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AAC Clyde Space has agreed the proposed acquisition of Swedish scientific instrument maker Omnisys Instruments for an initial consideration of c SEK75m in a cash and equity deal. It has also undertaken a contingent directed share issue raising SEK100m gross. Prior to the deals, management had indicated revenues of SEK500m are in prospect as soon as 2024. We expect a positive EBITDA in 2021 with positive operating cash flow to be followed by further strong organic progress in FY22, with positive EPS and net cash generation. Omnisys is well established and profitable with market leading positions that should further enhance group performance.

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AAC Clyde Space AB is engaged in advanced nanosatellite spacecraft, mission services, and reliable subsystems. It provides new space solutions and services for government, commercial, and educational organizations. The group has two reportable segments: AAC Clyde Space (Swedish operation) develops and produces data processing and power systems for CubeSats and small satellites (1 to 500 kg); Clyde Space (Scottish operation) offers customized, turnkey services from design to operation of satellite systems in orbit, including reliable satellite platforms and subsystems from 1 to 50 kg.