Cleaning house
Blancco expects to report FY17 revenue growth of 40%, in line with our forecast. After providing for a previously flagged late payer, adjusted operating profit is expected to be c £5.5m. We have revised our forecasts to reflect the bad debt provision and slightly higher operating expenses, as well as reflecting the recent fund raise. We reduce our FY17e normalised EPS by 42% and FY18e and FY19e by 12%. We forecast net cash of £1.5m at the end of FY17.Blancco Technology Group provides data erasure software. Co.'s segments are: Erasure, which enables customers to erase and repurpose IT devices with certified software; and Diagnostics, which provides diagnostics of smartphones and tablets, as well as new diagnostics tools. The erasure division focuses on development and delivery of solutions, includes: Blancco, a provider of data erasure software; SafeIT, which involved in cloud and networked data erasure; and Tabernus, which provides software erasure products. The diagnostics division consists of the Mobile Diagnostics business, comprising Xcaliber Technologies, a smartphone diagnostics software business and its SmartChk solution.
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