Gresham Technologies (GHT)

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Gresham Technologies GHT Logo

A software and services company engaged in specializing in real-time transaction control and enterprise data integrity solutions.

4-Oct-2017

Trading Update – Signed 2 new clients and trading is in-line with Board expectations – Management remain confident in the full year outlook.

Nothing to excite at present.

9-Jan-2018 – 191p – £128.9m – PER 28.9

Trading Update For The 12 Months To End December 2017 – In-line with Revenue up 24% to £21.3m (which actually seems slightly ahead of in-line) and EBITDA up 32% to £5.0m.

Quite a lot to like here although it can be volatile. It’s going on my Watchlist, 160p.

13-Mar-2018 – 202p – £136.3m – PER 30.6

Results For The 12 Months To End December 2017 – Group revenues up 26% to £21.7m (2016: £17.2m), Statutory PBT up 41% to £3.1m (2016: £2.2m), Adjusted Diluted EPS up 38% to 6.5p (2016: 4.7 pence), Cash of £8.5m including £0.2m short-term bank deposits and no debt (2016: £7.2m and no debt). Progressive dividend policy initiated – Final dividend proposed at 0.5 pence per share (2016: nil).

Still quite like this but the outlook in the update is not the most inspiring for a company on a PER of 30+. For now, for the sake of keeping an eye on it, I will keep it on my Watchlist, 160p.

10-May-2018 – 195p – £131.8m – PER 28.8

AGM Statement – A positive start, trading is on track.

Some good quality metrics (ROCE and Op Mgn) but the growth forecasts don’t seem to justify the PER of almost 30 – Remains on my Watchlist at 160p.

4-Jul-2018 – 197p – £133.2m – PER 28.7

Trading Update For The 6 Months To End June 2018 – LFL Revenue down 5%, expecting a strong H2.

This is coming off my Watchlist – Neutral now.

24-Jul-2018 – 157.5p – £106.7m – PER 23.1

Results For The 6 Months To End June 2018 – Confirmation that Revenue is down 5% and EBITDA is down a whopping 80% – Expecting a strong H2 (yeah right!).

Nothing to do but remain Neutral here – I do wonder who is paying up here on a PER of 20+.

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