The 02 contract win and the Baxters contract win will be adding to the bottom line here and I expect further wins in the near future. This is a core investment from the MXCP stable and there is now way they will allow this to remain with a £4 mill Mcap for much longer.
Simon Duckworth was not put on the BOD to oversee the square route of nothing was he :))
Pinnacle Technology Group has created a new centre of O2 sales excellence which it believes will strengthen its mobile and digital communications offering. The IT and communications service provider – which has offices in Glasgow, Stoke-on-Trent and Northampton – announced its exclusive digital partnership with leading mobile provider O2 earlier this year. Pinnacle was appointed a partner to provide tailored business to business mobile and security solutions and assist O2 in enlarging its digital capability.
In taking the new products to market, Pinnacle has developed its sales operations through the recruitment of an experienced and fully accredited O2 team that it expects will further enhance its position as a front runner in digital strategy. The five-strong team, all based in Pinnacle’s Glasgow office, will drive the delivery of innovative and efficient mobile solutions for business, from SIM-only to full mobility offerings, including tailored tariffs and contracts. It will also be highlighting the wide benefits of its in-depth business apps offering, helping organisations to work smarter, faster, and more efficiently - including collaborative working tool Box, Windows Intune for the easy enablement of BYOD with mobile device management, and Just Call Me for cost-effective conference calling anytime, anywhere. In servicing Pinnacle’s client base, the team is able to draw on 35 years of combined experience, opening up exciting new opportunities to the business.
While the focus is on O2, the team is also accredited in the likes of McAfee internet security and Office 365 online business software, ensuring fully integrated solutions. Through its O2 partnership, Pinnacle is able to further provide wide digital benefits for business, enhancing smart working, promoting business growth, and increasing the customer experience. Pinnacle Technology offers a wide range of Managed IT Services, IT Security, Connectivity, Mobile, Telephony and Infrastructure services. It focuses on providing the latest cloud and on-premise technologies which are provided as an integrated offering to the SME market and more broadly to the mid-market and public sector.
Pinnacle Technology Group CEO Nicholas Scallan, said: “With technology helping us to achieve more on the move and the concept of ‘the office’ being an increasingly fluid one, work is no longer somewhere we go; it’s something we do. “Effective mobile communications across a variety of devices is key to smart working, and what we have created as part of our partnership with O2 will enable us to deliver the best, most effective solutions for each business, ensuring higher productivity, enhancing the customer experience, and realising a significant competitive advantage. “It’s also an exciting step forward for Pinnacle as we continue to make progress towards selectively enlarging our integrated offering and, in turn, meaningfully develop
Again from the end of March so 7 months progress since that date:
These results reflect the work- in-progress status of the Pinnacle Technology turnaround, as the various measures put in place to return the business to profitable revenue growth, reduce costs and sharpen the focus of the business take effect.
**** And this next paragraph is the where you ought to be looking and remember at this point in time the company is cash positive and able to fund an acquisition: ****
However, given the progress that has been made, as detailed below and as outlined in the circular to shareholders dated 28th April 2015, the Board is now of the view that the time is right to consider reviewing acquisition opportunities that will take advantage of the underlying capabilities of the Group, as well as the highly fragmented and regionalised market in which the Group operates. The Board was pleased to appoint MXC Capital Advisory LLP to assist with this process, and to also receive significant shareholder support at the General Meeting of 14th May 2015 at which shareholders voted to approve the placing of new shares in the company, raising £0.86million before expenses for the Group, at a 16 per cent. premium to the prior closing mid-market share price on 27th April 2015.
With the opportunities available to Pinnacle Technology and the early signs of progress coming from the initiatives being undertaken to return the business to health, albeit noting that further time and efforts are still required to restructure the Group into the appropriate form for its operations, the Board remains increasingly confident about the future prospects of the Company.
As we continue this journey, we would like to recognise the support and contribution of all of our customers, suppliers, shareholders and particularly our staff in helping us achieve positive change.
Comments reflecting on progress up till the end of March this year.
Commenting on the results, Nicholas Scallan, the Pinnacle CEO stated:
"Over the last year we have seen progress in returning the business to health with a much better defined focus, costs reduced and transformational projects underway. We are proud of our recent customer successes and product developments to support the business. We said it would take time to turn the business around, as seen by these results, but we remain confident that the leaner, more focussed organisation will return to profitable revenue growth. This confidence is further supported by the recent funding round that considerably strengthens the Company's balance sheet, with the substantial investment from two of the company's existing institutional shareholders".
MXCP took their stake back in April @ 6.5p and have set about transforming PINN.
So, buying 6 months later with 6 months transformation under their belt at the same price is a complete no brainier.
The turn around of the business will not take a year to complete and will not take much longer before the building blacks are put in place. The recent contract wins tell you that as these were contracts that pinn were not in a position to tender for before MXCP came on board let alone compete for and win them!!.
The news when it comes could be spectacular. 6 months of restructuring and streamlining will show through very soon and will be reflected in the share price.
Crazy prices when you consider what mxcp paid 6 months ago.
You buy now because you can get onboard at around the same price as MXCP came onboard when they facilitated the placing for Pinn. Bringing in another insti by the way. If this price was good enough for Ian Smith and his team then its good enough for me. He is no mug. Some of the worlds most influential investors think the same and back Ian Smith and Tony weave in everything they do. From Slater to Soros to Wray etc If Smith and Weaver are involved, then that lot sit up and pay attention. So do I. MXCP bought at 6.5p You could have as well if you were sharpish. You still can give or take a penny.
I would expect that MXCP see their investment and any future investment as being worth a lot more!! in due course.
Yes, it's actually quite a encouraging statement from mxcp that they think this will one day be a mid market sized company. It's only got a £4 mill Mcap right now and that means there is a massive growth ahead to become even a £30 mill Mcap never mind mid market.
In the near term a £12 mill Mcap is very achievable and is still absolutely nothing considering what they are doing and hows all involved here.
One day soon mxcp will bring pinns first acquisition and it's going to change the landscape here.
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