Belgravium Technologies (AIM:BVM) an exciting recovery story or….?
Shares in the supplier of mobile data computing solutions slumped as interim results suggest there is quite a lot of work to do in the current year to sort out the cost base. The approach by Trakm8 a year or so ago implied they might have some interesting technology hidden in their overly complex structure, although it wasn’t sufficiently interesting for Trakm8 to get out its cheque book! There could be an interesting recovery story here.
The new Chairman (surprisingly an insurance and media man) has issued a refreshingly honest commentary on the business stating that the Group’s structure is “overly complex and disparate and that its strategy requires greater coherence”. It’s also clear that the staff want change with employees at all levels telling him “that there is a real mandate for change.” Revenue in the six months ended 30 June 2015 declined to £4,431,000 (2014: £4,568,000) due to a general flatness in the market and a specific internal issue caused by the distraction of integrating the recently acquired Access Fire and Security business. The…