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% 152.00 15,750 08:00:12
Bid Price Offer Price High Price Low Price Open Price
150.00 154.00 152.00 152.00 152.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Software & Computer Services 24.96 0.30 2.78 54.7 107
Last Trade Time Trade Type Trade Size Trade Price Currency
14:51:10 O 7,500 150.105 GBX

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Trade Time Trade Price Trade Size Trade Value Trade Type
2021-01-22 14:51:11150.117,50011,257.88O
2021-01-22 12:20:01150.102,5003,752.50O
2021-01-22 11:07:59153.552,0003,071.00O
2021-01-22 10:24:42150.113,7505,628.94O
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Gresham Technologies (GHT) Top Chat Posts

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 152p.
Gresham Technologies Plc has a 4 week average price of 147p and a 12 week average price of 110.50p.
The 1 year high share price is 155p while the 1 year low share price is currently 103.50p.
There are currently 70,156,458 shares in issue and the average daily traded volume is 37,087 shares. The market capitalisation of Gresham Technologies Plc is £106,637,816.16.
gottafly: Well where do we all think we are with GHT progress and the future SP, any guesses for where the share price will be at the year end and into next year? As a GHT long term shareholder, using my rose coloured spectacles of course, I view the current share price level as significantly below where it should be. All stocks took a hit with Covid, including small market cap stocks, but overall they have recovered back to pre Covid levels, however this is not the case with GHT, perhaps it is just lagging behind the curve? The share price was circa 150p back in Feb/March so why is the share price currently well below this. I don't have access to professional research on GHT (too mean I guess) so rely on trawling the public interent sites to get a concensus, overall it does seem pretty neutral with the occasional strong buy recommendation, but in general I think the stock is a little unloved. I did find one site that stated GHT were trading at a 44.58% discount to the analyst concensus target price of £229.07. Another forecast a short term share price increase (to 135p) but then the share price down to £104.777 in a years time! Yet another, with a strong buy recommendation, quotes an analysts 12 month concensus price of 180p (this price has been around for some time). As I said in a previous post, the recent trading statement made little sense to me, it did not say a great deal new (but overall was positive) and therefore why did GHT decide an unscheduled announcement was needed. From the contents, there does not seem to be a clear and obvious reason for the trading update but clearly GHT decided that one was required. Significantly I think, the trading update was made just a couple of weeks after the board changes where Knott and Wandhoffer were appointed. I have no personnal knowledge of these individuals but they do seem to have the expertise/experience that GHT desparately need as regards delivering on the potential of the Clareti product line. Im my view, progress in the last couple of years has been woeful, with perfomance more like a family run firm than a Fintech. So my guess is that the new directors (or should I say the new board) took stock of where GHT was and concluded that a public restatement of progress - the trading update - was required. I have previously stated that the half year results announcement was lacklustre and yet the investor presentations were much more positive, so there was a disconnect created here. The other thing that concerns me is that UK Equity stocks are, in general, seriously under valued so GHT potentially looks to be a cheap aquisition (especially to a foreign buyer). So yes, I do have rose coloured spectacles, but to me everything points to GHT being significantly under valued or at this price an attarctive acquisition target. Looking at the GHT share chart, if it was worth 150p back in March then, with continued progress, it should be worth at least that now. If that were the case then the 180p level is not that far away. Ramble (due to lockdown) over, any thoughts anyone?
richjp: amt, I am keeping a fair bit of my portfolio in cash at the moment in case the wider market crashes in these volatile times, otherwise I might already have dabbled in D4t4. There may be a better moment in the short term however I don't think most of us can time the bottom of a dip. If the GHT share price perks up a bit more, that might tempt me in to having a small punt in D4t4. I can always add more later. With every year the GHT foundations seem to me to be getting stronger as is the cash position, so I think the downside risk is pretty limited at the moment. GHT is over 20% of my portfolio, which is high I know, but it does mean that the strength of GHT influences other decisions I might take.
gottafly: It is difficult to know what to make of this trading update - it seems 'steady as she goes' and you could wonder what is the real point in this trading update since it says very little new. On face value it seems that the 2020 numbers (which will just about be ok in my view) are as forecast/expected (pre Covid) and that 2021 is shaping up ok - hardly trading update subject matter in my view. As is the norm with GHT the numbers quoted seem to change with each announcement. However, the Clareti ARR can be seen to be making some progress having gone from £9.5m in Dec 19, £10.7 in June and £11.9 now - with apparently more expected from further signings this year. So clear progress perhaps but with Inforalgo presumably now posted as Clareti ARR what is the real organic up tick, it could be quite low. As always we will need to see the full years results for the detail to try and understand how things are shaping up. Perhaps the main reason for the update is the size of the Clareti business now coming from ANZ, greater than £4 million ARR in 2021 it would seem which I think would be more than 25%. Conversely, it is somewhat disappointing that there is no announcement or suggestion of another large win, just an expectation of more signings. The share price has shown a small up tick so overall the announcement is seen as (just about) positive. For me, growth (given the quality of the Clareti solution) is still way too modest and that sales and marketing (always a GHT weakness) is yet to deliver. Still the statement - "The Group continues to invest in sales and marketing and expects the Clareti business to continue to grow strongly in FY21 translating into further improvements in Group EBITDA and cash EBITDA" - does provide a positive slant on things. Perhaps the GHT board were becoming concerned that the share price was under valued and that it did not reflect the progress and future prospects of Clareti. As always DYOR.
gottafly: amt GHT are not growing sufficiently organically because of the sales organisation or rather the lack of sales leadership. I am happy to acknowledge that the sales guys on the ground are presenting Clareti well, after all some significant new competitive sales are being made. However, the low hanging fruit has long been had and we are into the very demanding area of competitive sale and the removing of an established player - no easy task. IMHO GHT urgently needs an experienced sales/new business director on the main board to provide that leadership and to be answerable directly to the shareholders. With the current chairman standing down there is little (if any) industry specific sales expertise on the board. The sales strategy seems to me has been 'build it and they will come' i.e. build the best and sales will automatically follow. The one statement from IM that I find rather damning is in the half year report - 'As a niche player within a very substantial global financial technology market dominated by large players, it is important to gain scale rapidly and carefully selected acquisitions are a means to expand our global footprint'. So basically, GHT is a small player and needs to be bigger to compete, no wonder the share price is going south. As you rightly point out acquisitions can be a distraction and I am sure this was the case with B2 and 'cost us' a profits warning/SP hit. Can't see sales improving until something significant on the sales front is done and I don't think IM knows what to do but as a long term investor I will be happy to be proved wrong. Seems to me (as per IM's own words) GHT is stuck as a niche player and the share price reflects that. As always DYOR
richjp: I think the recent results are as good as could have been expected in the circumstances, although GHT is unloved again today. As far as I am concerned IM is definitely the right man for CEO and I hope he continues. There is also nothing untoward about Ken Archer standing down. That was announced a year ago. As a non exec he is legally obliged to stand down after nine years in office. In fact it will be around ten when he finally leaves. The new chairman seems to have the right background and it seems that the company took it’s time in finding him. I do hope however that he puts has hand in his pocket and buys a decent number of shares. I was surprised to see how confident they were in the online presentation. If the formal announcement seems a bit subdued I feel we have to remember that they have issued two profit warnings in recent years, although both times it was simply a case where major orders got deferred for a few months and the share price got hammered. In making optimistic public announcements you could say that they are damned if they do and damned if they don’t. The presentation made it clear how demanding it can be to win new major accounts. It is not just about having a superior product or getting onto to tender lists. From my own experience it’s about getting to know how an organisation works, understanding the decision making process and who the influential figures are. It would be easy to throw a number of sales people out there and having them chase opportunities that will not come to fruition. Historically it has been the face to face contact whereby good professional sales people get to qualify opportunities, which is why I am a bit cautious when they seem to be saying that conducting sales business remotely is effective. Perhaps in that respect it’s because I am an old geezer and not up to date with modern methods of working! At the presentation I attended a year ago, they were asked if they were concerned about the share price They said it was an issue not only because it might make it difficult to raise money in the market if needed, but also because the employees share scheme is affected. In the longer term it is always the market that decides the share price no matter what the company may say. The GHT share price moves up and down on small volumes of share transactions. The trading updates last December and this January were upbeat and in fact I bought more. Pre Covid the share price was recovering steadily and I think would be much further ahead if it were not for Covid. When they first turned cautious concerning Covid was when the share price fell. It is frustrating but it is what it is. Markets get it wrong on both the upside and downside. The hot money in the market is elsewhere at the moment rightly or wrongly. GHT is not seen as a high growth stock but I still think that consistent growth is there. The business model as far as I am concerned is good and they are generating cash.
gottafly: WJCCGHCC - it does not matter how business is lost (although perhaps unlucky in this case), an acquisition is a catalyst point for change, so loss of business (for whatever reason) is not to be unexpected. Acquisitions often look good on paper but the reality is they are hard work as regards integration and often deflect a significant amount of management attention. If you can buy 'cheap' then great, or if you are investing for a long-term differentiator then great, otherwise best left alone in my view. In my experience acquisitions can and often do catch you out (in some measure), so buyer beware. What I think is clear in this case is that the loss of this client did significantly dent the numbers. jadeticl3, as I have already pointed out there is a miss match in my view between the 'official results' and the management presentation of the business. It does seem that the GHT management are not bothered about the current share price (but as investors we certainly are) and they are perhaps comfortable with the low expectations set so they can over achieve. The synic could say that there is some 'sand bagging' going on (and profit to be had) but one industry expert I spoke to said that management teams were very wary of written statements given the current Covid situation - what is the new norm. Lastly, I would suggest that if GHT are serious about an acquisition surely they would then want the share price to be much higher, perhaps that is the ploy - allow a depressed SP, make a strong bounce back and see the share price jump accordingly. As always DYOR.
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.
gottafly: The recent institutional buying was done at circa 145p. The interesting thing is that once the institutional buying was complete the share price rose 5p on very little private investor volume. I have seen this before with GHT and I find it curious. I would have thought that trying to buy a high volume of stock when the liquidity is somewhat limited (no willing sellers) would tend to push the share price up. Instead it seems to be a drag on the share price which once the major buying is completed the share price rebounds somewhat to give an 'instant' modest profit showing buys at 145p to be good value. I am no market expert but given that any big volume purchase has to come from another major investor then perhaps a deal was struck at 145p (if you want them you have to pay that) and could only be completed once the share price had reached that level in the general market. As I have said in a previous post, I view this major purchase as very positive and that the institutions currently value GHT at circa 145p. There seems to be strong confidence from both the GHT management and the major shareholders - very good news in my view. As always DYOR but I eagerly await the full years results in March which I very much doubt will disappoint.
gottafly: 6gr, totally agree with you as regards the dividend route but sadly this is the path that GHT have chosen, I agree that GHT is supposed to be a fast growth stock and not a 'boring' legacy cash machine, so a confusing message in my view. Sorry but don't agree about a another small acquisition though since I believe the B2 Group transaction caused senior management to loose focus and was one of the causes of the share price hiccup. Mind you if you could repeat the C24 deal that would be very appealing but I think that was a one off. When we see the full years results we should see how B2 is shaping up but my gut feel is 'just ok'. I think organic growth and continued development of the sales channels are key. It is a tough ask to go from 3/4 major deals a year to a dozen or so but surely that is where the aim should be. I am not good at share price level prediction but as per my earlier post I can see the logic of GHT sitting at the 150p level. I think we need more concrete news of continued progress (which I suspect is happening) to push the level up to the 200p mark but it could push on, the old adage that fortune favours the brave. Again 43 trades today (same as yesterday) but volume was up substantially to 399,131 and the share price firmed by 5p. There does appear to be at least one institutional buyer thus underpinning the share price at around this level.
gottafly: Yes good number of trades this morning but the share volume is low and therefore these must be private deals. I guess that people have researched GHT over the weekend and decided GHT is worth a punt. As regards the SP, with thin volume and strong PI interest then who knows where it might get but my view remains that the share price level is underpinned by institutions so we really need to see some larger deals to feel comfortable about the share price rise. Of course you could argue the higher the share price goes without any institutional cash in then the higher the intrinsic value of the company. Conversely you could argue that any large sale would see a capping of the current rise. I reckon it would be reasonable however for the share price to settle around 150p which was where it was at before the badly received December 18 trading update/profits warning. Going back to a bid, one defensive strength GHT has is the strength of the balance sheet and cash reserves. I have not looked lately but many of GHT's competitors cannot match this financial strength (high leverage etc.) and I for one would not be looking to 'swap to just any other paper'. For me, for a bid to be serious then it would have to be cash based.
Gresham Technologies share price data is direct from the London Stock Exchange
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