Equity Research, Broker Reports, and media content on ELECOSOFT PLC

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Research, Charts & Company Announcements

Research Tree provides access to ongoing research coverage, media content and regulatory news on ELECOSOFT PLC. We currently have 17 research reports from 3 professional analysts.

Date Source Announcement
14Nov16 12:55 RNS Change of Registered Office
28Oct16 09:26 RNS Issue of Options
24Oct16 05:01 RNS Holding(s) in Company
17Oct16 04:52 RNS Change of Registered Office
17Oct16 07:00 RNS Acquisition of ICON
21Sep16 07:00 RNS Interim Results
14Jun16 07:00 RNS Board Appointment
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Joy of Techs

  • 21 Nov 16

ICT evolution is driven by technological development as advances are made which both meet and shape customer requirements. Our 2011 note No such thing as a telco described the modern reality in that former ‘telcos’ now deliver varying elements of a range of managed services. We built on this theme last year, exploring in further detail their evolutionary paths, operating fundamentals, and cashflow yield similarities. In the consumer environment, demand for bundles of technology is complemented by demand for content. Across the pond, the mooted combination of AT&T and Time Warner typifies the bundled need of ‘pipe’ and content, since unbundled alternatives such as FaceTime and WhatsApp can be easier and clearer to chat over, and Amazon and Netflix are easier to watch anywhere. In the UK, BT’s defensive actions cover delivery, content and capabilities, acquiring EE yet also buying football rights. While TV was long ago added to triple play to become quad play, voice is now merely an app, and fixed and mobile seen as just dumb pipes: it's the content that will influence consumer choices. Growth of TV and film as well as music and gaming over IP leads to UK small cap opportunities. In context of the drive to maximise value from pipes and access by offering content and data, we look at some amongst the potential tech small cap beneficiaries: Amino*, Keyword Studios, ZOO Digital*, 7digital*, KCOM* and CityFibre*.

Building an international business

  • 21 Sep 16

This is a good set of interims for the architectural and construction software supplier, showing sales and earnings growth assisted by FX moves and generating cash, which prompts an initial dividend declaration. Stripping out the sale of the Swedish architectural practice last December, on a LFL basis H1 revenue was up 10% YoY to £8.8m; although only 6% at constant currency. Encouragingly, 47% of the sales were recurring support & maintenance income. Because of that, gross margins for the software business remained high at 87% while operating expenses - although still comparatively heavy - were controlled, so operating margins improved 90bp to 8%, the gearing delivering 25% growth in adj. operating profit to £0.7m. With debt paid off in H2 2015, there was little interest charged so adj. PBT rose 32% to £0.7m and adj. EPS rose 23% to 0.7p. While assisted by the improved FX rate boosting its European (Swedish/German) earnings, this is still a good performance in line with our expected 25% earnings growth for the year and we make no changes to our FY 2016 forecast for £17.2m sales and FD adj. EPS of 1.3p. There was also notably good cash conversion as trade debtors were collected, seeing £1.4m from operations and only £0.3m capex, ending the period with net cash of £0.3m, from the net debt of £0.8m at the end of last year. Underlining management confidence, an interim dividend of 0.15p, has been declared, with the prospect of a FY dividend at 4x EPS cover; a prospective yield of 1.3% on the current price.