REG - Power Probe PLC - First Day of Dealings on AIM
11/12/2025 07:00
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RNS Number : 0960L Power Probe PLC 11 December 2025
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INDIRECTLY, IN OR INTO OR FROM THE UNITED STATES OF AMERICA, AUSTRALIA,
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THE RELEASE, PUBLICATION OR DISTRIBUTION OF THIS ANNOUNCEMENT WOULD BE
UNLAWFUL.
11 December 2025
Power Probe PLC
("Power Probe", the "Group" or the "Company")
First Day of Dealings on AIM
Power Probe, a leading producer of automotive electrical diagnostic tools for
professional service technicians, is pleased to announce the admission of its
entire issued ordinary share capital to trading on AIM, a market operated by
the London Stock Exchange plc ("Admission").
Admission will take place, and dealings in the Company's ordinary shares of
0.1 pence each ("Ordinary Shares") will commence, at 8.00 a.m. today under the
ticker 'PWR'. The ISIN of the Ordinary Shares is GB00BSDYS558, the SEDOL of
the Ordinary Shares is BSDYS55 and the Company's LEI number is
2138008NNTZ6JFU6J368.
In conjunction with Admission, aggregate gross proceeds of approximately $15
million (£11.2 million) have successfully been raised by way of a placing
with investors of 13,702,384 new Ordinary Shares (the "Placing"), at a price
of 82 pence per Ordinary Share (the "Placing Price").
Shore Capital and Corporate Limited is acting as nominated adviser and Shore
Capital Stockbrokers Limited is acting as sole bookrunner and broker to the
Company.
Chema Garcia, Chief Executive Officer, commented:
"Our IPO is a major milestone and exciting moment for Power Probe, and we are
extremely grateful for the support we've received from investors. Since 1992,
we've been growing our business to become a leading developer in the
specialised automotive electrical diagnostics market, driven by a relentless
focus on innovation and continuously adapting to the rapid evolution of
vehicle technology.
Our admission to AIM marks a new chapter in that journey and will enable us to
deliver on our ambitious growth plans, including opening a new
state-of-the-art US manufacturing facility, which will increase our overall
production capacity and bring us closer to our core end markets.
I would like to extend my sincere thanks to everyone who has been part of this
journey, especially our dedicated team, without whom none of this would be
possible. At the same time, I'd like to welcome our new shareholders and look
forward to delivering our next phase of the Group's story as a public
company."
TRANSACTION HIGHLIGHTS
· The Placing received strong support from investors and raised
gross proceeds of approximately $15 million (£11.2 million).
· The market capitalisation of the Company will be approximately
£60 million on Admission. The Company has 73,702,404 Ordinary Shares in
issue.
· The net proceeds of the Placing will be used by the Company to:
o open the manufacturing facility in the US, which will strengthen the
Group's innovation pipeline and add production capability closer to the
Group's core markets;
o secure top-tier engineering talent including key new hires in industrial
technology and research and development;
o support expansion into new geographies including the build-out at the
Group's distribution facility in Nuneaton, UK; and
o bolster the Group's general working capital.
· In addition to the Placing, the Directors believe that Admission
will provide the Company with increased reputation and profile and an improved
ability to incentivise key employees.
· The Company's admission document is available for viewing at
https://investors.powerprobe.com (https://investors.powerprobe.com) .
COMPANY HIGHLIGHTS
· Founded in 1992, and headquartered in Charlotte, North Carolina,
USA, Power Probe has grown to become an internationally renowned brand with a
suite of products across seven segments: powered circuit probes, testing kits,
measuring tools, soldering, lighting, accessories, and private brands.
· The Group's range of electrical diagnostic tools and accessories
is compatible with all major vehicle engine types and manufacturers, and Power
Probe's distinctive red branding, including the iconic pen design of its
flagship powered circuit probes, has made Power Probe instantly recognisable
to professional service technicians and mechanics across the Company's core
markets.
· The Group's testing and measuring tools are available through all
major distribution channels, and the Group has strong relationships with
highly regarded professional tool companies, including Snap-on, Matco Tools,
MAC Tools (part of Stanley Black & Decker, Inc.), and Cornwell Quality
Tools, who each distribute the Group's branded products alongside their
own-brand tools. These brands have extensive and deep-rooted links into
mechanics in the US and UK, the ultimate end users of the Group's products.
· The historical growth of the Group has been supported by
continuous innovation, both in incremental advancements made to existing
product lines and the development of new products incorporating unique
technologies. The Group launched eight new products during 2024, six new
products in calendar year 2025 and has 15 new products available to be
launched from calendar year 2026, augmenting its existing 120+ strong product
portfolio. The Directors believe that new products with additional
functionalities will bring with them higher gross margins, further
underpinning the Group's growth plans.
· Furthermore, the Directors believe the Group is well positioned
to benefit from a number of positive, long-term market tailwinds.
Expenditure on vehicle maintenance tends to be inelastic due to the importance
of automotive transport, while the overall size and rate of demand for
automotive maintenance and repair is expected to grow as the total global Car
Parc increases, the average age of vehicles within the Car Parc rises, and
vehicle complexity grows. According to independent research commissioned by
the Company, the global market opportunity for the Group's products is
expected to reach $2.2 billion by the end of 2032. 1 (#_ftn1)
· The Group has grown considerably in recent years, increasing
Group revenue from approximately $25.0 million in the 12 months ended 31
December 2022 to approximately $31.3 million in the 12 months ended 31
December 2024, a CAGR of approximately 12%. The Group's underlying EBITDA has
increased rapidly, from approximately $4.8 million to approximately $8.3
million over the same period, a CAGR of approximately 31%.
· This strong rate of growth has continued in the first half of
2025, with Group revenue for the period of $20.5 million, gross profit of $8.6
million, and underlying EBITDA of $5.3 million. In particular, the Directors
believe that strong sales of recently launched products in the six month
period ending 30 June 2025 evidences the return on investment deriving from
the Group's focus on innovation.
· The Directors intend to adopt a progressive dividend from
Admission as a result of their confidence in the Group's growth profile and
cash generative business model. The Company will target a dividend payout
ratio of profit after tax in the region of 50% with the first dividend
payments expected to be made in 2026.
CONTACT DETAILS
Power Probe https://investors.powerprobe.com (https://investors.powerprobe.com)
Chema Garcia, Chief Executive Officer c/o Sodali & Co
Fabio Medina, Chief Financial Officer
Tom Marsh, Group Corporate Development
Shore Capital (Nominated Adviser, Sole bookrunner & Broker) +44 (0)20 7408 4090
Toby Gibbs / Harry Davies-Ball (Corporate Advisory)
William Marshall (Corporate Broking)
Sodali & Co +44 (0)78 5543 2699
James White / Tilly Abraham / James Whitaker powerprobe@client.sodali.com (mailto:powerprobe@client.sodali.com)
About Power Probe
Power Probe is a leading producer of automotive electrical diagnostic tools
for professional service technicians.
The Group was founded in 1992 in California, USA, and has grown to become an
internationally renowned brand, designing and distributing over 120 products.
It is driven by a relentless focus on product quality, continuous innovation
and customer care, as captured in its mission statement: "Simplifying
Automotive Diagnostics".
The Group's products are organised into seven segments: powered circuit
probes, testing kits, measuring tools, soldering, lighting, accessories, and
private brands.
INTERESTS OF THE DIRECTORS
The interests of the Directors and of members of their respective families (as
defined in the glossary to the AIM Rules for Companies) (all of which are
beneficial unless otherwise stated), in the issued share capital of the
Company, to the extent their existence is known to, or would with reasonable
diligence be ascertained by, a Director, are as follows:
No. of Ordinary Shares Percentage of Enlarged Share Capital
Name
Michael Sherwin 48,780 0.07
Jose María ("Chema") García Riera 3,227,749(1)
4.38
Fabio Possas Medina 45,670 0.06
Cynthia Helena Alers 18,292 0.02
Colin Fielding None Nil
Ip Foo Wing None Nil
(1) Shares held by CHR International Projects Limited, a company wholly owned
by Jose María ("Chema") García Riera.
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING
MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name Thomas Marsh
2 Reason for the notification
a) Position/status Group Corporate Development and EMEA Finance and Operations Director
b) Initial notification /Amendment Initial notification
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name Power Probe plc
b) LEI 2138008NNTZ6JFU6J368
4 Details of the transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and (iv) each
place where transactions have been conducted
a) Description of the financial instrument, type of instrument Ordinary shares of 0.1p each
Identification code
GB00BSDYS558
b) Nature of the transaction Purchase of Ordinary Shares
c) Price(s) and volume(s)
Price(s) Volume(s)
82.0p 60,975
d) Aggregated information N/A (single transaction)
- Aggregated volume
- Price
e) Date of the transaction 11/12/2025
f) Place of the transaction Outside a trading venue
d)
Aggregated information
- Aggregated volume
- Price
N/A (single transaction)
e)
Date of the transaction
11/12/2025
f)
Place of the transaction
Outside a trading venue
All defined terms used in this announcement, not otherwise defined, have the
meanings set out in the Company's admission document dated 5 December 2025
which is available on the Company's website.
Important Legal Information
Forward looking statements
This announcement includes statements that are, or may be deemed to be,
"forward-looking statements". These forward-looking statements can be
identified by the use of forward-looking terminology, including the terms
"believes", "estimates", "plans", "projects", "anticipates", "expects",
"intends", "may", "will", or "should", or, in each case, their negative or
other variations or comparable terminology. All statements other than
statements of historical fact included in this announcement are forward
looking statements. They appear in a number of places throughout this
announcement and include statements regarding the Directors' or the Group's
intentions, beliefs or current expectations concerning, among other things,
its operating results, financial condition, prospects, growth, expansion
plans, strategies, the industry in which the Group operates and the general
economic outlook.
These forward-looking statements speak only as of the date of this
announcement. The Company, Shore Capital and Corporate Limited ("SCC") and
Shore Capital Stockbrokers Limited ("SCS" which together with SCS is "Shore
Capital") expressly disclaim any obligation or undertaking to disseminate any
updates or revisions to any forward-looking statements contained herein to
reflect any change in the Company's expectations with regard thereto, any new
information or any change in events, conditions or circumstances on which any
such statements are based, unless required to do so by law or any appropriate
regulatory authority.
Important Notice
The information contained in this announcement is for background purposes only
and does not purport to be full or complete. No reliance may be placed by any
person for any purpose on the information contained in this announcement or
its accuracy, fairness or completeness.
This announcement is for information purposes only and does not
constitute does not constitute an offer to sell or issue or the solicitation
of an offer to buy, acquire or subscribe for shares in the capital of the
Company in the United States, Australia, Canada, the Republic of South Africa
or Japan or in any jurisdiction to whom or in which such offer or solicitation
is unlawful ("Restricted Jurisdictions"). Any failure to comply with these
restrictions may constitute a violation of the securities laws of such
Restricted Jurisdictions. Subject to certain exemptions, the securities
referred to herein may not be offered or sold in any Restricted Jurisdiction
or to, or for the account or benefit of any national resident or citizen
of a Restricted Jurisdiction.
This announcement is not for publication or distribution, directly or
indirectly, in or into the United States of America. This announcement is not
an offer of securities for sale into the United States. The securities
referred to herein have not been and will not be registered under the U.S.
Securities Act of 1933, as amended, and may not be offered or sold in the
United States, except pursuant to an applicable exemption from registration.
No public offering of securities is being made in the United States.
This announcement is addressed to and directed only at persons who are (a)
persons in member states of the European Economic Area who are "qualified
investors" within the meaning of Article 2(e) of the EU Prospectus Regulation
(Regulation (EU) No 2017/1129), or (b) persons in the United Kingdom who are
"qualified investors" within the meaning of Article 2(e) of the UK Prospectus
Regulation (Regulation (EU) No. 2017/1129, which is part of UK law by virtue
of the European Union (Withdrawal) Act 2018) (the "UK Prospectus Regulation"),
who (i) have professional experience in matters relating to investments and
fall within the definition of "investment professionals" in Article 19(5) of
the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005,
as amended (the "Order"), or (ii) are high net worth companies, unincorporated
associations or partnerships or trustees of high value trusts as described in
article 49(2) of the Order, or (c) persons to whom it may otherwise be lawful
to communicate it (all such persons together being referenced to as "relevant
persons"). Any investment in connection with the Placing will only be
available to, and will only be engaged with, relevant persons.
Any person who is not a relevant person should not act or rely on this
announcement or any of its contents.
For Taiwan recipients only. This announcement is for information purposes only
and is not a public offering in Taiwan. It is not a prospectus, offering
memorandum or other offering document under Taiwan's Securities and Exchange
Act. The Company's securities are not listed or traded on any market in Taiwan
including but not limited to the Taiwan Stock Exchange (TWSE) and the Taipei
Exchange (TPEX). Shore Capital's role is limited to providing general
information to the Company as adviser to the Company in respect of Admission,
and it does not engage in any securities business in Taiwan. The information
contained in this announcement is intended solely for personal reference. Such
information is subject to change without notice and no representation or
warranty express or implied is made as to, and no reliance, should be placed
on, the fairness, accuracy, completeness or correctness of the information
contained in this announcement. This announcement does not intend to provide,
and nor must this announcement be relied upon as providing, a complete or
comprehensive analysis of the Company's financial or trading position or
prospects. None of the Company nor any of its respective affiliates, advisers
or representatives shall have any liability (in negligence or otherwise)
whatsoever for any loss or damage howsoever arising from any use of this
announcement or its contents or otherwise arising in connection with this
announcement.
Potential investors should not base their financial decision on this
announcement. Acquiring investments to which this announcement relates may
expose an investor to a significant risk of losing all of the amount invested.
Persons considering making investments should consult an authorised person
specialising in advising on such investments. The value of the Ordinary Shares
can decrease as well as increase.
Nothing contained herein constitutes or should be construed as (i) investment,
tax, financial, accounting or legal advice, (ii) a representation that any
investment or strategy is suitable or appropriate to your individual
circumstances or (iii) a personal recommendation to you. For the avoidance of
doubt, the contents of the Group's website, or any website directly or
indirectly linked to the Group's website, are not incorporated by reference
into, and do not form part of, this announcement.
1 (#_ftnref1) 'Global Automotive Circuit Tester Market', Verified Market
Research, 2025
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