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ÅAC Microtec has delivered an impressive Q118 performance, the first quarter to include a contribution from Clyde Space since its acquisition in January. Progress of the ongoing business was strong and Clyde’s initial two-month contribution appears in line with previous indications for the year. Management has indicated FY18 revenue of SEK85m, which implies further progress. Healthy order intake and the prospect of rapid growth in small satellite deployment should enable the group to leverage its high-quality manufacturing capacity further improving the move into positive EBITDA in Q418. Share price pressure since the merger appears to be largely technical, which may provide an opportunity for new investors.

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