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Prices & Quotes - UK Markets - Gresham Technologies (GHT)

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Share Price:
172.00p
Change Today:
0.000p
Market Cap:
143.39m
Sector:
Software & Computer Services

Gresham sells storage business

Date: Monday 19 Oct 2009

LONDON (ShareCast) - Real-time financial software provider Gresham Computing is selling its Storage Director business for an initial $1.4m in staggered payments.

Fully listed-Gresham will receive $600,000 - $500,000 after expenses - of the initial payment this year with the rest payable in two instalments in 2010. Gresham could receive a further $1.8m based on a minority share of future sales over the next five years. As well as the cash inflow, the disposal will enable Gresham to reduce costs by 900,000 a year.

Gresham is in the process of matching costs to its recurring revenues, according to its interim management statement. The board says that Gresham is on course to reduce annual costs by 2.6m during 2009.

Revenues in the first nine months of 2009 declined as the staff placement business was run down and a major contract in 2008 was not repeated. The loss after tax in the nine month period was 1.5m, compared with 1m in the first six months. The cash balance declined slightly from the 1.1m reported for the end of June 2009. Disposal proceeds will help to rebuild the cash balance.

The long-term focus will be on the real-time financial software business. The company has already sold Gresham Software Labs. Gresham still owns the EnterpriseDistributape storage business. This is profitable and cash generative and Gresham says that the Storage Director disposal does not affect EDT, but broker FinnCap believes that it is non-core.

Management is pinning its hopes on the recently won global banking group project which they believe will generate a pipeline of new business.

Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

GHT Market Data

Currency UK Pounds
Price 172.00p
Change Today 0.000p
52 Week High 176.50p
52 Week Low 132.50p
Volume 8,037
Shares Issued 83.36m
Market Cap 143.39m
Beta 0.32

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GHT Dividends

  Latest Previous
  Final Final
Ex-Div 15-Apr-21 09-Apr-20
Paid 20-May-21 21-May-20
Amount 0.75p 0.75p

Trades for 03-Dec-2021

Time Volume / Share Price
09:52 5,753 @ 172.86p
08:03 2,284 @ 172.87p

GHT Key Personnel

CEO Ian Manocha