Price Target Changed • Apr 27
Price target increased to UK£3.55 Up from UK£3.20, the current price target is an average from 4 analysts. New target price is 45% above last closing price of UK£2.45. Stock is down 13% over the past year. The company is forecast to post earnings per share of UK£0.0095 for next year compared to UK£0.0026 last year. Price Target Changed • Feb 09
Price target increased to UK£3.56 Up from UK£3.20, the current price target is an average from 4 analysts. New target price is 29% above last closing price of UK£2.76. Stock is down 4.8% over the past year. The company is forecast to post earnings per share of UK£0.019 for next year compared to UK£0.0026 last year. Major Estimate Revision • Jan 20
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate fell from UK£0.03 to UK£0.02. Revenue forecast unchanged from UK£91.0m at last update. Net income forecast to shrink 5.1% next year vs 2.1% growth forecast for Software industry in the United Kingdom . Consensus price target of UK£3.25 unchanged from last update. Share price was steady at UK£2.57 over the past week. Reported Earnings • Jan 14
First half 2022 earnings: Revenues exceed analysts expectations while EPS lags behind First half 2022 results: EPS: UK£0.021 (up from UK£0.004 in 1H 2021). Revenue: UK£38.8m (up 33% from 1H 2021). Net income: UK£5.40m (up 484% from 1H 2021). Profit margin: 14% (up from 3.2% in 1H 2021). Revenue exceeded analyst estimates by 1.9%. Earnings per share (EPS) missed analyst estimates by 74%. Earnings per share (EPS) missed analyst estimates by 74%. Over the next year, revenue is forecast to grow 29%, compared to a 29% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has only increased by 28% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions Derivative • Aug 27
Chief Technology Officer exercised options and sold UK£298k worth of stock On the 25th of August, Ian Hepworth exercised 167k options at a strike price of around UK£1.12 and sold these shares for an average price of UK£2.90 per share. This trade did not impact their existing holding. Since December 2020, Ian's direct individual holding has increased from 157.80k shares to 282.80k. Company insiders have collectively sold UK£14m more than they bought, via options and on-market transactions in the last 12 months. Major Estimate Revision • Jul 30
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate fell from UK£0.037 to UK£0.029. Revenue forecast unchanged from UK£83.8m at last update. Net income forecast to grow 719% next year vs 11% growth forecast for Software industry in the United Kingdom. Consensus price target up from UK£3.01 to UK£3.14. Share price rose 13% to UK£2.98 over the past week. Recent Insider Transactions Derivative • Jul 27
CEO & Director exercised options and sold UK£777k worth of stock On the 22nd of July, Benjamin Dorks exercised 600.00k options at around UK£0.01, then sold 300k of the shares acquired at an average of UK£2.60 per share and kept the remainder. For the year to April 2020, Benjamin's total compensation was 93% salary and 7% non-salary. Since December 2020, Benjamin has owned 2.65m shares directly. Company insiders have collectively sold UK£13m more than they bought, via options and on-market transactions in the last 12 months. Reported Earnings • Jul 23
Full year 2021 earnings released: EPS UK£0.003 (vs UK£0.001 loss in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: UK£65.6m (up 16% from FY 2020). Net income: UK£623.0k (up UK£816.0k from FY 2020). Profit margin: 0.9% (up from net loss in FY 2020). Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has increased by 25% per year, which means it is well ahead of earnings. Executive Departure • May 22
Group Executive Chairman David R. Hornsby has left the company On the 13th of May, David R. Hornsby's tenure in the role of Group Executive Chairman ended. As of March 2021, David R. personally held 7.64m shares (UK£22m worth at the time). A total of 2 executives have left over the last 12 months. Price Target Changed • May 14
Price target increased to UK£2.85 Up from UK£2.65, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of UK£2.79. Stock is up 75% over the past year. Price Target Changed • Mar 16
Price target increased to UK£3.30 Up from UK£2.82, the current price target is an average from 3 analysts. New target price is 14% above last closing price of UK£2.90. Stock is up 89% over the past year. Recent Insider Transactions • Feb 25
Insider recently sold UK£570k worth of stock On the 22nd of February, Graeme Spenceley sold around 200k shares on-market at roughly UK£2.85 per share. In the last 3 months, there was an even bigger sale from another insider worth UK£7.5m. Insiders have been net sellers, collectively disposing of UK£9.8m more than they bought in the last 12 months. Recent Insider Transactions • Feb 13
Group Executive Chairman recently sold UK£7.5m worth of stock On the 11th of February, David R. Hornsby sold around 3m shares on-market at roughly UK£2.89 per share. This was the largest sale by an insider in the last 3 months. This was David R.'s only on-market trade for the last 12 months. Reported Earnings • Jan 30
First half 2021 earnings released: EPS UK£0.004 (vs UK£0.002 in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: UK£29.2m (up 6.8% from 1H 2020). Net income: UK£925.0k (up 176% from 1H 2020). Profit margin: 3.2% (up from 1.2% in 1H 2020). Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has increased by 33% per year, which means it is well ahead of earnings. Price Target Changed • Jan 27
Price target raised to UK£2.82 Up from UK£2.54, the current price target is an average from 4 analysts. The new target price is close to the current share price of UK£2.82. As of last close, the stock is up 45% over the past year. Is New 90 Day High Low • Jan 15
New 90-day high: UK£2.89 The company is up 38% from its price of UK£2.10 on 16 October 2020. The British market is up 16% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Software industry, which is down 6.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is UK£1.24 per share. Is New 90 Day High Low • Dec 31
New 90-day high: UK£2.80 The company is up 49% from its price of UK£1.88 on 02 October 2020. The British market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Software industry, which is down 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is UK£1.24 per share. Is New 90 Day High Low • Dec 11
New 90-day high: UK£2.41 The company is up 21% from its price of UK£2.00 on 11 September 2020. The British market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Software industry, which is down 9.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is UK£1.14 per share. Price Target Changed • Dec 09
Price target raised to UK£2.52 Up from UK£2.27, the current price target is an average from 4 analysts. The new target price is 11% above the current share price of UK£2.27. As of last close, the stock is up 34% over the past year. Recent Insider Transactions Derivative • Nov 20
CEO & Director exercised options and sold UK£657k worth of stock On the 12th of November, Benjamin Dorks exercised 600.00k options at around UK£0.01, then sold 300.00k of the shares acquired at an average of UK£2.20 per share and kept the remainder. For the year to April 2020, Benjamin's total compensation was 93% salary and 7% non-salary. Since June 2020, Benjamin has owned 2.35m shares directly. Company insiders have collectively sold UK£3.8m more than they bought, via options and on-market transactions in the last 12 months. Is New 90 Day High Low • Nov 07
New 90-day high: UK£2.27 The company is up 29% from its price of UK£1.76 on 07 August 2020. The British market is down 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Software industry, which is down 7.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is UK£1.06 per share. Price Target Changed • Oct 30
Price target raised to UK£2.27 Up from UK£2.03, the current price target is an average from 4 analysts. The new target price is 5.8% above the current share price of UK£2.14. As of last close, the stock is up 46% over the past year. Recent Insider Transactions • Oct 02
Company Secretary recently sold UK£1.7m worth of stock On the 29th of September, Graeme Spenceley sold around 900k shares on-market at roughly UK£1.93 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of UK£1.5m more than they bought in the last 12 months. Reported Earnings • Sep 23
Full year earnings released - UK£0.00086 loss per share Over the last 12 months the company has reported total losses of UK£193.0k, with earnings decreasing by UK£1.58m from the prior year. Total revenue was UK£56.6m over the last 12 months, up 21% from the prior year. 
