(Alliance News) - Shares in SDI Group PLC shot up on Wednesday as it said it expects to exceed market sales and profit expectations for financial 2021 and "substantially" exceed expectations for financial 2022.
The stock was trading 29% higher at 156.00 pence each on Wednesday morning in London.
The Cambridge-based medical technology firm noted its Atik Cameras business unit has secured follow-on camera orders from an OEM manufacturer of PCR DNA amplifiers, adding delivery is expected in its financial year ending April 30, 2022.
SDI said that while the timing of delivery for the orders in hand is still to be finalised, and there is no guarantee that further orders will follow, it believes adjusted pretax profit for financial 2021 will be GBP6.7 million on revenue of GBP34 million and adjusted pretax profit for financial 2022 will be GBP8.7 million on revenue of GBP42,000.
For comparison, for financial 2020, the company posted adjusted pretax profit of GBP4.3 million on revenue of GBP24.5 million.
The company stated its belief it will surpass expectations is underpinned by the continued recovery of activity across all of its businesses.
By Ife Taiwo; ifetaiwo@alliancenews.com
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SDI Group (SDI)