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ECSC Group

Strong recovery in Consulting

Encouraging H2 update from ECSC Group, the UK’s longest running full service cyber security provider. Strong recovery in the Consulting division that typically represents ECSC’s initial engagement in its ‘land and expand’ strategy. Many mid-market companies ultimately conclude that outsourcing represents the only cost-effective option. This drives growth in the higher visibility Managed Services revenue and pushes up gross margins through higher utilisation of ECSC’s two SOCs. The development of the indirect channel has substantially increased ECSC’s routes to market as resellers develop additional revenue streams but recognise the need for external expertise. Cyber security remains an attractive growth market given the proliferation of attacks and increasing levels of regulation and associated fines. ECSC has developed a comprehensive service offering coupled with an experienced and settled team and continues to take market share. Minor changes to FY19 forecast and FY20 unchanged.

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  • 19 Nov 19
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Mirada

Successful revenue diversification

Further good performance in H1 from Mirada, a leading provider of integrated software for Digital TV operators and broadcasters. H1 numbers were somewhat skewed by the successful £2.1m disposal of Mirada Connect, its non-core cashless payment parking division, but underlying revenue grew 11% to $5.7m and there was a $0.3m positive swing in underlying adj. EBITDA to $0.3m. Net debt reduced $1.3m to $3.5m. H1 saw a contract win with Plataforma Multimedia de Operadores (PMO), an accelerated deployment at izzi Telecom and roll outs at ATN international (ATNi) in Bermuda and SkyTel (Mongolia). Mirada’s new Android TV custom launcher has been well received with purchase orders of more than $3m. Mirada has also integrated its Iris platform with Netflix and this is being rolled out in Mexico. Management reports a positive outlook with participation on several prospects and an increasing pipeline of opportunities. Forecasts remain unchanged and fair value increases to 182p/share from 175p.

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  • 18 Nov 19
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MIRA TERN CCT

Allenby Capital TMT Update - 18.11.19 (MIRA.L, TERN.L, CCT.L)

Mirada plc* (MIRA.L, 160p/£14.2m) | Tern plc* (TERN.L, 9.25p/£21.9m) | Character Group (The) plc* (CCT.L, 360p/£77m)

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  • 18 Nov 19
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MTI Wireless Edge Zoo Digital Group

Allenby Capital TMT Update - 11.11.19 (MWE.L, ZOO.L)

MTI Wireless Edge Ltd* (MWE.L, 34p/£29.7m) | ZOO Digital plc* (ZOO.L, 84p/£62.6m)

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  • 11 Nov 19
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Tern Starcom

Allenby Capital TMT Update - 04.11.19 (TERN.L, STAR.L)

Tern plc* (TERN.L, 9.25p/£21.9m) | Starcom plc* (STAR.L, 1.35p/£4.7m)

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  • 04 Nov 19
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AIM MARKET UPDATE Q3 2019

The continued uncertainty surrounding Brexit coupled with slowing global economies undoubtedly influenced AIM in Q3 2019. Total funds raised on AIM (new and further issues) in the quarter was £638m, 52% lower than the figure achieved in Q3 2018. Although seasonally a weak month, September 2019 was particularly poor with only £40.9m raised in further issues, the lowest monthly amount since our records began in January 2007. The £2.84bn raised to date this year on AIM (new and further issues) is down 42% on the comparative period in 2018.

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  • 29 Oct 19
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Brave Bison Group Mobile Tornado Group

Allenby Capital TMT Update 05.08.19 (BBSN.L, MBT.L)

Brave Bison Group plc* (BBSN.L, 1.45p/£8.8m) Interims: Swift response to Facebook content policy changes (31.07.19) | Mobile Tornado Group plc* (MBT.L, 5.2p/£18.1m) Subscription: Additional working capital to fund bundled PTT growth (31.07.19)

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  • 05 Aug 19
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Tern GetBusy

Allenby Capital TMT Update 29.07.19 (TERN.L, GETB.L)

Tern plc* (TERN.L, 12p/£28.4m) Investee company update (25.07.19) | GetBusy plc (GETB.L, 43p/£21.8m) Meeting with management: Revenue visibility & growth opportunity (23.07.19)

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  • 29 Jul 19
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GFIN BOOM MIRA

Allenby Capital TMT Update 15.07.19 (GFIN.L, MIRA.L, BOOM.L)

Gfinity plc* (GFIN.L, 5.25p/£23.6m) Proposed placing of £5.25m (15.07.19) | Mirada plc* (MIRA.L, 1.0p/£8.9m) Finals - Revenue growth & profitability; positive outlook (12.07.19) | Audioboom plc* (BOOM.L, 255p/£35.7m) New podcast studios in New York increases capacity (12.07.19)

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  • 15 Jul 19
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CPX BIRD BOOM MIRA

Allenby Capital TMT Update 08.07.19 (CPX.L, MIRA.L, BIRD.L, BOOM.L)

CAP-XX Ltd* (CPX.L, 4.5p/£14.9m) Court action settlement and licence agreement (02.07.19) | Mirada plc* (MIRA.L, 0.9p/£7.8m) Successful disposal of non-core business (05.07.19) | Blackbird plc* (BIRD.L, 7.375p/£21.8m) Contract win: Global Rapid Rugby highlights (03.07.19) | Audioboom plc* (BOOM.L, 242.5p/£34.0m) Notice of results (04.07.19)

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  • 08 Jul 19
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TERN ZOO ACC

Allenby Capital TMT Update 01.07.19 (TERN.L, ZOO.L, ACC.L)

Tern plc* (TERN.L, 11.25p/£26.6m) Capital Markets Event: Exposure to global IoT market (24.06.19) | ZOO Digital plc (ZOO.L, 63p/£46.9m) FY19 results: Development and disruption in OTT market (26.06.19) | Access Intelligence plc (ACC.L, 58.0p/£35.4m) Cessation of coverage (01.07.19)

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  • 01 Jul 19
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MWE ACC BBSN ECSC

Allenby Capital TMT Update 24.06.19 (MWE.L, BIRD.L, ACC.L, BBSN.L, ECSC.L)

MTI Wireless Edge Ltd* (MWE.L, 23.0p/£20.0m) Acquisition: Capturing more of the value chain (24.06.19) | Blackbird plc* (BIRD.L, 7.75p/£22.9m) Contract win: Major US broadcaster secured (19.06.19) | Access Intelligence plc* (ACC.L, 58p/£35.4m) H1 trading update: Major US broadcaster secured (19.06.19) | Brave Bison Group plc* (BBSN.L, 1.65p/£10.0m) AGM statement: Planned diversification (19.06.19) | ECSC Group plc* (ECSC.L, 75p/£16.8m) AGM statement: Managed Services growth increases recurring revnue (19.06.19)

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  • 24 Jun 19
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