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Highcon shares tank on poor results

Shares in Highcon have tanked after the manufacturer announced disappointing half-year results and accountants added a going concern note to its figures.

The Israeli firm develops post-press equipment for cutting and creasing that aims to transform time-consuming traditional processes into digital production.

Its biggest shareholders are Benny Landa’s Landa Ventures and investment firm JVP.

Sales for the half-year to June slumped by 63% to $3.4m (£2.7m), and the business made an operating loss of $11.3m.

Israeli financial and tech specialist Calcalist reported that accountants had added a going concern note to Highcon’s accounts.

When Highcon floated on the Tel Aviv Stock Exchange in 2020 the business was valued at $190m.

Yesterday, (3 September), its share price fell to a new all-time-low of NIS28.4.

Its current market capitalisation is NIS29.781m, around $7.8m.

The firm’s key products are the Euclid for short-run production in folding cartons and corrugated, and the Beam 2 and Beam 2C for medium and longer runs.

While the business sees a vast potential market for its technology, the development and introduction has proved costly.

Landa has previously voiced his support for Highcon’s long-term prospects. Speaking in 2021 he said: “When you start a revolution in a big market, it takes time, and you need a great deal of patience. It takes time both to develop the technology and to educate the market - that's how it is when you make a fundamental, revolutionary change.”

In a July presentation to investors, Highcon said the during this year, the company “will complete the installation of all changes and improvements to all systems in the field, a fact that is expected to help the service system reach operational profitability as early as 2024 and will have a positive effect on increasing revenues from consumable products”.

It plans to preview its next-generation device at Drupa 2024, with commercial availability slated for 2025.  

Highcon said that each system was expected to generate, during a period of 7-10 years, “revenue from consumables in the amount of about $2-$3 million dollars with a gross profit < 60%”.

The company had hoped to raise a further $3.87m, but Calcalist said it only managed less than half of that, at $1.58m, primarily from existing shareholders, and described Highcon as “actively seeking partners and additional funding sources”. 

 

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| 发布时间:2023.09.05    来源:    查看次数:212
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