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Gfinity
Focus on core areas; significant cost reductions

Interims from Gfinity, the leading international esports business, saw progress with gross profit growth and cost control resulting in reduced operating losses. Going forward, Gfinity is focusing on three core areas where it has a competitive advantage (eMotorsports, own community and building communities for others) and exiting other areas. As flagged in March, Gfinity has undertaken a strategic review and has started a series of major cost reduction measures including board and senior leadership changes and is adopting a more flexible operating cost model. It is also strengthening its balance sheet with a conditional raise of £2.25m at 1p/share plus a 1:1 warrant. COVID-19 has driven a surge in video gaming and in traffic to Gfinity’s own platforms and has created opportunities, such as the F1 Esports Virtual Grand Prix series. It has also created an increased level of uncertainty for the rest of FY20, however, with major live physical events deferred. Consequently, we are withdrawing forecasts in the interim.

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  • 02 Apr 20
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BIRD ECSC TERN STAR
Allenby Capital TMT Update - 30.03.20 (BIRD.L, ECSC.L, TERN.L, STAR.L)

Blackbird plc* (BIRD.L, 10.25p/£34.4m) | ECSC Group Plc* (ECSC.L, 72.5p/£6.6m) | Tern plc* (TERN.L, 4.75p/£12.8m) | Starcom plc* (STAR.L, 0.925p/£3.2m)

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  • 30 Mar 20
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ECSC Group
Return to profit; good Q1 performance

Prelims from ECSC Group, the UK’s longest running full service cyber security provider, were in line with expectation and January’s pre-close update. FY19 revenue of c. £5.9m (+10%) indicates record H2 revenue of £3.3m, up 20% on H2 FY18 and 24% on H1 FY19. Managed Services revenue increased 48% to £2.6m and its higher gross margin benefited group GM (+600bps to 57%). ECSC secured 118 new Consulting Service clients (+24%) both directly and via its new partner programme that has significantly expanded ECSC’s sales reach. Consulting clients also represent a core source for Managed Services prospects. FY20 had started well with Managed Service and Consulting contract wins and Q1 revenue +9%. The emergence of COVID-19 has increased the need to cyber security as more organisations move to remote and cloud-based working but it will impact on-site Consulting activity. ECSC can continue to provide its full range of services but we believe it is prudent to suspend forecasts until the situation becomes clearer.

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  • 25 Mar 20
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Cap-XX ECSC Group
Allenby Capital TMT Update - 16.03.20 (CPX.L, ECSC.L)

CAP-XX Ltd* (CPX.L, 2.75p/£11.6m) | ECSC Group plc* (ECSC.L, 95p/£8.6m) |

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  • 16 Mar 20
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Cap-XX
Manufacturing expansion project on track

Interims from CAP-XX Ltd, the leading designer and manufacturer of thin, flat supercapacitors and energy management systems, were in line with management expectations with growth in revenue, improved gross margin and operating costs essentially flat resulting in reduced losses. The project to transfer the former Murata manufacturing assets remains on track. As set out in November’s note, this transaction provides access to established product designs, proven manufacturing assets and potential customers in its small form factor target markets. Management also continues to pursue its IP licensing/patent infringement strategy. Management reports strong sales pipelines for both prismatic and cylindrical can supercapacitors although some customers and suppliers are starting to report a negative Covid-19 impact with delivery dates extended and manufacturing constraints. Hence, we temper our revenue growth assumptions (50% to 41% in FY20). FY21 growth unchanged but off a lower base.

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  • 16 Mar 20
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TERN CPX MWE STAR BBSN
Allenby Capital TMT Update - 09.03.20 (TERN.L, CPX.L, MWE.L, STAR.L, BBSN.L)

Tern plc* (TERN.L, 7.75p/£20.9m) | CAP-XX Ltd* (CPX.L, 2.85p/£9.2m) | MTI Wireless Edge Ltd* (MWE.L, 34.5p/£30.3m) | Starcom plc* (STAR.L, 1.275p/£4.4m) | Brave Bison plc* (BBSN.L, 1.15p/£7.0m)

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  • 09 Mar 20
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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)

Brave Bison Group Mobile Tornado Group

  • 05 Aug 19
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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)

Tern GetBusy

  • 29 Jul 19
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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)

GFIN BOOM MIRA

  • 15 Jul 19
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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)

CPX BIRD BOOM MIRA

  • 08 Jul 19
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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)

TERN ZOO ACC

  • 01 Jul 19
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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)

MWE ACC BBSN ECSC

  • 24 Jun 19
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