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Another decent rise on back of contracts and financing
A decent rise today. I wonder why the sudden interest and share price increase
I take it Ide is of the view there has been insufficient substantive change to require notification, and the MXCP RNS is a flavour for MXCP shareholders. I have no direct current interest in Ide, but indirectly through MXCP to achieve some tech diversification through their investee companies. There looks to be a way to go with Íde in controlling costs, and stabilisation and growth of a profitable customer base, but we are told progress is being made. It is a turnaround work in progress, with as you say, MXCP stating confidence in their ability over time to ready the company for their exit (presumably by sale, and possibly to MXLG)
Overall sounds positive. I guess when they're that deep in, they've got to try and be positive.
Significant renewals and contracts - then why no RNS? I guess they're not that fussed on the share price right now. And what on earth is a "general level" of churn. And if that's affecting profitability again, why not RNS it to... you know.. the other shareholders? We shouldn't be getting business updates via another company.
In the interest of updating reports on MXCP/Íde, extract from MXCP results 3rd.December.
The path to recovery for IDE has been a long and difficult one and at times it felt like one step forwards, two steps back. Nonetheless the teams within the business, both executive and operational, have worked wonders and they now have a good platform from which to grow. The business was refinanced at the beginning of 2019 by the issue of £10.0 million secured loan notes. MXC now holds £8.0 million of these loan notes plus accrued interest, alongside 43.1 per cent. of the equity of IDE. The refinancing means that IDE now has secure, long term funding and no external third-party debt as the loan notes are held solely by shareholders. Whilst there remain challenges, in recent times IDE has moved into positive territory by beginning to win significant renewals and new contracts, testament to the will, enthusiasm and dedication to customer service from the operational team. There still exists a general level of customer churn in IDE which has impacted current year revenue and profitability, but this continues to be addressed and once this ceases, we anticipate the business will have turned the corner and should achieve market levels of profitability, which it is more than capable of delivering.
We remain confident that we will see a complete return of our capital from IDE.
It's good to see the a bit of a ceanup. FINALLY removed details of people who haven't worked there for over a year. Also a bit of activity on LinkedIn which is good, although someone linking to their staging site which isn't great.
The web site looks to have been updated recently.
Looking good with a lot more information.