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
  0.00 0.0% 69.00 329 08:00:24
Bid Price Offer Price High Price Low Price Open Price
63.00 75.00 69.00 69.00 69.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Technology Hardware & Equipment 5.91 -0.75 -8.50 7
Last Trade Time Trade Type Trade Size Trade Price Currency
11:22:06 O 129 71.00 GBX

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Date Time Title Posts
31/8/202018:56ECSC Group Blue chip cyber security465

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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 69p.
Ecsc Group Plc has a 4 week average price of 62.50p and a 12 week average price of 60p.
The 1 year high share price is 160p while the 1 year low share price is currently 56p.
There are currently 10,007,588 shares in issue and the average daily traded volume is 2,540 shares. The market capitalisation of Ecsc Group Plc is £6,905,235.72.
cerrito: While as a holder I am delighted with the share price increase, like you jane deer and owenski I did query the mix of new business and renewals and given that managed service revenue was £1.2m in the first half of 2019 how much these multi year contracts will move the dial.
cerrito: Had a busy few days and only now can finish my write up of a good AGM. Five shareholders there and a good q&a. Good for them in the RNS announcing the AGM results to put down the detailed voting information. You will see proxies were low with just 1.767m of the 9m shares voted by proxy. This is a bit misleading as Ian Mann being present voted his 24. 3% of the shares in person. Even so a low voting turnout. No presentation as such. It emerged fairly early in the Q&A that Allenby had put out fresh forecasts that morning and those referenced by the Chairman in his statement Basically they now see this year revenue at £6,140k down from £6,461k: adjusted ebitda down from £242K to £216K and year end 2019 cash down from £1,016 to £522K. This new report is on the Allenby website. The original year end cash balances were-for me-optimistic; given that H1 2019 sales are £2.6m approx., it is going to be great to get H2 revenue £3.5m needed to make the revised forecast. Indeed as I write rather kicking myself that I did not query this figure at the meeting. The first question was about the announcement of the cash balance. They insisted they were comfortable with this level of cash despite the cash burn year to date. Note they have yet to receive the £155k Tax Credit shown in the accounts - will come in next month. They were also insistent that they had the necessary cash resources to do all the R&D investment they need to make to stay competitive in this fast evolving business. They are not using the invoice discounting facility and my clear understanding is that they have never used it. The decline in finance income between 2017 and 2018 is explained by the fact that post IPO cash balances in 2017 were much higher. The fact is that with their cash balance and current share price which precludes a fund raising they have limited room for manoeuvre. They certainly cannot think of expansion - either organic or inorganic: the blessing in disguise is that they have to stick to their knitting and focus on building up the current business. Note that the Chairman 's statement referred to ebitda pre SBP, which were around £30k last year and currently anticipated to be the same this year. Also note that the director' s remuneration was £639k compared to the total of £4743k the other 78 employees received. I am struggling to work out if this ratio makes sense. There was a change last year in the way the compensation of staff with as I understood it more emphasis on bonus but that is not anticipated to change the ratio of total Director :non director pay. Questions asked about the reseller programme. This was soft launched at the end of last year. A lot of training involved ie the day after the AGM the CEO Ian was going to be giving a session at Reading. Resellers range from one man bands upwards. I did not establish what they regard as the optimum number of resellers. They are also doing direct marketing - ie they send out a monthly email and follow up with anyone who opens it. They also as in years past had a stand at the recent Infosecurity Industry conference in London a couple of weeks back, Reaffirmed what hasd been said in earlier meetings-that the route to Managed Services clients is through consultancy. In conclusion I think both the NED's are good value and inspire confidence. My impression(and of course I may be wrong) is that the Chairman is good at managing the dynamics of having a CEO Ian Mann who is comfortably the largest shareholder and who founded the company. I thought Ian Mann came across very well but would prefer if the other Executive Director COO Lucy Sharp was given more visibility. Let us hope that he does not fall under a bus. I got the impression that all the hiatus of last year had been well put to bed. I see that Allenby has a fair value of 170p and I would be pleasantly surprised to see it there in the next twelve months even if next year they can reach the current 2020 forecast of adjusted Ebitda of £1020 k. I am not excpecting any news to come out till the Interims-in the last two years these have come out in September. Of course with a current marcap of £7m.approx they may get an offer that cannot be refused. As I have noted before one downer on the share price is the unanswerable question mark of what Ravinder Bahra will do with her 11.7pc. After the AGM, as Timbo03 said there was a desperate presentation given by Ian on the cyber security market. Apart from the huge increase in incidents over the years and how The Cloud has increased the security issues and indeed now they scan for new vulnerabilities every eight hours, I was interested in how he answered a question on consolidation on this fragmented industry. The issue was of how the acquiring company integrated the new staff: this was tricky and indeed in their own recruiting they focused on consultants of companies that had been acquired. PS With hindsight one question I should have asked was the relative profit margins of consultancy and managed services, which as per the AGM staterment, they are pushing.H2 2018 was the only half year when the ptofit magin on Managed Services exceeded that of consultancy. PPS A bit surprised that the share price has fallen so much. PPPS If anyone there has a different take, be good to hear it
cerrito: Thanks for that, Psharpy and will be interested to read the report. You are right that the website shows many vacancies-there seem to be --more than the last time I looked but my memory is a bit vague. I guess it is par for the course in this industry. You are right that the board changes have been odd but have no idea if what you suggest is true and if it is, if it is now water under the bridge. I see that Friday and today were active days in ECSC terms with 10 thousand odd shares traded each day. I would think this is a dangerous share to short given the low level of trading which reflects, the presence of many EIS investors and the shareholding structure. Of course if either of the two large investors want to sell, heaven knows what will happen to the share price.
cerrito: Thanks timbo003 for posting that Allenby link and let’s hope for all concerned that we have a stable management in place. I note no forward guidance, which to me is strange. The only comment is that they are moving closer to break even post period end. This does not tell me much except that losses continue being reduced. This is key as cash continues to be a concern. I note their Going Concern is robust and they should be alright but there is not much margin for error. I note their comment that no further need for cash restructuring payments. I do not see a resumption of dividend payments in the next 18 months at least. The Chairman was right to refer to significant progress and good to see that with increased revenue COGS was constant compared to H2 17 and a good reduction in admin/sga and operating cash flow deficit. I am reminded of the small size of the company. I fret abit that they do not have the financial resources to do the investment in systems/AI that is required. Let’s hope that the £80k additions to Development Costs in this half year are sufficient. Well done to those who bought sub 100p; I have all I need at the moment so will not be buying more but have zero intention to sell. I see the next six months as a period of slow but consistent improvement in trading. Possible there could be a takeover bid for them given the industry will need to consolidate. Do not see them having either the cash resources or buoyant share price to make acquisitions. PS Let’s hope that Unicorn have patience and no need to sell
cerrito: made it to the AGM. Only three others there all of whom were ex employees/ pre float Directors. About half the shares voted and all resolutions easily passed. Directors very friendly and available for questioning. Note that current market 2018 expectations as per a note their broker Stockdale put out yesterday are for sales to be £5.6m and the ebitda loss to be reduced to £0.7m from last year's £2.9 m and for net cash to be £1m. Interesting to note that these 2018 market expectations are markedly better than those given in February with revenue at £4m and ebitda loss at £3 m. Note that IFRS15 is now in force: I did not get the impact that will have. I did not really get the chance to go into the background of the board changes of April except to learn that there was an inevitability as to what happened. Both Mathewson and Gooch gave me the impression of being actively involved and are more high powered than one would expect to see in such a small company..indeed it's HO can most charitably be described as functional and interestingly one has to hand in one's mobile before going into the building. Note they do not have a FD at the moment with the Chairman overseeing the Financial Controller. Given the simplicity of the finances as long as receivables are collected I am fine with that. The message the Board sent was that quietly things are getting back on track; I was also encouraged to focus on contract wins in the Managed Service Division- where of course the visibility is much better-than in the consulting business. I have been concerned about their cash position given that as far as I can see they have little flexibility ie no overdraft with Barclays and they have been draining cash. I note the Going Concern Statement was quite robust. Suffice it to say they are comfortable with the cash position, and I came away more comfortable. One area that their relatively tight cash position does concern me is how much they can spend on R&D , given innovation is important ; last year was only £124k. I did not get a very clear answer on that. The Brisbane operation under review; never understood why a company which has minimum ex UK revenues needs an Australian operation. They have, as known, a broad range of customers covering both the public and private sector where the emphasis is on SME sector and there more M than S. I got good eye contact when they assured me that they never lost a deal because of their financial strength. Given they have so many clients covering such a wide range of industries , the Board looking as to whether they should focus. This area of the IT market is so atomised that they do not feel they have direct competitors per se; often in the managed services business they do not know who they are competing against though do come up against NCC. Too bad I did not ask what their selling points are when trying to close a deal. Also I should have spent more time on their marketing approach. I saw comment on telesales in the AR..I would have thought people would like a more personalized approach. The fact that there are so many companies in this field means that consolidation is likely to happen ie eat or be eaten. I personally cannot see them doing acquisitions in the near future; they have no access to debt financing; their share price is low and they need more management and board stability. Indeed if I had had my wits about me I would have asked if they were not surprised that no one made them an offer when the price was low in April. They are aware of the lack of liquidity in their shares and the wide bid offer spread; this of course is the flip side of their stable shareholder base..all the more stable because of the EIS investors. This lack of liquidity is one inconvenience in owning this share; the other for me is that one does need to press the flesh given the nature of the company. I do not sense they will have an active IR activity with retail shareholders- I can understand that given their current shareholder base, size and fact that in the immediate future have to get the business on track so they have a good story to tell. This means a time consuming trip to Bradford- something happy to do yesterday as had never been there before and was able to get a feel that in its heyday it must have been an impressive place. Went away comfortable that the business back on track but they cannot afford any more Board/Management changes.
red ninja: It sounds positive, but the fact the share price has not moved suggests the market wants to wait and see.
red ninja: That share price curve has not been looking good for the last few days. However, in reality it's not just ECSC, its Brexit, the Trump trade war, The Russians. All these factors and the fact that growth sector share are no longer cheap means that a lot of small growth stocks are heading South at the moment.
the big fella: This is a sector that really should be making money hand over fist right now, yet for some reason most seem to be finding it hard work. A for company statements how about: We note the recent fall in the company share price but are reluctant to say anything until we release our next profit warning as we would prefer to keep our shareholders in the dark. We would like to drive the price down so that we can then issue the BOD with a shed load of options so that we can bolster our already grossly inflated salaries. It is most likely it will take a couple of profit warnings to get to the desired price, but we cannot tell you that as it will most likely spoil the fun. I am not a holder here but do hold shares in the sector.
hazl: I must admit I didn't like his attitude on one video interview when he was asked about the share-price and he said he didn't care about the sp! Then there was the sale of shares. Should have got out then I suppose....just reduced. Ah well. Not worth worrying about the few I've got I suppose.
timbo003: Well I am still here, locked in for the next 2.5 years with IPO shares, I have no idea where the share price will be then. I'm surprised my the magnitude of the rise. If I didn't have such a visceral dislike towards paying income tax, I would have cashed some in this morning. >>PU, I think GSK Consumer could find a place for Vamousse within their regional portfolios, but I suspect their preferred acquisition targets are global brands rather than regional.
Ecsc share price data is direct from the London Stock Exchange
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