The week ahead
In the UK, we anticipate final results from Dev Clever Holdings PLC (LON:DEV), Eleco PLC (LON:ELCO), Dialight PLC (LON:DIA), K3 Business Technology Group PLC (LON:KBT), Allied Minds PLC (LON:ALM), LoopUp Group PLC (LON:LOOP), Aquis Exchange PLC (LON:AQX) and Mobile Tornado Group Plc (LON:MBT). Also Seeing Machines Limited (LON:SEE) is scheduled to report its interim results on Friday. Dev Clever and Eleco have reported their results today.
Dialight, which provides LED (light-emitting diode) lighting for heavy industrial applications, announces final results tomorrow. In its trading update in early December, it said it had seen lighting MRO (maintenance, repair and operations) orders steadily improve since April, as expected, and there had been a modest recovery in project work, despite challenging market conditions. Signals & Components had continued to perform well. Net debt declined by £3.1mln over the six months to stand at £14.9mln as at 30 November, driven by a further reduction in inventory.
K3 Business Technology, which provides mission‐critical business software and cloud solutions, announces final results tomorrow. In its trading update in early November, it said that trading in the second half had continued to be in line with the second quarter and management expectations, with the own intellectual property (IP) and global accounts businesses showing particular resilience. After the period end, K3 announced the disposal of its managed services division, Starcom, for £14.7mln in cash, which included £0.5mln cash on the balance sheet. The disposal enables K3 to focus on its own IP product and transforms the group’s balance sheet into a solid net cash position, as net debt at end-September, which is typically the peak of the annual cycle, was £6.2mln.
Allied Minds, the IP commercialisation company focused on early-stage company development within the technology sector, announces final results tomorrow. In its strategy update in January, Allied Minds said the group's net cash position at end-December was US$24.6mln while the annual headquarter operating costs were projected to be US$5.75mln for 2021, which was below previously provided guidance. The board said that if the portfolio was liquidated in the near-term, it would likely be at a significant discount to their last funding round valuations. Consequently, it believes the best way to fully realise the potential value of the portfolio will be through future exits that require more meaningful progress and investment at each of the companies.
LoopUp, which offers a cloud platform for premium external communications, delayed its final results last week until tomorrow. The delay was due to the amortisation treatment of intangible assets from the acquisition of MeetingZone in 2018; however, it stressed that this is a non-cash, technical accounting review and it reconfirmed in-line fiscal year 2020 (FY20) results with revenue of £50.2mln, underlying earnings (EBITDA) of £15.3mln; year-end gross cash of £12.1mln and net debt of £0.7mln.
Seeing Machines, which provides computer vision technology that designs AI-powered operator monitoring systems to improve transport safety, announces interim results on Thursday. In its trading update in early February the company said it expected to report first-half revenue 14.6% higher at A$18.1mln while annualised recurring revenues including royalties lifted by 17.4% to A$15.5mln. Total connected Guardian units rose by 13.6% over the six months to 26,597 as at 31 December 2020, and there are a further 3,371 units still to be connected. The cash position at 31 December 2020 was A$52.7mln and the group raised a further US$10mln this month through the issue of new shares to US-based Toronado Fund at a price of 10.5p. Investors will be looking at how the new three-pillar strategy is developing, along with the developments at its automotive OEM (original equipment manufacturers) customers and how commercial agreements with the likes of L3Harris, OmniVision and Broadcom are evolving.
Aquis Exchange, the exchange services group, announces final results on Thursday. In its trading update in late February, the company said it anticipates reporting revenues of no less than £11.0mlm, which was marginally ahead of market expectations. Also, it expects to deliver its maiden full-year pre and post-tax profit, which was ahead of market expectations. The revenue growth was driven in part by continued high levels of trading on Aquis Exchange alongside strong technology sales, with many clients having renewed licensing contracts at the end of the year, and a growth in data revenues.
Mobile Tornado, which provides instant communication mobile solutions to the enterprise market, announces final results this week. FY20 revenues are expected to be about £2.52mlm with an EBITDA loss of some £0.40mln. Recurring revenues were about £2.03mln compared with £2.06mln in FY19.
Across the pond, it is very quiet on the earnings front this week ahead of the Easter holiday period but Micron reports second-quarter (Q2) numbers on Wednesday; other tech-related companies reporting this week include Factset, Verint Systems, Ideanomics and nCino.
Date · Company · Event · Period ending
29-Mar · Dev Clever · Final results · 31-Oct
29-Mar · Eleco · Final results · 31-Dec
30-Mar · Dialight · Final results · 30-Nov
30-Mar · K3 Business Technology · Final results · 30-Nov
30-Mar · Allied Minds · Final results · 31-Dec
30-Mar · Loopup · Final results · 31-Dec
31-Mar · Seeing Machines · Interim results · 31-Dec
31-Mar · Aquis Exchange · Final results · 31-Dec
Week of 29 Mar · Mobile Tornado · Final results · 31-Dec
April · Supply@Me · Final results · 31-Dec
08-Apr · Tracsis · Interim results · 31-Jan
08-Apr · Alpha FMC · Trading update · 31-Mar
12-Apr · Quixant · Final results · 31-Dec
21-Apr · Pennant · Final results · 31-Dec
27-Apr · XLMedia · Final results · 31-Dec
28-Apr · 1Spatial · Final results · 31-Jan
29-Apr · Proactis · Interim results · 31-Jan
April · AdEPT Technology · Trading update · 31-Mar
24-May · Kainos · Final results · 31-Mar
May · Bango · Strategy day
18-20 May · Blue Prism · Blue Prism World
Late May/E June · Bytes Technology · Final results · 28-Feb
15-Jun · CML Microsystems · Final results · 31-Mar
18-Jun · Blue Prism · Interim results · 30-Apr
Early July · AdEPT Technology · Final results · 31-Mar
Source: Data from regulatory news and company websites