Share Name Share Symbol Market Type Share ISIN Share Description
Ecsc Group Plc LSE:ECSC London Ordinary Share GB00BYMJ4J99 ORD 1P
  Price Change % Change Share Price Shares Traded Last Trade
  -2.50 -10.64% 21.00 14,000 14:22:09
Bid Price Offer Price High Price Low Price Open Price
20.00 22.00 23.50 21.00 23.50
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Technology Hardware & Equipment 6.14 -0.52 -5.30 2
Last Trade Time Trade Type Trade Size Trade Price Currency
14:23:20 O 2,000 19.00 GBX

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Date Time Title Posts
07/2/202314:08ECSC Group Blue chip cyber security588

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Posted at 07/2/2023 08:20 by Ecsc Daily Update
Ecsc Group Plc is listed in the Technology Hardware & Equipment sector of the London Stock Exchange with ticker ECSC. The last closing price for Ecsc was 23.50p.
Ecsc Group Plc has a 4 week average price of 21p and a 12 week average price of 21p.
The 1 year high share price is 67.50p while the 1 year low share price is currently 21p.
There are currently 10,007,588 shares in issue and the average daily traded volume is 10,139 shares. The market capitalisation of Ecsc Group Plc is £2,101,593.48.
Posted at 01/2/2023 09:03 by gb904150
Not sure that's fair to call it sleight of hand. 3 wins of £690k is quite significant for a company with £3m mcap.

More significant is that they are in the MDR division. MDR wins are critical to the success of ECSC and I'd say the recent share price weakness has been due to the MDR pipeline being weak (was around £2.2m last set of results).

Covid hit the pipeline as that used to be a face to face selling function whereas now it's more hybrid.

In MDR they have high staff costs to cover - highly paid staff that have to cover X hours to. So that division has high operational leverage.

When it is low the GM's drop off sharply. When it is high it is much more efficient and with higher GM's.

From previous presentations the MDR wins are 3yr contracts, as they are here. There are some setup costs but then give us ARR's. Usually about 1/4 is billed upfront so they are immediately working capital positive.

In short, MDR is the profitable, scalable part of the business. The bigger it is the more efficient and higher GM's it is. So I'd say £690k wins there is pretty significant.

I'm not saying the forthcoming results will be fantastic, there will be a lag, but MDR is critical to ECSC's recovery and MDR contract wins suggest ECSC is recovering/improving/winning business.

Posted at 18/11/2022 18:04 by cerrito
Yes jane deer for that,
While it is easy for me to get to Mello.I did not join you as of all the companies presenting ECSC was the only one I follow.
Must have had some effect as by ECSC standards Tuesday and Wednesday with 21k and 25k shares traded were busy.

Posted at 29/10/2022 12:08 by melloteam
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Posted at 17/10/2022 09:51 by cerrito
I am thinking about increasing but put off by fact that someone wanted/needed to sell 15k shares and cratered the price.
Posted at 27/9/2022 07:42 by cerrito
Difficult for me to know what to think about this till we have the IMC to get from the new CEO what he sees as the issues and how he plans to resolve them and the reactions that other investors have to him will determine the evolution in the share price.
The other big question is on their liquidity position. I see they have given themselves a pass mark on the Going Concern statement. Disappointed that there was no comment in the interims on the liquidity and I assume their lender did not give them the second tranche of £500k.Good that they reduced cash burn and have the tax coming due but any increase in activity will bring working capital pressures and based on H1 cash outlow they will very shortly have nothing in the bank.

Posted at 02/8/2022 11:21 by cerrito
I doubt if the new CEO will buy a significant amount of shares as one could argue he is taking some risk joining Ecsc although we will need to wait until the next AR to see his compensation.
He maybe in purdah until the interims come out.

Posted at 28/7/2022 11:25 by cerrito
I see the market has yawned at this morning’s news; perhaps like me they are trying to figure this out.
What it seems to me to be saying is that Mann is stronger on big vision as well as the techie stuff and not so good on the nuts and bolts of business leadership and hence the new recruit. Will be interesting to see him albeit virtually at the next IMC meeting. He does seem to have moved around quite a bit. I went to check if his previous company Auto protect is quoted so we could see why he left them but it is not. It certainly has a much bigger management team than ECSC and he must have left quite recently as the ceo is interim.
I would buy the argument that the current situation is not working well and such an appointment makes sense. One goes on the basis that there will be an expansion of business but there will be the two headwinds of a tight labour market and limited financial flexibility.
We need an extra NED sooner rather than later.
I went onto the Research Tree website to see if there was a note from Allenby with their comments on this but there was nothing.
Incidentally I saw the RNS of yesterday with the reduction in the holding of Ravindra Bahra which may account for some of the recent weakness.
Like I guess everyone on this Board I have a loss here. Not selling but will wait till the next IMC presentation before thinking of buying more.

Posted at 06/7/2022 09:32 by maddox
....but hopefully more to come.

With the mkt cap under £4m and valued at less than x1 historic sales ECSC are very lowly rated. The Managed Detection and Response (MDR) Division is high margin business and resource efficient - so these wins are in the sweet spot.

As can be seen from the wide client mix cyber security is a need across all sectors of the market and the trend is towards outsourcing detection monitoring. For the vast majority of firms having internal expensive dedicated resource for this activity 7 x 24 doesn't make sense. Also, the cyber threats are far easier to spot if you're monitoring across a range of firms rather than just one. So, this is the right proposition in a very large potential market.

Posted at 01/7/2022 08:55 by maddox
I never regarded Elizabeth 'Coz I'm worth it' Gooch - an asset to ECSC, having watched her in her previous career. No loss IMHO.
Posted at 06/6/2022 22:32 by cerrito
I do not see myself making the AGM, especially if there are rail strikes.
I have gone through the AR.
My first reaction was its length 112 pages which seems OTT for such a small company and must be a barrier for small companies to list. I could not find on their websites their previous AR’s so no idea if they were bigger or smaller.
The following caught my eye
Page 12 I thought Lucy Sharp’s report read well.
Page 25 I saw the useful increase YOY in gross profit from the Assurance and decline in MDR but could find no good explanation of what drove these or indeed what business is in the assurance division and what in the ECR division.
Page 27 Be interesting to see if their EBITDA performance was good enough in H1 so they can increase their loan facility and begs the question as to why they need the funds.
Page 29 Note two risks have increased-economic conditions and hiring- the rest are no change and no risks have decreased.
Page 39 I see that the Chairman spends at least two working days a month on ECSC which I thought should be sufficient, even though he doubles up as Company Secretary. I see on page 42 that both he and Gooch attended all board meetings.
Page 43 A very stable shareholder base and indeed the last change of holdings RNS we had was way back in May 2020 after the latest equity issue. One concern I have had and continue to have is what would happen if either Unicorn or Ravinder Bahra wanted to exit. Fingers crossed that both remain if not happy at least satisfied and have no pressing need for cash. As an aside I have just been on the LSE website and seen since close of business on May 25 there have just been 4 transactions with a combined value of £12k in these 6 trading days…granted we did have the jubilee break but even so.
Page 46 I see that directors ‘remuneration as a whole fell from £829k to £731k, as one very highly paid director left, in the context that group expenses on employee benefits went up from £4.7m to £5.3m. The increase in expenditure at a group basis understandable given industry trends and no doubt there will be a big increase in 2022. This means that in 2021 directors’ remuneration was 14% of total-a bit high perhaps and certainly better than the 2020 figure of 18%. Note that as per page 87 total average number of employees was 87.
Given that in the IMC and other shareholder meetings Ian Mann gives the impression that ECSC is a one man band, I was pleasantly surprised that the differential between his and Lucy Sharp’s remuneration was as low as it was in 2021 and indeed in 2020 they had virtually identical remuneration.
Page 47 Let’s hope for all our sakes that the share options of the directors are in the money.
Page 80 Probably good that no single client accounts for more than 10% of the revenue.
Page 82 I note the reduction in contract liabilities. Given that it was inferred that the amount of 3 year contract work was increasing, this seems counter intuitive. Any views anyone
Page 86 Sobering but realistic that no deferred tax asset created quote because the Board envisages that a significant period of time will be required to generate sufficient profits to utilise the trading losses carried forward unquote…the trading losses being £5.4m
Page 89 Concerned that so few additions to the computer equipment. Anyone understand how the net book value of computer equipment has gone up from £68k to £658 k during 2021???
Page 97 Not only are the terms of the loan facility very onerous but we learn that there was a 1% fee payable.
Page 106 Interesting no share options were granted in 2021.
Not one of my better decisions to buy ECSC and well done to those who exited at the start of the year. I am suffering the consequences with the share price at current levels. Not sure what will provoke an uptick. Cannot see who would buy them. Any trading improvement will be a hard slog and the loan facility shows their lack of financial flexibility. I note that Allenby are currently forecasting a PBT loss this year 2022 of £308k up from last year’s loss of £277k. My last purchase was in July 2020.While not a Yorkshireman, I will show Yorkshire stubbornness and hang on with the marcap at £9m.

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