Published on: May 26, 2021

Further upgrade to FY21E estimates

SDI Group has published a second positive trading update ahead of July’s FY21E results announcement. Management’s guidance for revenue and adjusted PBT is approximately £35.3m and £7.4m respectively, ahead of our previous FY21E estimates (and previous guidance) of £34.0m and £6.7m. We upgrade our FY21E forecasts accordingly, with a 10% uplift to our fully adjusted PBT forecast. Current base guidance for FY22E remains unchanged with revenue of £42m and adjusted PBT of £8.7m. Consequently, we are keeping FY22E and FY23E forecasts unchanged. However, we note that the announcement confirms that March and April sales and order intake have been robust across all of SDI’s businesses. We look forward to further positive updates as SDI Group has entered its current financial year (FY22E) with a good tailwind.