Initiation: Engineering the path to profitability
Corac group is establishing itself as a niche manufacturer of high-precision, technically demanding products for two primary end-markets: Aerospace & Defence and Energy & Process Industries. The strategy to transform from an early-stage R&D developer to a through-life support group is continuing rapidly, supported by acquisitions and demonstrated in a record order book. With market-focused restructuring set to complete in 2015 through recently announced site changes, refocused technology development and the significant licence agreement with Spirax-Sarco, we forecast that the group has a clear route towards earnings break-even by 2016. With the current valuation beneath that implied by A&D and cash alone, we believe this inflection point will provide a catalyst to re-rating.
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