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Well now, an 85% reduction is seriously impressive! (Not quite as good as Trump saying eggs are 400% cheaper but still….). So a £100k unit now costs £15k. That must surely make the TOC lower than diesel, but I’d like to see confirmation of this (some are stating it as fact - let’s see evidence please). This should now open doors everywhere.

Enjoy the progress everyone. Let’s stop predicting share price and mcap, nobody knows. But the momentum for this business is growing nicely!

This is what I’ve always thought *might* be the case - being a better solution than electrolysers. But to establish that we need a full end-to-end cost comparison. For AFC, that includes the cost of the ammonia plus the cracker/fuel cell costs to liberate the hydrogen. For ITM etc we need to know the cost of the electrolyser plus power. It’s not obvious to me which is cheaper.

Singer now has 2026 EBITDA of $21.0m from $60.1m revenue, with a free cash flow yield of 5.8%. Price target 200p. I suspect it’s that FCF that investors are looking for. I should think we may well see an outperformance of those figures too, given the accelerating DVM business.

Seeing the dip today, I don’t know what people expect from this company, other than explosive growth that is unrealistic. In terms of 2025 progress I think it’s almost all positive. Strongly growing DVM pipeline; good number of DVM wins already in 2025; expect to deliver FY results in line with consensus; ongoing efficiency improvements (including getting rid of unprofitable DCB routes) that have led to EBITDA guidance improving for next year; strengthened balance sheet; prospects of greater cash generation from next year; capex reducing (albeit slowly); leadership position in super-bundling; a massive market to go at. What’s wrong with all that?! In my opinion, great opportunities ahead to buy the dips, pound cost average etc to build holdings while this all plays out.

Congratulations everyone, this has been a long time coming. Well done to all at AFC. Plenty more to come!

I’m mostly looking for a “we’re well on track to meet consensus” message, given we’re almost halfway through the year. Continuing to break into new verticals like retail and financial services, as well as new geographies. Their DVM relaunch in February has hopefully been very well received, though perhaps a bit early for deals to have been closed because of it (a few weeks ago Paul Larbey did say they’d had their first). And no ill effects overall from FX movements.

My understanding is that AIM companies have six months to publish their report and accounts, so it’s not yet overdue. Definitely unusual for them to be this late, though.

On a related topic, the US dollar’s depreciation this year will cause disruption to this year’s figures. Down 8% vs GBP year to date, this’ll make BGO’s cost base look higher in dollar terms. On the other side, the Japanese yen and some other currencies are also stronger than the dollar by about the same amount, so that will boost revenue in dollar terms and provide some mitigation.

I was thinking the same just today (about a takeover), recalling that the CEO was saying how the largest competitors have grown mostly through acquisition. If it’s not MPAC doing the acquiring, who’s to say it won’t be a larger peer?

A bullish interview. Anil seems to be confidently asserting that the BGO platform is indeed now regarded as the global standard for bundling. Also seems v confident that the company is in “the right place at the right time”. Any chance of final results, to get more flavour?

Although Michael suggested it’d only be at the half year point that he’d update us on progress with Search, I hope we can get some feel for this at the Q1 update and start to get credit for it in the sp. Valuing Search at 6x EBITDA instead of 3x would see fair value closer to 135p than 115-120p.

4th largest cable provider in the US, I believe. Not too shabby.

“Why not” would be because of the risk of orders from the US slowing. The effect of Trump’s tariffs have barely come through yet, inflation is high and sticky and interest rates aren’t coming down. Though the likelihood of a recession has receded somewhat. I’m waiting for the AGM to ask if there’s been any improvement in the bill-to-book ratio, or just the order book generally. If yes, then we’re off to the races.

I agree they’re probably holding on for something. Tier 1 Telco? An acquisition? A really significant DVM deal in the retail or banking space?

Davey - what you seem to be missing is that Quantum Leap Capital wouldn’t overpay hugely for their shares. The most likely position is that the Board has said yes please we’d love your money but no way are you getting in at an mcap of £7m - because that significantly undervalues the company - look at our books here, look at the deals we are signing imminently. So the AIM market price was way out - it just can’t be proven yet. They’ve convinced Quantum that a fair mcap is £50m+. Look out for an RNS soon.

The price at which money is raised strongly influences the market price though. If the new buyers value the company at X, that’s a valid benchmark. Doesn’t mean it’s the “right” price, but if this gets more retail buyers interested then who’s to say where the price will settle?

Ade - maybe a fund raise *will* happen at the same time as they “want to go big” but what we know for definite is that they will soon need the cash just to keep the lights on. An ideal solution would be a strategic investor injecting funds at a premium. But even raising £15m on the open market to keep going for another year won’t be disastrous. £15m at 8.5p say is about 180m new shares to add to the existing 850m or so. No need to raise more than that at these low prices.

Singer’s January research note has 2024 EPS of 3.5p and 2025 EPS of 2.2p. So no surprises in IC’s figures. I don’t have access to Cannacord’s research.

UK and US stocks have just had 12-14 consecutive green days - best for four years. Might just be that.

I thought so too, impressive management team there. They were still slightly cautious about the possibility of heading towards a US recession and a slowdown there but were confident there’s a lot of potential elsewhere even if that were to happen. All good.

Great to be back close to 100p. Still flat for the year so far though! We know what the 2024 are already but hopefully we’ll get a really positive statement about the start of ‘25 and prospects for the year. The favourable JPY: USD FX rate will certainly help.