SDI shares soar on trading update
Shares in Cambridge based SDI Group plc opened 27 per cent higher today to 153p after a trading update flagged significantly higher revenues and profit for 2021 and 2022.
The company has indicated that it expects revenues to exceed £34 million in FY 2021 and £42m in FY 2022 and for adjusted pre-tax profit to
exceed £6.7m and £8.7m, respectively.
The figures imply revenue and adjusted pre-tax profit growth of 24 per cent and 31 per cent, respectively.
SDI Group is focused on the design and manufacture of scientific and technology products for use in digital imaging and sensing and control applications.
Chairman Ken Ford said: “These are exceptional prospective outcomes in unprecedented times, during which the staff across SDI have executed on all aspects of our buy-and-build business model.”
Ford said that while most of SDI’s businesses had seen revenues negatively impacted by the COVID-19 pandemic, two of its businesses secured significant one-time contracts for equipment relating respectively to the treatment and testing of COVID-19 and of similar respiratory and viral diseases.
Ford said: “We are very pleased to report that our Atik Cameras business unit has secured follow-on camera orders from an OEM manufacturer of real time PCR DNA amplifiers with delivery centred on our year to 30 April 2022.
“This is a significant endorsement of the Atik Camera design and production capability, recognising its expertise in imaging solutions for life sciences.
“While timing of delivery for the orders in hand is still to be finalised, and there is no guarantee that further orders will follow, the board believes that the group, as a whole, will exceed the market’s sales and profit expectations for the year ending 30 April 2021 and substantially exceed the market’s sales and profit expectations for the year ending 30 April 2022.
“This is also underpinned by the continued recovery of activity across all of its businesses.”