Last checked at 22 Oct 2020 07:00
SDI Group plc
("SDI", 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 control applications, is pleased to announce an update on trading for the current financial year ending 30 April 2021.
As reported at the time of our recent AGM, the Group has made a very good start to the new financial year. In particular, two of our businesses, Atik Cameras and MPB Industries, secured significant contracts to supply cameras and flowmeters, respectively, for PCR DNA amplifiers and for respirators. Our other businesses, which have all remained operational throughout the COVID-19 pandemic, have seen customer order patterns showing a return towards normality.
Given the very positive level of sales at Atik and MPB and the cost savings effected in the other businesses, the Board now believes that the Group is likely to achieve sales and profit before tax broadly at the levels budgeted for this financial year before the onset of the pandemic, and therefore above current market expectations. The Board stresses that the incremental sales at Atik and MPB are the result of one-time contracts related to the COVID-19 pandemic and expects them to be completed well within the current financial year. Consequently, the Board's view on the Group's 2022 financial year is unchanged.
The Group expects to publish its interim results for the six months to 31 October 2020 on 9 December.
Ken Ford, Chairman of SDI Group, said:
"The Board pays tribute to all of our staff who have worked to keep their businesses profitable and cash generative during this crisis and in particular notes the extraordinary efforts of staff at Atik and MPB to increase production in aid of the global fight against COVID-19.
"Our business model has proved resilient, and we expect to exit the pandemic even stronger than when we entered it."
FOR FURTHER INFORMATION
SDI Group plc Ken Ford, Chairman Mike Creedon, Chief Executive Officer Jon Abell, Chief Financial Officer | 01223 727144 |
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finnCap Ltd Ed Frisby/Kate Bannatyne - Corporate Finance Andrew Burdis/Sunila de Silva - ECM | 020 7220 0500 |
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JW Communications Julia Wilson - Investor & Public Relations |
07818 430 877 |
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, manufacturing, precision optics and art conservation. SDI operates through its company divisions: Atik Cameras, Synoptics, Graticules Optics, Sentek, Astles Control Systems, Applied Thermal Control, MPB Industries and Chell Instruments.
SDI continues to grow by developing its own technology advancements and by improving its global sales channels, as well as through pursuing strategic, complementary acquisitions. www.scientificdigitalimaging.com
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014.