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Ann: Full Year Statutory Accounts, page-56

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Petrj

640 Posts.

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05/10/20

11:51

Post #: 47852759
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Originally posted by Hamish001: ↑

It's just a question of scale.

The way these businesses work is quite simple, organisations outsource their security monitoring and response to the TNT SOC/NOC. There's a fixed cost to TNT associated with providing this service (infrastructure + 24/7 security engineers who work out of a SOC remotely monitoring and responding). With good systems (automation and AI ) at a high-level the cost more or less remains constant regardless of whether the SOC is supporting 1 customer or 500 customers (usually with only a small incremental cost increase when there is a step change in the number of customers (I.e moving from 100 to 1000 customers may require an additional small increase in the number of engineers and possibly an upgrade in infrastructure). These are typically very high-margin businesses once they hit their breakeven point. It would appear that TNTs breakeven point is circa $10M.

As IQ3 already have a profitable SOC/NOC it is my assumption from the IQ3 announcement that the TNT and IQ3 facilities will be merged to creat a "super SOC" which through economies of scale you'd expect to be very profitable from day one.

This is one of the key reasons I really like the IQ3 acquisition.

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if this is just a question of scale why is it that revenue from managed services went up 0.5M from 2019 but EBITDA loss from this service went up by 1.4M? Nearly tripled .

TNT Price at posting: 22.5¢ Sentiment: Buy Disclosure: Held
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Ann: Full Year Statutory Accounts, page-56

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