TPI provides its latest research note on Microsaic Systems plc (MSYS.L)

Microsaic has provided an unaudited trading update for the year ended 31 December 2021 (‘FY21’).

Confirming revenues for the period significantly exceeded those of the FY20, recovering to a level slightly ahead of that in FY19, CEO Glenn Tracey also noted that “If 2021 was about turnaround and transition, then 2022 is about significant business inflection”.

This reflects his Board’s conviction that the Group’s transition to workflow solution sales will establish higher-level end-user engagement going forward, having already reported a healthy sales opportunities pipeline at the opening of the new year. Taking a measured approach to market access while also seeking to limit operational expenditure, the past year has seen Microsaic refocus on growing its business in conjunction with partners, such as DeepVerge plc (AIM: DVRG, ‘DeepVerge’) in water detection collaborations, with contract research organisations in bioprocessing, through the extension of its Chinese activity with a range of local partners, and via OEM/other strategic partnerships that are presently under discussion.

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We would draw your attention to the various disclaimers in the document both at the beginning and at the end of the note. Retail clients (as defined by the rules of the FCA) must not rely on the research document. In particular you should note that the research document is a non-independent marketing communication. The analyst who has prepared the research is aware that TPI provides research to Microsaic Systems plc and DeepVerge plc. Accordingly the research has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibitions on dealing ahead of its dissemination.

The information in the document is published solely for information purposes and is not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. The material contained in the document is general information intended for recipients who understand the risks associated with equity investment in smaller companies. It does not constitute a personal recommendation as defined by the FCA or take into account the particular investment objectives, financial situation or needs of individual investors nor provide any indication as to whether an investment, a course of action or the associated risks are suitable for the recipient.

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