Enfis is an early-stage bet on , and while that market is still hotting up, the potential for lower-powered, longer-lasting lighting is undeniably huge. One industry estimate suggests that the market can grow by 20 per cent a year on average over the next five years, with the total market reaching around £650m by 2012. Enfis shines brighter than many LED start-ups by enabling higher-density (and therefore brighter) lamps, thanks to lower heat generation. 'Plug and play' capabilities make it easy for integrators to design Enfis' technology into lighting and, once installed, control it over WiFi, Ethernet or Bluetooth.
So far, Enfis is delivering on its IPO promises - although it's the next part that's going to be tougher. The company's outsourced manufacturing facility is primed and ready for volume production, with 16 distributors and 60 potential customers evaluating Enfis' kit. While doing so it has had to stockpile some generic components, putting working capital a touch higher than expectations, but cash balances are firm, with no further fundraisings anticipated.
Finance director Giles Davies says the pipeline is "large", but admits that predicting the timing of any big orders is tricky. could lead to sales substantially above market expectations, while Philips has acquired 'niche' LED providers much larger than Enfis.
Edison Investment Research expects a loss per share of 16.4p on sales of £1.5m in 2008.
Enfis Group (ENF) | ||||
|---|---|---|---|---|
| ORD PRICE: | 115p | MARKET VALUE: | £10.8m | |
| TOUCH: | 112-118p | 12-MONTH HIGH: | 173p | LOW: 115p |
| DIVIDEND YIELD: | NIL | PE RATIO: | NA | |
| NET ASSET VALUE**: | 26p | NET CASH: | £1.8m | |
| Year to 31 Dec | Turnover (£m) | Pre-tax profit (£m) | Earnings per share (p) | Dividend per share (p) |
|---|---|---|---|---|
| 2004* | 0.26 | -0.29 | na | nil |
| 2005* | 0.37 | -0.92 | na | nil |
| 2006 | 0.22 | -1.54 | -27.3 | nil |
| 2007 | 0.31 | -2.05 | -22.7 | nil |
| % change | +39 | - | - | - |
*Before flotation **Includes intangible assets of £0.4m, or 4p a share | ||||
Click for a guide to the terms used in IC results tables.
