Forward Industries


Market Cap$22m

Last Close $2.19

Forward Industries provides outsourced design, manufacturing, sourcing and distribution services. It creates innovative products based on IoT and wearable technology for a wide range of global partners. It also sources carry cases for some of the world’s leading healthcare companies.

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Investment summary

One of the group’s product design activities, Intelligent Product Solutions, has launched an IT services division to serve the needs of small and medium businesses in the metropolitan New York City region. The division will draw on the in-depth expertise of its team to help companies manage their IT networks, desktop support, server management, infrastructure analysis, web hosting and cybersecurity as they adjust to the new hybrid-remote workplace.

Y/E Sep
Revenue (US$m)
PBT (US$m)
EPS (fd) (c)
P/E (x)
P/CF (x)
2019A 37.4 (0.2) (0.7) (7.06) N/A N/A
2020A 34.5 0.0 (0.4) (4.16) N/A N/A
2021E N/A N/A N/A N/A N/A N/A
2022E N/A N/A N/A N/A N/A N/A
Industry outlook

The group has also announced an agreement with Chipolo to distribute its tracker products in the United States through exclusive distribution agreements with select big box stores and other retailers. The agreement builds on the distribution division’s initiative to establish retail channels in the United States through which it has started to sell smart lighting and sound products and smart furniture for third parties including UK-based Justwise.

Last updated on 20/10/2021
Content on Forward Industries
Forward Industries – One-stop shop for outsourced services
Industrials | Initiation | 2 November 2020
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Share price graph
Balance sheet
Forecast net debt (US$m) N/A
Forecast gearing ratio (%) N/A
Price performance
Actual 0.5 (17.7) 45.6
Relative* (3.5) (21.5) 10.5
52-week high/low US$4.9/US$1.5
*% relative to local index
Key management
Terence Wise Chairman & CEO
Anthony Camarda CFO

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