This is respectable quarterly in my view. In many ways MSL are...

This is respectable quarterly in my view. In many ways MSL are quite lucky.

Major restructuring, cost cutting and focus before Covid hit. Now they have opportunity to take that even further if required but fortunate in that the hard work was already done. Even with 30% of the quarter being a worldwide shutdown, they still stopped bleeding cash.

On first blush sports, leisure and venues might seem heavily impacted in the world shutdown - however the question is, what portion of MSL's revenue is transactional?

Over 50% is recurring and the majority of that from golf. Golf most places carry on operating even amidst Covid19.

In other areas the software and solutions provided run centres and business. Its not a discretionary expense. If worldwide, leisure centres and customers shut up shop forever that will be a problem. If however they are just closed for customers for a few months, I don't see the impact to MSL being as material.


At this point the company's market cap is $7m, the same as its quarterly revenue.

Another quarter will confirm its this isn't an anomaly, perhaps another still before people start to believe its sustainable.