After it took a share-price pounding in 2013, the Ellies results were eagerly awaited and, as per a trading update last year, they were slightly worse than expected – but that is the nature of an entrepreneurial company. The previous period had been boosted by the Eskom Residential Mass Rollout (RMR) that wasn’t repeated, while a weaker rand and consumer pressure saw revenue slightly down with margin and HEPS under pressure. Digital terrestrial television (DTT) is still the kicker here with 11m households owning TVs, and although many will not be buying the settop boxes, this will give Ellies another great year or two after the roll-out starts. That is very much the nature of Ellies, a solid underpinning business with the occasional opportunity created, which it’ll grab with both hands and profit from. One of these opportunities may be arriving in the shape of reports that South Africa will be adopting a new wall plug system. This will be a slow process, but Ellies is perfectly placed to supply the new wall sockets that we’re all going to need in the future.