SDI Group PLC Trading Update (0203Z)
11 Mai 2023 - 8:00AM
UK Regulatory
TIDMSDI
RNS Number : 0203Z
SDI Group PLC
11 May 2023
SDI Group plc
("SDI", "SDI Group", the "Company", or the "Group")
Trading Update
SDI Group plc, the AIM quoted group focused on the design and
manufacture of scientific and technology products for use in
digital imaging and sensing and control applications, is pleased to
provide an update on trading for the year ended 30 April 2023.
Financial results
Subject to finalisation of the accounts and audit, we expect
revenues to be approximately GBP69m (FY22: GBP49.7m). We are also
pleased with the contributions from acquired businesses LTE
Scientific (acquired July 2022), Fraser Anti-Static Techniques
(acquired October 2022), and a full year's contribution from both
Scientific Vacuum Systems (January 2022) and Safelab Systems (March
2022). Adjusted Profit Before Tax(2) is expected to be in the
region of GBP11.8m (FY22: GBP11.8m), in line with current market
expectations(1) .
Strength of the business model and prospects for 2024
FY23 continued the pattern seen over recent years, with the
after-effects of Brexit, COVID and a war in Ukraine creating
uncertainty and generating supply chain and recruitment
difficulties alongside unwelcome inflationary cost pressures. It is
pleasing to report that some of the supply chain issues eased over
the second half. Atik Cameras' trading in FY23 included sales of
c.GBP8.5m supplying PCR cameras to a specific OEM customer. We do
not currently expect any further PCR contracts from this customer,
and as a result have removed all related revenues from FY24
forecasts. The Group's federated structure and our hard-working
staff continue to allow us to respond to these various challenges
and we forecast a good year of organic growth when excluding this
previous one-off business. FY24 revenues are expected to be ahead
of FY23. We continue to invest in our existing businesses and in
acquiring complementary businesses and we expect to continue our
buy and build strategy in FY24.
Ken Ford, Chairman of SDI, commented: "2022 was a busy calendar
year for SDI, with four new businesses joining the Group, all of
whom have contributed to an excellent financial year. We have
executed once again on all facets of our buy and build strategy,
delivering a record Adjusted Operating Profit performance in FY23.
Whilst we have previously highlighted to the market that the Atik
PCR OEM sales were of a one off nature, it is disappointing that
there are not likely to be any more PCR camera or other product
sales to this customer; we have adjusted the FY24 outlook and we
look forward to delivering sustainable profits and cashflows in
FY24 and beyond."
1. Analysts from our Broker finnCap Limited and from Progressive
Equity Research regularly provide research on the Company,
accessible from our website, and the Group considers the average of
their forecasts to represent market expectations (prior to this
Trading Update) for FY23 being Revenue of GBP66.3m and Adjusted
Profit Before Tax of GBP11.8m.
2. Before reorganisation costs, acquisition costs, amortisation
of acquired intangibles and share based payment costs.
Enquiries
SDI Group plc 01223 727144
Ken Ford, Chairman
Mike Creedon, CEO
Ami Sharma, CFO
www.sdigroup.com
finnCap Ltd 020 7220 0500
Ed Frisby/Seamus Fricker/Milesh Hindocha - Corporate Finance
Andrew Burdis/Sunila de Silva - ECM
About SDI Group plc:
SDI designs and manufactures scientific and technology products
for use in digital imaging and sensing and control applications
including life sciences, healthcare, astronomy, plastics and
packaging, manufacturing, precision optics, measurement
instrumentation and art conservation. SDI operates through its
subsidiaries: Atik Cameras, Synoptics, Graticules Optics, Sentek,
Astles Control Systems, Applied Thermal Control, MPB Industries,
Chell Instruments, Monmouth Scientific, Uniform Engineering,
Scientific Vacuum Systems, Safelab Systems, LTE Scientific and
Fraser Anti-Static Techniques.
Corporate expansion is via organic growth within its subsidiary
companies and through the acquisition of complementary, niche
technology businesses with established reputations in global
markets.
The information contained within this announcement is deemed to
constitute inside information as stipulated under the retained EU
law version of the Market Abuse Regulation (EU) No. 596/2014 (the
"UK MAR") which is part of UK law by virtue of the European Union
(Withdrawal) Act 2018. The information is disclosed in accordance
with the Company's obligations under Article 17 of the UK MAR. Upon
the publication of this announcement, this inside information is
now considered to be in the public domain.
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