PINN must be all over the place riddled with confusion as to how and why the share price is being ravaged by a suspicious market and valued at less than the Boards perception of value. Oh how the mighty and pompous have fallen since those heady days of 24p when everything looked so rosy and robust! It is unreal that a potential bid of 21p was rebuffed but I guess COMS are breathing a sigh of relief in not buying out this "failure" if the share price is anything to go by, after all, how long has it been since PINN issued a trading update ? Things look weak here
Mr. Nicholas Scallan is Chief Executive Officer, Director of Pinnacle Technology Group PLC. Prior to joining Pinnacle, Nicholas was most recently Director of Customer Solutions at Virgin Media Business. He spent nine years at Virgin Media, holding a number of commercial and operational roles including P&L management of the data products portfolio, customer engineering, and has overseen a number of organisational restructuring activities. Before Virgin Media, Nicholas was at Energis, responsible for broadband, data and internet related programmes. In The Netherlands he held the position of Networks Director for Enertel NV, and was involved in the sale of the business to a Dutch venture capital group. He studied Electrical Engineering at the University of Strathclyde, is a Chartered Engineer and a member of the Institute of Engineering and Technology.
They have reduced head count, business confidence is picking up, which provides opertunity to cross sell (the voip market is gaining momentum generally - coms do voip too by the way), cloud facilities are replacing traditional onsite servers etc, and security is still a big revenue generator.
Don't know if they are doing the commonwealth games, but with virgin media they could be assisting in more festival live events etc.
"the Board embarked on a strategic review of the Group and has taken robust actions to reduce on-going costs in recent months. As a result, the Group is now trading close to EBITDA breakeven on a monthly basis."
The new CEO, has probably improved on this. The sales force, with gyuidance, should have pulled in new business too. If not get rid of them, and Pinn go positive EBITDA .
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