired in early August and has provided a step change in the geographic diversification of the business, is proceeding to
Companies: Solid State plc
IG Design Group has delivered a strong set of interim results, as guided in October’s trading update, with adjusted PBT up 35% to $27.4m on a reported basis (+42% on a constant currency basis). This was driven by accelerated ordering of seasonal goods by retailer customers keen to de-risk their supply chains, alongside catch-up pricing and product engineering, which has delivered some gross margin recovery. While cautious on the outlook given continuing economic uncertainties, the Board has upgr
Progressive Equity Research
Solid State has reported a strong set of H1 results reflecting a solid performance against a harsh backdrop of challenges affecting the global supply chain, with revenue growth of 51% and adj. PBT growth of 60%. The period included the transformational acquisition of Custom Power alongside an oversubscribed placing. Strong trading post-period end alongside a contract win and significant follow-on order announced last month, show good momentum into H2 and lead us to upgrade forecasts for FY23 and
CAP-XX has announced a partnership to develop solutions that combine Energous' WattUp technology with CAP-XX's high-performance supercapacitors. The combination of CAP-XX supercapacitors with Energous' WattUp over-the-air wireless power technology is expected to enable maintenance-free IoT devices that do not require battery replacement.
Energous, listed on NSADAQ (Ticker: WATT, market cap $75m), is a fabless semiconductor and systems supplier for Radio Frequency wireless power networks. Based
Companies: CAP-XX Limited
Companies: Superdry PLC
Third Quarter Key Observations
Escalating inflation continued to cut further into consumers' discretionary income, impacting demand across the consumer sector. The systemic rise in input costs significantly impacted companies' bottom lines, testing the resilience of even the strongest in the sector, as businesses balanced the long-term need to maintain relevance to their customer base (in terms of pricing & quality) whilst also seeking to navigate immediate economic challenges.
Companies: TAST OMIP TND JWNG BBSN PIER XLM ADF
• Financial performance: Group revenue of £1,982.8m is +13.6% YOY and +41.3% versus FY20, representing significant market share gains versus global apparel markets that remain below pre-pandemic levels (UK: +27.3% versus market -3%, US +3.8% versus market -9%). The UK delivered a standout performance +27.3% YOY with strong growth across both established and new brands. Demand in international markets has been impacted by extended delivery times due to constrained airfreight capacity, a headwind
Companies: boohoo group Plc
The Big Book 2022 includes our highest conviction Best Ideas for 2022. In 2021 our Best ideas outperformed by 24%, extending our track record (>10% outperformance on average over the past decade). We have again divided our coverage into six distinct themes to create our Matrix. We have added two new categories this year: ESG and Pricing Power, both of which will be fundamental investment themes for 2022. We look forward to discussing our ideas with you.
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