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BLTG Blancco Technology Group Plc

0.00 (0.00%)
25 Jun 2024 - Closed
Delayed by 15 minutes
Blancco Technology Investors - BLTG

Blancco Technology Investors - BLTG

Share Name Share Symbol Market Stock Type
Blancco Technology Group Plc BLTG London Ordinary Share
  Price Change Price Change % Share Price Last Trade
0.00 0.00% 225.00 01:00:00
Open Price Low Price High Price Close Price Previous Close
225.00 225.00
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Posted at 11/9/2023 18:13 by galois2
I received a letter from CMi2i acting on behalf of the bidders encouraging me to accept the bid. To me, the timing looks opportunistic and the premium low. Perhaps why the acceptance level is so low. They are obviously trying to bounce the private investor. I'll sit tight and hopefully the directors will push for a raised offer.
Posted at 02/4/2023 19:45 by tole BlanccoBlancco, another IHT portfolio holding, has also fallen heavily over recent months as investor sentiment towards smaller companies has weakened. The software deletion specialist's shares are down 15pc over the past year but the company nevertheless released positive half-year results last month that indicate a recovery is ahead.Revenue increased by 16pc year on year, with all of its main geographical regions growing at a double-digit rate despite ongoing economic uncertainty. Its adjusted operating profit margin increased slightly to 21pc from 20pc in the comparable period despite high inflation prompting cost rises.Its balance sheet remains sound, with net finance costs covered 45 times by adjusted operating profit during the first half of the year. This suggests it has the capacity to make further acquisitions following last year's purchase and successful integration of US-based erasure specialist WipeDrive.Blancco's organic growth prospects remain bright, with environmental concerns likely to prompt a growing proportion of companies to use data erasure services, as opposed to landfill, for redundant equipment. And with regulatory changes such as the EU's GDPR legislation imposing large penalties on businesses that fail to protect personal data, demand for the company's services is likely to rise.Trading on a forward price-to-earnings ratio of around 23, the company's shares are by no means cheap despite their recent fall. Furthermore, they have posted an 8pc decline since being added to our IHT portfolio in December 2020.However, with encouraging half-year results and clear long-term growth catalysts, the company offers attractive capital growth potential over the coming years. Hold.Questor says: holdTicker: BLTGShare price at close: 187p
Posted at 24/9/2022 23:05 by cerrito
Interesting to see that Forager who went in big 3/4 years ago when the shares were about 60p have increased their holding.
For sterling investors like me this company is worth more now than when the Chancellor
stood up yesterday morning
Posted at 23/2/2021 12:43 by cerrito
Good presentation yesterday on Investor meets Company.
They were very clear not to expect a dividend in the next couple of years as they anticipate to use their cash for expansion both organic and inorganic…and we should prepare ourselves for an acquisition. If I had been more on the ball I would have explored the issue of the depth of management, although this format does not lend itself to such matters.
More emphasis than I had expected on the loss of the major contract at the end of 2019 in the mobile division. Remember than in the 2018 AR they did say that one customer contributed more than 10% of revenue-ATT,
They have not forecasted any revenues from AWS.
I was struck by the bullish tone for H2 revenue growth.
Where does this leave us?
The Investors Champion point in 697 is well taken. The price is vulnerable to some profit taking by the likes of people like Forager who came in at 60p and will have some nice FX appreciation. It is good to see that the last change of shareholding RNS was early last October.
I have slimmed down over the last year-too early as it transpires-and do not see myself buying or selling in the foreseeable future.
Posted at 21/2/2020 18:31 by bareknee
For info

Bruumy git ( Paul Hill ) says "No, I have no conflict of interest."

People can judge for themselves on that.

A Paul Hill ( big coincidence there ) is an analyst at Equity Developments, who puts out analyst notes on Blancco, which you can see at

All his own work ? Absolutely
No conflict of interest ? Maybe, maybe not.
Posted at 03/12/2019 09:51 by zulu_principle
Some movement at last!

According to Blancco’s web site there are approx 74.6m shares in circulation of which nearly 73% are held by (hopefully) long-term institutional investors and a further 3% by the employees Benefit Trust (these figures may be slightly out of date as they haven’t been updated by Blancco since Nov 7th). Details aren’t given for any other significant holdings below the 3% threshold.

Until the last few days we therefore had a freely tradeable (i.e. non-institutional) balance of approx 18m shares. Unless there are unreported sales this balance has been reduced significantly by just under 600k in five large purchases on 27/11 (all at 130.5p) and approx 3.3m yesterday (mostly at 148p) – indicating a freely tradeable balance now of around 14m shares (19% of total equity).

It’ll be interesting to see who the buyer is / are but it looks like our patience is being rewarded.
Posted at 02/10/2018 13:44 by cerrito
I made it to the Equity Development presentation last Wednesday. I thought the new CEO Matt Jones came across well both in his presentation and the way he answered the questions. The new CFO Adam Moloney was also there but did not speak much and I was unable to get much of an impression. Too bad that the good corporate presentation which they have been giving to their institutional investors and which they spoke to is not on their website or indeed ED’s. Too bad-but for me understandable-that they did not hang around afterwards as I was hoping to speak to them. Also too bad that their presentation was not video’d.
Big picture is I feel comfortable both with management and the figures; about to read the Edison report.
Pleasantly surprised at last Friday’s share price rise which I see is being reversed a bit today and depending on how much it slips may buy more.
Plan to dissect the numbers in the AR when it comes out.
Posted at 04/9/2018 20:08 by cerrito
I see that Equity Development have an Investors' evening on September 26 with three companies-two I have never heard of and BLTG, who announce their prelims the day before.
Given that this will be the first outing of the new CEO and CFO I need to make every effort to be there,
Posted at 22/12/2017 19:31 by cerrito
A rather delayed AGM report.

For me a good AGM. 8 or so private investors ie enough. The board was welcoming and the whole thing took about 75 minutes

I first bought shares this year so while nursing a loss I am more focused on the present and future than the past
The Chairman came across to me as thoughtful cautious and more diffident than I had expected. I had never heard of him-never had reason to look at STV where I see from the following he seems to have had a successful time.
My reading is that the Board is much stronger than your average AIM company with a marcap of £46m. Chairman recognized need to rebuild trust with stakeholders-I understand less of a problem with clients.

All resolutions easily passed. Basically 32m voted in favour; againsts were minimal and M&G the largest shareholder withheld votes on their 11m holding equal to 17.66%. 70% of votes cast- a large percentage for an AIM company and indicates shareholder engagement. The M&G position is worrisome as heaven only knows what would happen to the share price if they reduced given that a 40k share volume is a busy day- let’s hope they are waiting for the new CEO.
In the formal AGM, discussion of chasing old management team(nothing will happen but remember previous CEO left without compensation and there were no claw back provisions in his remuneration package); change of auditors-the party line is that they are leaving KPMG not because KPMG failed to check the management overrides but rather as they have been the auditor for a long time, the KPMG account managers were moving on and high balance of non audit fees, PWC are new auditors; and revenue recognition.

Other Matters covered in short statement from Herrick and in Q&A included

There was no AGM trading statement as no change since the last one a few weeks back.

Asked about whether appropriate to have £ as the reporting currency said-correctly in my view- they have other things on their mind.
I was pleased to hear Herrick coming out forcefully to say they had enough cash on the short/ medium term. I had been a bit apprehensive on this front as they had just £2.5m of undrawn facilities at the end of June and had the big July tax
payment. The only scenario where they see the need for a fund raising is if the new CEO comes up with a new strategy approved by the Board.
There are 260 people worldwide with 15 in the UK HQ in Huntington where the Central Group Finance function is. The management team assembled by Clawson and presented at the big presentation earlier in the year have largely gone. No bad thing as the structure was too big for a company of BLTG's size-for example there was a separate marketing and sales department. Some modest senior management recruitment will need to be done by new CEO. New global head of sales has been in post for about three months ex head of sales for Europe and Asia and had 18 months with the company.

No hint given on when they expect to announce the new CEO but we were told the search was going well.. Likely to be on the US given that the pool of talent is so much greater there.
Till he/she appointed Herrick's focus is keeping the show on the road and keep things stable; there will be no strategic initiatives. Herrick confirmed he was remaining until the new CEO comes and it will be then decided if he comes a permanent CFO. Woodward had no plans to leave; the body language of the Board at the meeting seemed good and no evidence of tensions. Note only one-Skelton- seems to have relevant industry experience and he is US based. I did not get the chance to speak to him. I understand no plans for more NED's.
I was not the only shareholder to be concerned as to how you can control this geographically far flung operation..I suppose the nature of the beast.
Herrick emphasized the work that had been done to ensure that the revenues as at 30.6.17 were solid; 97 % of the accounts as at 6.17 had been collected in cash by early November. Told they had one accounting system used throughout the world based in Huntingdon but did not establish if this was new.
The new CEO will need to establish priorities and establish and agree with the Board a new strategy as well as show appropriate leadership qualities and be able to scale the business. Experience of being CEO of a listed company not important.

Unanswered questions
No discussion on likely capex requirements this year and next-up from £2.4m to £3.5m last year.
Why all borrowings £ denominated.
How personnel morale is in Atlanta, Finland and India and how can they retain middle management with all the changes,
No discussion on retention and renewal rates.
Dividend restoration- although that would not have been a productive question to ask.

Good news is that have cash for medium term; are in a hot spot; have a good and stable board.
Not so good news is they are in a vacuum until CEO comes along and agrees with the Board a strategy and then executes it. Also unclear how the acting CEO can motivate the troops who while if not exactly marching on the spot have no direction.

The next bits of hard news will be CEO appointment and the Interims-I suppose early March.

Key question
One thing I do not understand is if the company's technology is so good and unique in a fast growing market as they say and given that the share price has been trashed because of poor management why has it not been taken over- especially if as per above largest shareholder has doubts. Appreciate people's views on this.
Posted at 09/11/2017 09:53 by zulu_principle
From today's Investors Chronicle web site: For Blancco Technology’s (BLTG) chairman, Rob Woodward, “2017 has been a year of substantial challenges for the group”. In March, Blancco reported higher pre-tax losses for the first half. Come September, management announced the reversal of £2.9m in revenues booked through to June, reducing performance expectations for the full year. The then chief executive Pat Clawson duly fell on his sword and the group’s shares plummeted. However, the market reacted positively to the data erasure specialist's preliminary figures, which detailed a strengthening top line, albeit against restated comparatives in the prior year, including a £1.2m revenue reduction, again linked to contract issues. Some encouragement is provided through a 19 per cent organic growth rate, with a pleasing increase in erasure revenue, coupled with new diagnostics contracts. Reported losses narrowed considerably, thanks to higher finance income stemming from the revaluation of deferred consideration for two previous acquisitions – currency movements reduced the value of these liabilities significantly. Analysts at Peel Hunt forecast adjusted EPS of 3.1p for the year to June 2018, up from 3p in 2017. IC View: No dividend will be paid; bosses remain focused on “immediate priorities” – cash flow, cost management and sustainable revenue growth, although they might want to pay a little more attention to their revenue recognition policies. The shares rose strongly on release of these figures, but the share price is still well adrift of the 300p level seen earlier this year, leaving Blannco trading below its net asset value. Peel Hunt has cut forecast revenues for FY2018 by £3.8m to £30.7m, although that still represents an 11 per cent uplift year on year. Improved sales are to be welcomed, but shareholders would be justified in wondering whether they'll stick over the course of the accounting year. Hold. Last IC View: Hold, 71.5p, 06 Sep 2017

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