In today’s briefing:
- Quiddity Leaderboard T50/100 Jun 24: Bizlink TDIV Deletion Deep in the Money
- Ceres Power Holdings – Strategic partnerships powering growth
Quiddity Leaderboard T50/100 Jun 24: Bizlink TDIV Deletion Deep in the Money
- In this insight, we take a look at the names leading the race to become ADDs/DELs for the T50 and T100 Indices for the June 2024 index rebal event.
- According to our estimates, there are currently no expected index changes for the T50 index.
- However, there could be five changes for the T50 and one of the expected DELs Bizlink Holding (3665 TT) could also be deleted from the TDIV index.
Ceres Power Holdings – Strategic partnerships powering growth
Ceres Power Holdings’ innovative technology uses electrolysis to produce green hydrogen and solid oxide fuel cells to generate power. In a year where it moved to the Main Market of the London Stock Exchange, it recorded revenue growth of 13% and gross margin expansion to 61% (the highest in the sector, according to management), but is yet to record an operating profit (FY23 operating loss of £59.4m versus £54.0m in FY22). Ceres continued its strategy to drive innovation and technology across solid oxide fuel cells (SOFC) and hydrogen electrolysers (SOEC), increasing its R&D spending by 11% y-o-y to £54m (FY22: £48.5m). Management guides for FY24 revenue to be double that achieved in FY23, based on existing contacts. Net cash, including short term investments, was £140m at the end of FY23.
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