Earnings remain subdued on both side of the pond this week, with the US week shortened by the Independence Day holiday today.
The week ahead
In the UK, we expect to see June period end trading updates begin to emerge. We anticipate interim results from (LON: OCDO) and final results from PLC (LON: IKA) and Adept Technology Group PLC (LON: ADT). Also, this morning Panoply Holdings PLC (LON: TPX) has reported finals while (LON: DEV) has reported interims.
Ocado, the online grocery platform and solutions provider, announces interim results tomorrow. From a technology standpoint, the focus will be on how the solutions revenue and pipeline are evolving and how the Ocado Smart Platform is developing. In April, the group announced it had invested £10mln in and commercially partnered with Oxford-based Oxbotica to develop a range of autonomous vehicles that will be integrated into the Ocado Smart Platform. The use cases range from vehicles that operate inside of Ocado’s customer fulfilment centre buildings and the yard areas that surround them, all the way to last-mile deliveries and kerb-to-kitchen robots. In addition, the company completed the acquisition of two robotics businesses – Kindred Systems and Haddington Dynamics – early in the period.
Ilika, which develops solid-state battery technology, reports final results tomorrow. In its trading update last month, it said that trading for the year ended in April was in line with management expectations. The company expects to announce revenues of approximately £2.3mln (2020: £2.8mln), with an adjusted EBITDA loss of £2.3mln (2020: £2.1mln) while cash and cash equivalents at the period end were £9.8mln (30 April 2019: £14.8mln).
AdEPT, the managed service provider, reports final results on Wednesday. In its trading update in April, the company said it expects to report revenue and underlying earnings (EBITDA) for the year ending March 2021 in line with market forecasts. The group closed the period with senior net debt also in line with market expectations at £26.1mln. This includes the repayment of the deferred first-quarter (Q1) VAT liability in early Q4 and the cash costs of the new bank facility arrangement fees. In April, the company announced the acquisition of Datrix, a London-based supplier of advanced cloud-based networking, communications and cybersecurity solutions, for an initial cash consideration of £9.0mln, which was funded through the group’s new bank facility. The group is acting as a consolidator in the highly fragmented market, focusing on sub-scale operators that would benefit from being part of a larger organisation, benefiting from the group’s scale, breadth of capability and infrastructure for growth.
Meanwhile, in the US, corporate earnings remain subdued until the new earnings season takes hold in two weeks’ time. Among the few tech-related companies reporting include Smart Global Holdings and Duck Creek Technologies.
|05-Jul||Dev Clever||Interim results||30-Apr|
|07-Jul||AdEPT Technology||Final results||31-Mar|
|Early July||Quartix||Trading update||30-Jun|
|13-Jul||Solid State||Final results||31-Mar|
|Approx 22/7||Ideagen||Final results||30-Apr|
|29-Jul||SRT Marine||Final results||31-Mar|
|July||Access Intelligence||Interim results||31-May|
|July H2||OTAQ||Final results||31-Mar|
|July 3rd week||PCI-PAL||Trading update|
|Late summer||GRC||Final results||31-Mar|
|Late Sept||Transense||Final results||30-Jun|
Source: Data from regulatory news and company websites
Read More: Ocado Group PLC is the highlight in a quiet week