Share Name Share Symbol Market Type Share ISIN Share Description
Gresham Technologies Plc LSE:GHT London Ordinary Share GB0008808825 ORD 5P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 110.00 0.00 08:00:00
Bid Price Offer Price High Price Low Price Open Price
109.00 111.00 110.00 110.00 110.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Software & Computer Services 24.96 0.30 2.78 39.6 75
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 110.00 GBX

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Gresham Technologies Daily Update: Gresham Technologies Plc is listed in the Software & Computer Services sector of the London Stock Exchange with ticker GHT. The last closing price for Gresham Technologies was 110p.
Gresham Technologies Plc has a 4 week average price of 106.50p and a 12 week average price of 103.50p.
The 1 year high share price is 154p while the 1 year low share price is currently 103p.
There are currently 68,256,458 shares in issue and the average daily traded volume is 62,792 shares. The market capitalisation of Gresham Technologies Plc is £75,082,103.80.
qantas: Elsewhere , BT rallied following a report over the weekend that the company has asked bankers at Goldman Sachs to update its bid defence strategy following a collapse in the share price. According to Sky News, BT is preparing to defend itself against takeover approaches from industry rivals and buyout firms after the suspension of its dividend sent the shares tumbling to their lowest level in more than a decade. Neil Wilson, chief market analyst at, said: "At a valuation of £10bn, the group has become a definite target. And whilst BT has a lot of legacy baggage - notably £18bn in net debt and a major pension deficit - it's also got the Openreach crown jewel, which would be worse considerably more on its own than the group is valued today. "Of course, there is no formal offer, but shares could jump further if one emerges. Deutsche Telekom, which owns 12% in BT, is seen as a likely candidate. The question is whether there could be more bombed out UK-listed stocks that could be taken out by a timely takeover...perennial rumour-favourite ITV, for instance?" Please do your own research as always.
6gr: In my view the point being made about the loss of the B2 contract and the roll-down of another contract was that they both ended at June 2019. They had therefore been cancelled well before that, but it meant that this was a major factor in why the sales didn’t increase comparing H1 2019 vs H1 2020. However the ARR at end-June 2019 vs end-June 2020 excludes this which is why good growth is shown. I would be bothered about this if a client had chosen to cancel and move to a different provider as that would be an altogether different signal than a client who shut a business down for unrelated reasons. It is the trajectory of ARR that is important and the net £1m+ added in H1 2020 is the key message that is a little lost amongst some other noise. Regarding the share price, it is only relevant in connection with acquisitions if the payment is in shares. C24 was acquired with new shares issued, but B2 was paid in cash (and some of the deferred consideration was not paid due to the B2 contract cancellation). Given the current cash position I would expect any smaller acquisition (say sub £5m) to be made in cash and only a larger transformative acquisition or merger of equals to be done with shares.
gottafly: Agree that these are very lacklustre results, a lot of verbage and not much else. Suggest we all attend the private investor meeting at 4 pm today and ask some questions! The market certainly does not like these results given the share price drop. The Chairman standing down - now IM is the only director left since he joined in June 2015, yes all the others have gone! One could ask how much has IM really achieved in the last five years - very little direct shareholder value (he took over at 100p), oh bit we do get a small dividend. The B2 Group not performing as expected, so not a particularly great acquisition then, plus acquisitions take time and money to fully integrate especially when they under perform. As I say, a lacklustre set of results. The statement that GHT is a niche player (which they remain sadly) is a strange thing to suddenly state, I don't recall GHt stating this previously - sounds like an excuse for limited growth. They say they need to acquire to succeed but so far only one of the two acquisitions (C24) has worked out well but how are they going to pay for these acquisitions given the low share price. Personally I think GHT needs to be acquired because they will not keep their technology lead for ever. There also seems to be a vailed warning that 2021 will also be modest (Covid related) performance. So much for the bold statements (from the H1 presentation available on-line) - Number One in Data Integrity and Control, OEM platform of choice for market infrastructure providers, global leader in complex real-time cloud connectivity solutions for the financial markets.
planit2: The share price drop might be more to do with the skittish markets today. The update is as positive as you could be in this environment, it reiterates the full year profit expectation with slightly more confidence and it says there are now opportunities. At the time of the last update (20th April) everyone was probably still looking internally at their own companies but it seems we are past this and potential customers are getting back to business as usual and engaging with Gresham. Being a well run company, they are ahead of the curve they were prepared financially and technologically meaning they could move to 100% homeworking very quickly and not worry about survival, they are now concentrating on sales when others are still in survival mode. The future should be good.
richjp: I had to curtail a ski trip in Italy last week and was unable to attend GHT’s presentation as I usually do. I am now self isolating. I think the results were excellent and in accordance with the expectation set up by the January TU. There were one or two blips but that is to be expected and the bigger the company gets the less impact they will have. amt, I think you may be placing too much emphasis on the PE ratio. As shown on this website the PE, although based on 2019 earnings, is dynamic and changes with moves in the share price and market cap. As I type this it is down around 41 rather than 50 a couple of weeks ago. There were also a number of exceptionals this year including the £647K write down because of the discontinued venture with Mountview and others which I do not fully understand. That had a significant impact on the bottom line and hence the PE. Many tech companies pour a lot of money into market development and have much higher PEs still. The likes of Uber, Snapchat and Spotify do not make profits at all, yet the market has been quite happy with that, so they will not even have a PE even though they are billion dollar companies. If the PE has significance, I would be more interested if one of the brokers has provided a forward PE for 2020, which should be free of exceptionals because exceptionals cannot be known at this time. An often preferred measure for growing tech companies is the price to sales (PS) ratio. Again as reported on ADVFN it is dynamic and for GHT currently standing at 3.14. The lower the PS ratio the better. Everything I have read says that PS ratios should be compared with companies within their specific industry sectors. The following site gives the average PS ratio for software and programming companies as 5.86 hxxps:// I believe the figure of 5.86 is based on the last four quarter earnings so therefore is not dynamic. As there are no reported figures for any companies for Q1 2020, that average PS ratio is not up to date and will not take into account the recent market falls. If we use the recent high of 150P for the GHT share price to compare like for like (i.e. before the crash) the PS ratio was still only 4, well below the average. The share price crash is purely down to the coronavirus scare. I think the biggest concern for GHT is the travel ban. Although they are expanding their sales teams internationally, I am sure IM and perhaps other senior management get involved with the major deals. A tier one bank I suspect will want to meet the CEO face to face. Having said that, most prospective clients should by now have completed their budgets for the year and know which projects they want to sign up and get started and will hopefully still try and go ahead. If not for the coronavirus problem I think the share price would be progressing beyond the recent high and moving up towards more like 180. If the GHT share price ratio were to increase to the industry average of 5.86, that would give a share price of 215P which two weeks ago I would have thought to be a reasonable target for the end of this year.
6gr: Thats an interesting analysis of the holdings, but I would be careful about drawing too many conclusions from it. The institutional figure will include the market-makers holdings which is very much liquid stock and some of the institutions are also happy to buy and sell based on price movements, as happened after the Trading Update, where volume was huge. The price movement then was less than has been seen in recent days on very small volumes. Additionally many holdings from individual investors will be held within nominee accounts at stockbroker, investment firms or SIPP providers, which are likely reported as 'institutional holdings'. My holding is reported by a SIPP provider for example. What is clear though is that there is good momentum in trading, with GHT having products that clearly work well for their financial sector clients. This is a very deep global pool of potential clients, so the potential for new clients is massive and the investment in the sales force welcome. The switch towards recurring revenue is great as although it can be a little painful during adoption, it provides a huge stability of revenue, enabling better planning and also a higher p/e attribution. The operational upside leverage of the business is huge, given that the cost of providing services to new Clareti clients is small. Whilst there will be swings in some of the lower profitability consulting aspects of the services (which is of little concern) the Claretti revenues should keep growing every year by 20-30% in my opinion. My investment horizon is 5 years+ so the bullish case for me is that in 5 years time they could have a revenue of £60m+, be generating profits of £20m+, have a market cap of £500m and a share price of £7+. The costs of Claretti to many of the clients is actually very small. I worked in global investment banks and financial institutions and their total spend on IT and compliance is in the billions per annum. The annual cost of the Claretti products are less than the loss on a single deal if it goes wrong or a fraction of a fine for non-compliance from a regulator. If anything the risk is that GHT as a small company is too conservative in its pricing and underprices its products, which is commonly the case when a smaller company engages with massive clients. I suspect that many of the sales of these products are to companies who MUST buy a solution, so the only issue is ensuring that GHT can prove they have the best product and that they are a credible competitor to the larger legacy vendors. They have done so with many big wins and their increased financial stability, cash reserves and profitability will help calm nerves with buyers. Once they start to really threaten the legacy vendors (which they are already) I'd be amazed if they weren't subject to a bid. At that point my concern is that the low ownership of the stock by management means any takeover will be determined by the institutional fund holders with management unable to hold much sway over the direct voting share. This often results in companies being sold too early during a growth phase. I believe we are just at the start of a long slow run of upward momentum in both trading results and share-price.
jadeticl3: In the period from mid July to end of November there was hardly any movement in GHT share price. Now it is all excitement. About 6 weeks ago we were speculating on whether there would be “the normal update” on January 9th. Well-before-that we had news we did not want to hear, quickly followed by more news we are not sure about, like “the curates egg”. Do we still expect the “normal update”? Now, today, the share price has jumped up over 10% (it was before I started to write this). Is this simply that the fall was overdone? Or has the existing news been read differently? Or what? This is exciting, is it not? At least I am pleased that I bought more of these when the price was below 70p!!
jadeticl3: Is richjp correct in saying “we may have to wait for the January trading update, or even the full year results” for the market to start moving GHT share price? That is a long wait for us who think things must be happening, but we cannot be sure.
inforprofit: Well it looks like some confidence is returning to the GHT share price. The presentation had a large section on the B2 acquisition and clearly GHT are pretty excited about it. B2 was not cheap but it does look a good fit with some strong upside potential but only time will tell, so potentially another blinding deal. As the Holway report says this is now all about delivery and fulfilling the undoubted potential (and I think technical lead) of the Clareti product set. Management are confident in delivering an enhanced H2 to rescue the H1 miss, if they do not then I would expect changes. One last thought, at the current share price and with the undoubted potential that GHT has, they are increasing looking like a take over target. As always DYOR.
gottafly: GHT share price 'guestimate game' of one year back. The table below (thanks to 4-10) shows our predictions for the share price at the end of 2017, with a mid market price of 192.35p it would seem that jadeticl3 is the winner of our little competition. 160p Qantas 175p crazycanuck 199p jadeticl3 199.50p shytalk/gottafly 200p noble3r 200p richjp 207p inforprofit 210p luckymouse 260p double double 280p 4-10 Anyone brave enough, before the Jan 9th trading statement, to give it a shot?
Gresham Technologies share price data is direct from the London Stock Exchange
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