Rob Woodward, who has been a non-executive director since 2013, has been promoted to this role.
As planned, Matthew Peacock stepped down from the non-executive chairman role in March 2017. Simon Herrick joined as interim CFO in March 2017 and will support the search for a permanent CFO. On the sale of the Repairs business, Pat became the CEO of the newly rebranded Blancco Technology Group.
He was appointed to the Regenersis board as an executive director in October 2015. Patrick Clawson, CEO, joined the company in January 2015 and was appointed CEO of the Digital Security Software business. Key share price triggers would include material contract wins in the Diagnostics business, significant contracts won via indirect channels and evidence of Blancco software being used in new technology such as IoT devices. We believe that successful execution of the company’s growth strategy could see the share valuation trending to the upper end of its peer group. With Blancco having assembled a management team with experience in growing software businesses, we believe the company is taking a sensible approach to encouraging adoption of its software through its combined focus on direct sales, channel partners and ‘influencing the influencers’. Our forecasts assume that the company is successful in educating the market on the need for secure data erasure, resulting in a multi-year growth phase.
Lower than expected constant currency growth rates appear to be one of the reasons for the share price decline however, management confirmed that it expects to meet consensus revenue forecast for FY17 (c £32m). Post the reaction to interim results, Blancco’s valuation sits in the middle of the range of UK high-growth software peers, but at the lower end of the range compared to global cybersecurity software companies. Valuation: Growth prospects not fully factored in
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