Investment case

Why invest?

Leader in specialist computing design

We have four decades of experience designing and manufacturing a range of computing used in some of the toughest and most critical embedded applications in the world.

Trusted by some of the world’s largest businesses

We have high-quality relationships with some of the world’s leading OEMs in defence, including companies such as Boeing, Raytheon, MBDA, BAE Systems and many more.

Major runway for growth

Our target market is valued at over $100bn, providing a significant runway for growth as we expand with new major clients, release new products, win new long-term programmes, penetrate further into new markets, and accelerate through acquisition.

We’re moving up the value chain beyond single boards and into systems, providing a material upside to our business.

The tailwinds are strong across our key markets with the continued digital transformation in defence and investments in AI, radar and surveillance as well as the acceleration of 5G in the telecommunications sector.

Successful acquisition strategy

We aim to accelerate growth by making selective acquisitions in our home markets, the US and UK.

The acquisition of Philips Aerospace has significantly expanded our in-house capability adding key capabilities in systems as well as new, deeper client relationships.

Scalable financial model

Our boards are ‘designed in’ to long-term projects providing the business with good revenue visibility, repeat orders and high lifetime value.

We can scale our manufacturing capacity to deliver multiples of current revenues which, together with optimising all our processes, can deliver cash-backed profit margins of 15–20%.

Investment in our team

We’re successful because of the quality of our team and the ongoing investment in our culture. We’ve grown the team by over a third, and all our staff buy into our ‘get things done’ culture, with a mission to excite customers, colleagues and communities.

Ambitious leadership team

We’ve strengthened our leadership across all functions and have the right team in place with the track record, ambition and plan to build on our reputation and transform our growth potential.