Share Name Share Symbol Market Type Share ISIN Share Description
Montanaro European Smaller C. Tst Plc LSE:MTE London Ordinary Share GB0004543517 ORD 50P
  Price Change % Change Share Price Shares Traded Last Trade
  27.50 1.61% 1,735.00 39,947 16:35:20
Bid Price Offer Price High Price Low Price Open Price
1,720.00 1,730.00 1,730.00 1,710.00 1,715.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 3.50 2.29 11.90 145.8 295
Last Trade Time Trade Type Trade Size Trade Price Currency
16:35:20 UT 126 1,735.00 GBX

Montanaro European Small... (MTE) Latest News (1)

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Date Time Title Posts
19/3/202116:50Montanaro European Smaller Companies7
16/6/201119:34MTE - Metrocoal1
24/2/200418:59MITIE - a mighty profit to be had by Monday3
28/8/200210:44Cannot believe no-one has noticed this7
07/3/200212:22does anybody have any information about mission testing.plc?25

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Montanaro European Small... Daily Update: Montanaro European Smaller C. Tst Plc is listed in the Equity Investment Instruments sector of the London Stock Exchange with ticker MTE. The last closing price for Montanaro European Small... was 1,707.50p.
Montanaro European Smaller C. Tst Plc has a 4 week average price of 1,570p and a 12 week average price of 1,550p.
The 1 year high share price is 1,730p while the 1 year low share price is currently 896p.
There are currently 17,003,260 shares in issue and the average daily traded volume is 58,857 shares. The market capitalisation of Montanaro European Smaller C. Tst Plc is £295,006,561.
schweinswal: Metrocoal -- by RBS Morgans Ltd Billion tonne baby :-) Target $1 AUD
schweinswal: News:
stewjames: Still keen on MTE BTW, just feel the market will hit the 'bad' news at the full year (even though it's expected) and it'll move sideways at best in the meantime. Just a question of timing. But I've been wrong plenty of times before!
captainspock: Huge mark-up on low volume !!! I reckon if we see some large trades by Friday, £2.00+ cannot be far away despite the cautious outlook on FY profits. After all the float price was only around £2.80
mike_c: I would guestimate this share has been totally oversold upto this point... hence its markup after every buy.
johnv: I would at least wait until the price cut back up through the 10 day m.a.
pdt: A positive AGM statement yesterday is probably helping the shares. It also seems that very small purchases will move the price north. Techinvest are a fan of this one and I read a good Citywire article on them which was out a couple of weeks back. Paul
pippin: A couple of buys this am for the first time in a while. No price movement though. One of those rare tech stocks doing well in the current market. Not one of my biggest holdings but I do like it. I bought after seeing the MD on Bloomberg after the figures.
castana: Financial Review Mission Testing, in its first year as a public company, has met all of the financial aims that it set for itself at the time of its admission to AIM. The Group has achieved an excellent set of results for the year, with future financial indicators looking strong and the completion of our first acquisition in August 2001. Results Mission Testing continued its rapid organic growth in the current year, building on the trend of previous periods as shown below. Year to 2001 £’000 Year to 2000 £’000 15 months to 1999 £'000 Turnover 10,515 6,048 2,220 Gross profit GP% 2,713 25.8% 1,350 22.3% 434 19.5% Administrative expenses (1,609) (747) (228) Operating profit before interest and tax (pre-exceptionals) 1,104 603 206 Operating margin (pre-exceptionals) 10.5% 10% 9.3% PBT (pre-exceptionals) 1,277 500 162 PBT margin (pre-exceptionals) 12.1% 8.3% 7.3% Exceptional float related costs (310) - - Profit after tax 630 371 128 Turnover increased organically by 74% to £10.5m reflecting strong demand for our services, despite a general tightening of markets. The entire turnover is generated from the supply of testing services. Gross profit increased by 101% to £2.7m. The underlying increase in gross profit percentage of 3.5% to 25.8% is in line with our strategy and this is a trend that we would expect to continue as Group turnover increases by the growing contribution from high-margin consultancy services. Administrative expenses have been well controlled and have increased in line with our investment in the sales, fee earning and support people required to grow the business still further. The Group has increased its investment in sales and fee earning employees, focusing on the delivery of services across focused market sectors. Operating profit (pre-exceptionals) increased by 83% to £1.1m from £0.6m, while the operating margin (pre-exceptionals) grew from 10% in 2000 to 10.5% in 2001. The PBT margin (pre-exceptionals) grew from 8.3% in 2000 to 12.1% in 2001. The exceptional costs of £310,000 relate to the flotation of the Group on the Alternative Investment Market of the London Stock Exchange on 6 December 2000, that have not been written off against the share premium account. Fee earners It is the Group’s strategy to utilise contractors where appropriate, due to management of fixed overhead risk that comes from this structure; contractors, often referred to as “associates221; on consultancy projects, are not paid by the company when they are not contracted on billable projects. We will increase the full time headcount of fee earning testing specialists in line with the demand for our services. Interest Interest income was £258,000 (2000: £1,000). This increase is due to interest earned on the funds received from the placing that took place with the flotation in December 2000. The funds, net of float costs, of £8.8m have been on deposit with our principal bankers. Taxation The taxation charge of £337,000 represents an effective tax rate of 34.8% compared to 25.8% for the previous year. This is mainly due to disallowable float related expenses. Earnings per share Basic earnings per share (pre-exceptionals) increased by 94% from 3.31p in 2000 to 6.41p in 2001, while fully diluted earnings per share (pre-exceptionals), increased by 88% from 3.31p in 2000 to 6.22p in 2001. Dividend and shareholder returns The Directors propose a final dividend of 1.5p per share, which is the first dividend payable to shareholders since the company’s admission to AIM in December 2000. This dividend is covered 4.3 times by adjusted basic earnings per share. Balance Sheet The balance sheet was strengthened by the float proceeds of £8.8m, net of float costs. Cash at 30 June 2001 was £9m with no borrowings. Shareholders funds at 30 June 2001 were £9.7m (2000: £0.3m). Whilst we have, as required by the steep organic growth during year, used a modest amount of cash to finance working capital needs, the balance of these funds is available for our acquisition plans. £700,000 was utilised in the acquisition of Specialist Testing Solutions Ltd in August. Acquisitions On 24 August 2001 the Group acquired the entire issued share capital of Specialist Testing Solutions Ltd for an aggregate consideration of £3.7 million which was satisfied by £700,000 of cash on completion and 1,600,000 new ordinary shares in Mission Testing plc. Of these shares 1,350,000 were issued on completion and a further 250,000 will be issued following Mission Testing’s AGM to be held on 7 November 2001. Summary The Group is in a very healthy financial position. The strong organic growth together with the acquisition of Specialist Testing Solutions ensures that the Group is well placed to enjoy future growth prospects. David Abery Finance Director 17 September 2001
maximillion: Look on Citywire; article there. Max the Pauper Hang on, I'll ferret in the archives... 09:38, Thur 16 Nov 2000 Company Focus: Mission possible (Citywire Research Report) Mission Testing is flagging its move onto AIM with the modest sound bite: ‘We want to be to software testing what Microsoft is to the desktop’, writes Joanne Wallen. Mission Testing is in the process of raising some £10 million through a placing which should value it at around just £40 million. At the moment therefore, chief executive Tony Wells’s ambition sounds wildly implausible, but then Bill Gates hasn’t forgotten all those who belittled his ambition to put a computer on every desktop. Not that the comparison with Microsoft, even if you ignore scale for a moment, is particularly effective. The two companies are nothing like each other. Mission Testing does not develop software, nor does it currently have a mass market, high volume product or service. However, it does have a market that has crystallised within the last year or two as a result of Year 2000 computer problems, and is coming into its own as a result of the Internet. Software testing has traditionally been at best a black art and at worst non-existent. Rare is the developer that enjoys testing their program code, and beyond that, few companies have ever had systems and processes in place for testing and stress testing whole systems before they go live. With Year 2000, and the huge amount of program changing that had to go on to ensure the traditional two-digit dates accepted 00 as 2000 and not 1900, companies began to take system testing more seriously. The larger companies even set up special ‘test factories’, with dedicated teams to test the amended software before it went live. ‘Year 2000 made companies begin to take testing seriously, but then the Internet came along, and the number of systems now out in the public domain has exploded’, Wells told With the growth in business-to-business and business-to-consumer e-commerce, systems failures for firms operating in this area can now be seen by the entire customer and supplier base. Also, the Internet is a 24 hours a day, seven days a week medium, and therefore gives companies little time to install and test new software. Mission Testing was set up in April 1998 by Wells and a colleague as a testing consultancy, to cover all aspects of the testing life-cycle including setting up internal systems testing procedures, ensuring the user specification matches the technical specification, checking code, documentation, advising on what testing tools to buy and providing consultancy staff. The company has two units, Mission Testing Direct, which provides consultants on a contract basis into companies, and Mission Testing Consulting, which takes full responsibility for a customer’s testing needs and uses its own software testing laboratory to test e-commerce systems. Wells said with the Internet, the customer profile for software testing has changed. It is no longer necessarily the IT manager’s domain; now the marketing director, responsible for initiating perhaps a major Internet system or marketing campaign is the person to sign off the system and therefore needs the confidence that it has been tested. Mission Testing does not develop any of its own testing software. It has agreements with major software testing tools vendors such as Rational Software, Segue and Compuware, and it will use these or advise customers to use these as appropriate. What Mission Testing offers, according to Wells, is its expertise and an ‘innovative217; packaged approach to selling its services to customers. e-Mission enables a company to test the functionality of a new system, and i-perform allows the system to be tested under stress by simulating thousands of live users hitting a Website. Wells said they are ‘easy to procure packages with a fixed price for fixed results’. The main problem with a business like Mission Testing, is understanding what really differentiates it, and what are the main barriers to entry for the competition. Mission Testing has at least three competitors: Imago QA, Sim Group (owned by Gresham), and Israeli consultancy Tescom. However, Wells said: ‘In terms of performance and revenue growth, we have come a long way much faster than any of these’. Wells insists there are several things that differentiate Mission Testing. One is the company’s recruitment policy. ‘We do not have a graduate recruitment scheme. All our consultants are very experienced, senior people’. The second is the company’s sales policy ‘We have an aggressive sales policy. We don’t just make a sale and then everyone piles in to work on the project. We are constantly out there winning the next piece of business’, said Wells. Finally, it is the knowledge and know-how the company has built up in the testing arena, Wells maintains. ‘If you gave two people the same ingredients, the experienced chef might make a delicious cake, the other person might not make anything at all’, he said. The company is ‘profitable and cash generative’. It made profits of £500,000 last year, but analysts’ forecasts for the year to June 2001 are for turnover of £10 million, and profits of £1 million. The company already has customers in Belgium, Holland and Ireland, as well as the UK, and Wells said the model is highly transferable both to Europe and to the US. UK customers include Cap Gemini Ernst &Young, Microsoft and One2One Mission Testing will use the money it raised from flotation to ‘consolidate our position through the right acquisitions’, mainly of companies with ‘the right calibre of testing consultants and the right client base’. ‘Testing was off the radar a few years ago. Now companies are setting aside an increasing part of their software budgets for testing’, Wells said. Even if the ambitions to be like Microsoft are misplaced, there is no doubt that just as no-one would accept a car that constantly breaks down because it has not been road-tested, people will begin to reject out of hand any software that does not work first time out-of-the-box. Perhaps Mission Testing should aim to be what Microsoft is not to the desktop. Shares should start trading on AIM in early December.
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