Share Name Share Symbol Market Type Share ISIN Share Description
Patsystems LSE:PTS London Ordinary Share GB0032386822 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 13.75p 0.00p 0.00p - - - 0 06:30:09
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Software & Computer Services 22.1 3.2 1.4 9.8 28.11

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Date Time Title Posts
28/2/201210:28PATSYSTEMS - Coming to a trading screen near you !1,285
29/1/200717:04Patsystems (with charts)10
29/1/200717:01PATSYSTEMS !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!2,434

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glasshalfull: I don't hold PTS as documented on the thread sometime ago but continue to monitor its progress. Turnover last year was £22m so approx 13% of revenue away but how profitable was this revenue is the more important question. Given the recent profits warning I wish all holders the best of luck and hope that ION come calling with a bid at a premium. I won't be looking in again, though probably no fault of their own I just find them too accident prone. Article from GCI tonight. Patsystems suffers MF Global blow 31/10/2011 Miles Nolan The shock news that US brokerage MF Global has filed for bankruptcy protection, has dealt a further blow to beleaguered trading systems supplier Patsystems (PTS). Patsystems has issued a statement this afternoon in which it admits that MF Global is an important customer, accounting for £3 million of recurring revenue. It is also an outstanding debtor, with £300,000 owed to the AIM counter. Shares in MF Global have been suspended in New York, after revealing £4 billion of eurozone debt exposure - a position which threatens its 2,000 strong worldwide workforce. Just last week the brokerage suffered a two-thirds collapse in its share price, after revealing a $191.6 million quarterly loss. This led its credit rating to be cut to junk status. It was spun off from Man Group in 2007, and was a leading player in exchange traded futures and options. Earlier this month Patsystems warned on profits, largely due to the failure to close two one-off exchange license sales. It had been talking to four exchanges in Asia and two in the Americas, however the board no longer believe the deals will be completed by the year-end. In the days following it did not deter two non-executive directors picking up stock, and perhaps more importantly its largest shareholder ION Trading has upped its holding from 26.93 per cent to 27.91 per cent. The shares have fallen by 13 per cent to a year low of 10.25p, and are likely to remain under pressure until a clearer picture emerges ----------- Kind regards, GHF
red is in: H1 2011 had an operating profit of sub £0.1m with FY results set to consolidate Mixit's results which posted net profit of $0.6m in the year to Apr 2011. Despite this positive addition to the bottom line the company is expecting "only modest profits for the year" so it looks like the Patsystems business is now loss-making. My guess would be pre-tax contribution of £0.4m for Mixit and -£0.3m for Patsystems With estimated £4m cash left and up to £3.3m deferred payment for Mixit due April 2012 depending on its revenue contribution and assuming 75% of that is met (£2.5m plus 10m shares) cash balance will be down to £1.5m with a potential dividend payment of about £0.5m in Q1 2012 (possibly the last for a while) leaving £1m free cash going forward. Taking into account the £4.5m debt facility net debt would be an estimated -£3.5m With debt and a low-margin barely breakeven business model £25m market cap looks high. I would not value it much higher than £15m at this stage. With the expected 10m shares to be issued as part of the deferred consideration that equates to a share price of 7p
hastings: Not what holders wanted to hear, but then when you get a warning the share price is savaged. Tend to agree with dealit though in that longer term these will be ok and it will be interesting to see if the Direcots pick up any more(not that it is particularly indicative) I also wonder about the major shareholder and competitor's long term intentions here.
bg23: copied this of dow jones newswires. interview with ceo webber. theres a big jump im outstanding business pipeline to look forward to ! 27/07 14:11 - UPDATE: Patsystems Sees Order Pick-up In 2H As Pipeline Grows (Adds detail, comments & share price.) By Hannah Benjamin Of DOW JONES NEWSWIRES LONDON (Dow Jones)--Electronic trading technology provider Patsystems PLC (PTS.LN) Tuesday said its sales pipeline continues to grow, largely as a result of new business opportunities in emerging markets, which it is confident can be converted to orders as soon as this year. Chief Executive Officer David Webber said the company's new business pipeline is worth about $14 million compared with $10 million at the start of 2010. "We're very excited about opportunities in Brazil, Malaysia and Indonesia and we expect to start converting some of the pipeline in the second half," he said. Patsystems' technology is used by global financial institutions as well as independent traders in Europe, the U.S. and Asia-Pacific. Its products range from plug-and-play modules that address specific issues, to high-performance trading systems with global access to derivatives exchanges and clearers. About 40% of the firm's revenue comes from clients in Asia, with 25% coming from the U.S. and the rest from Europe. Webber expects the proportion of sales coming from Asia to climb to about half of group revenue. "We have a trading system front end that's very low cost to distribute, which appeals to emerging markets, and we offer a connection to a huge number of derivatives markets as well as providing trading infrastructure," he said. Patsystems' first half, ended June 30, pretax profit fell to GBP629,000 from GBP1.5 million a year earlier as in 2009 the company booked a GBP900,000 gain on a derivative currency contract which reversed to a GBP300,000 loss this year. Stripping this out, adjusted pretax profit soared 37% to GBP1 million from GBP752,000. Sales rose 6% to GBP10 million from GBP9.5 million, as solid trading in Europe and Asia offset a 20% fall in sales from the U.S. after one of its clients went in to receivership and it got less bespoke work than in previous years. "We do expect the U.S. to come back, and we report our Brazil-based revenue within the U.S. results which will benefit it, but we see North U.S. revenue being flat for the rest of the year," Webber said. Numis Securities analyst David Toms kept a "buy" rating on Patsystems and said the company's results show "good progress" on last year. Toms said the bullish outlook statement is reassuring given Patsystems' traditional second-half revenue weighting. At 1306 GMT, Patsystems' shares were trading 0.37 pence, or 1.5%, higher at 24.62 pence, outperforming a 0.3% rise in the Dow Jones U.K. Smaller Companies index. The company hiked its interim dividend 38% to 0.2 pence a share from 0.145 pence a share a year earlier, which it said reflects strong cash generation and its confidence in future growth opportunities. -By Hannah Benjamin, Dow Jones Newswires; 44-20-7842-9298; -0- Order free Annual Report for Patsystems (UK) Ltd Visit or call +44 (0)208 391 6028 Order free Annual Report for Patsystems (UK) Ltd Visit or call +44 (0)208 391 6028 Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: You can use this link on the day this article is published and the following day. (END) Dow Jones Newswires
bg23: can you post the note or a link? i'm not sure it would have any bearing on the timing or actuality of a move by ION, but i have seen a couple of references in the press recently regarding TA associates investment companies realising investments, but the topup purchase by ION does show a financial capability/availability of cash given that they hold approximately £14m in pats and a holding of +25% of FFA - both are essentially dead money to a privately financed company given that there is no balance sheet consolidation available, and thats a lot of cash to have tied up for to long to a return hungry Venture capital financed company. i think they will bid, but the timing is un-guessable. ION have set out their stall as consolidator and are, with their shareholdings above, keeping other parties out of the game. PATS company doesn't have a small shareholder following as evidenced by the 2 trades this morning, and its fairly tightly held by long term investors. so any deal when /if announced is likely to be a done deal and presented to shareholders as a fait accomplis. as i said on the FFA board a while back, the only reason for continuing to hold the shares is that you have faith in the current management and are therefore looking to benefit from further growth whilstbeing happy to take the dividend. if you are expecting a sharp markup in the share price because ION are going to bid, its probably a long wait and there might be better places to have your cash.
bg23: relatively positive tone to the very brief statement this morning, although it would have been good to have had a more expansive commentary from the company. ION has announced that they bought the 2m shares last week, now hold 29.45% - probably funded the purchase through dividend income. given edison's/market eps projections, I'd expect the share price to be improving rather than continuing sideways. its would be very easy to justify a 30p price given the companies cash generation and business mix, there is no premium in the price for the expected move by ION to take PATS under its wing. new business wins might get the share price moving, but the only game in town apprears to be when ION decide consolidation time is right
bg23: i've also added to my holding since the numbers, impressed with the results and outlook. given the cash generation and the high repeat income, I think its only a matter of time beofre we see new highs for the year. news yesterday confirms the companies statement that there is a good pipeline of potential clients lined up, and this will further increase the recurring revenue. income diversifiaction across eu, us and asia shows strength and is a natural hedge against currency fluctuations although the company does hedge the majority of income in order to avoid unpleasant income surprises. ION,silent as ever. no point in second guessing if when or whether they will make a move.but an improving customer base, income and share price might force their hand one way or another.
bg23: turtle, I agree, but then again, i suspect most of the old hands here would. it certainly seems a bit perverse that the share price doesn't attract a better rating. and whilst things stay that way, i suspect that there is no pressure on ION to move on the company if that is its intention
turtle head: I must admit I am perplexed by the low target prices I have seen, 30p above and 32p from Numis, and the lack of movement in the share price. A growing company with a high level of recurring sales, profitable, cashflow positive, no debt (indeed a significant bank balance) and yet it trades at a very low PE ratio. What is keeping the shareprice so low? Is it the small company nature or the unresolved intentions of the major shareholders acting as an overhang? What else do management have to do?
eacn: The lack of a pre-close statement is not a good sign. If results were materially behind or ahead of market expectations (viz. +/- 10%) the company would have had to make an announcement. The lack of an announcement suggests that we can discount this possibility. If results were in line with expectations (i.e. within +/- 10%), particularly if they were in-line or slightly below market forecasts, then a pre-close statement would have had a softening effect on the share price, an outcome which the board would have wished to avoid. The limited number of RNS announcements over the last 6 months, in the face of aggressive stake building by ION, underlines the impression that the company is not materially exceeding forecasts. While the CEO may talk up the prospects, I suspect that the numbers have yet to confirm over-delivery. The RNS history in H2 should have, and indeed did, result in a declining share price trend over the last 6 months. That the price has not fallen further reflects the sustained buying by ION. But given the lack of a pre-close and ION's decision to cease buying for the time being, one has to ask why the price has not softened over the last month. My reading of the situation is that the company is broadly performing in line with expectations, but that in itself would not support the current share price. If ION were to declare no intention of bidding the share price would probably fall to below 20p. So given that there is stock around in the market, continued support for a share price of 26p suggests that the market remains of the view that ION are a buyer and ultimately a bidder for PTS. My reading of ION's position is that they correctly gambled that PTS would not out-perform in 2007. Had PTS done so, and issued a pre-close RNS to that effect, ION would be faced with a share price at 30p and a tougher battle for control. Knowing as they now do that PTS is probably only performing in line with expectations ION can wait for the share price to subside before making any further move. Post the results in February, with no further ION buying, the share price could be in the low 20's, reducing the bid price target. If ION take the view that the 2008 PTS profit targets will not be met (or if the company via its broker issues further guidance) ION may wait for sufficiently long to ensure that the price of their earlier trades has no effect on the offer price. Another possibility is that ION are already in talks with the company during the close period. However, given the lack of a pre-close, I can see no reason for ION agreeing to enter such talks. If the company is not outperforming, the 2008 outlook for the share price is subdued and ION can only improve its chances of gaining control at a lower price by sitting on its hands.
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