Equipmake Holdings (LSE:EQIP) expects to report revenue of approximately £8.2 million for the year ended 31 May, up from £3.5 million the prior year.
The electrification technology supplier to the off-highway, on-highway and aerospace and defence sectors said the improvement was driven almost entirely by the second half, which generated £6.8 million of revenue against £1.44 million in the first half.
That second-half revenue carried a gross margin of approximately 38%, which Equipmake attributed to lower costs for key components and better utilisation of its delivery teams.
Grant income rose to approximately £1.6 million from £0.9 million, and the company held cash balances of approximately £2.0 million as at 30 June.
Equipmake said the sales momentum and margin strength seen in the second half have continued into the new financial year, with a contracted live order book exceeding £8 million for delivery in the current year and a further pipeline of near-term opportunities in powertrain supply.
The company also flagged growing business development activity with Caterpillar, describing itself as "encouraged by the increasing opportunities this relationship is presenting".
"Equipmake's previous challenges are now firmly behind it and with an appropriate cost base and growing level of interest in the company's world-class electrification solutions I believe the company has a very bright future", said Tim Metcalfe, Non-executive Chairman.
Audited results for the year are expected in October.
News Intelligence what this means for the company
Equipmake more than doubled full-year revenue to £8.2m, with the bulk of growth (£6.8m) concentrated in the second half at a 38% gross margin. The company enters its new financial year with £8m+ in contracted orders already on the books and reports that second-half momentum has carried forward, suggesting the turnaround is not a one-off spike but a sustained shift in trading.
- Cash position of £2.0m is now material relative to the annualised revenue run-rate; if H2 margins (38%) and order conversion hold, cash generation could ease near-term funding pressure, though the company will need to demonstrate it can sustain this margin as volumes scale.
- The Caterpillar relationship flagged as 'encouraging' with 'increasing opportunities' is a key dependency for pipeline conversion; any material win or loss with that OEM will potentially move the stock, as it appears to be a primary near-term growth lever.
The shift from £1.44m H1 revenue to £6.8m H2 revenue, paired with forward order visibility exceeding £8m, materially strengthens the case that Equipmake has moved past prior operational challenges and into a growth phase. However, the investment thesis now hinges on converting that order book into cash and sustaining the 38% margin as production scales—both of which remain to be seen.
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