Following its acquisition of Clyde Space earlier this year, AAC Microtec AB (ST:AACM) appears to have made solid progress in H118. Sales have expanded for the ongoing businesses and the order intake for the whole group looks encouraging. Satellites are being delivered for deployment in H218 and orders for a number of demonstration projects have been received. A global leader in small satellites, it supplies fully integrated missions and platforms as well as subsystems/components to third-party satellite builders and operators. As such, ÅAC remains well positioned to participate in the expected rapid growth of the market over the next decade.
H1 results robust despite project issues
H118 results included the consolidation of Clyde Space from February, adding SEK24.1m in sales and contributing a net loss of SEK3.2m to the group. The ongoing activities thus generated sales of SEK14.4m, up 65% on H117 (SEK 8.8m), generating a net loss before goodwill depreciation of SEK14.2m (H117 SEK11.5m) implying a modest improvement for the ongoing activities. The group’s EBITDA loss was slightly higher in the period at SEK9.3m (H117 SEK8.9m) having been adversely affected by challenges in one of the larger projects in Q218. Management expects the issues to be resolved in the short term. Gross cash at the period end of SEK38.7m was up SEK1.4m as funds raised in Q118 offset a higher operating outflow and the SEK22m cash component of the Clyde deal.
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