Miller Fisher Share Discussion Threads

[recruiter] 27/6/2002 09:59

just read in Insurance Times that they have created their own bespoke software for use over the web by clients (could this be a problem for "the claims people.com" ?) which cost £500K to develop but has already been bought by a new client. System can be tailored to meet exact client needs.
Money well spent if you ask me. (Still not a shareholder though)

[petersmith6] 26/6/2002 20:09

more panic sales...

[eugene1234] 24/6/2002 10:49

the 'future' looks bright

[recruiter] 24/6/2002 10:44

Freddy,

what are your thoughts on this now. I still haven't bought in yet, negative & positive in the statement.
what to do ?

[ydderf] 24/6/2002 09:08

well they would say that, wouldn't they, what chance would they have of raising more dosh from silly shareholders otherwise?

[steddieddie] 24/6/2002 09:00

RNS Number:6369X
Miller Fisher Group PLC
24 June 2002



For immediate release 24 June 2002

MILLER FISHER GROUP PLC

AGM STATEMENT


At the Annual General Meeting of the Company, to be held today at 12pm, the
following statement will be made.


I explained in my statement in the Annual Report and Accounts 2001 that the
major preoccupation of your board in the latter part of 2001 was to put your
company on a sounder financial footing so that new business could be won and
revenues and profits rebuilt.


The financial restructuring, which involved the subscription for £13.25m of
preference shares by the Bank of Scotland, was completed in March 2002. This
restructuring was effected in order to remove the uncertainty surrounding the
Group's future, and restore financial confidence in the Group amongst the
group's customers, so allowing a rebuilding of the customer base.


Our revenue rebuilding programme has started well. In the UK our claims
management and administration business has secured a number of new contracts.
These include several warranty, creditor and travel schemes for our Business
Solutions division based at Waltham Cross which are expected to be worth at
least £1.2m in a full year. Our UK Motor Inspection operation has won new
business estimated to be worth approximately £500k in a full year and our
Investigation Operation has also achieved a number of valuable successes. The UK
Adjusting business continues to trade against a difficult background but has
nonetheless made progress in developing additional revenues, the benefit of
which, estimated to be approximately £1.0m per annum, will be seen in the second
half. In addition the UK business is dealing with a record number of enquiries
from potential clients and the outlook for further wins is encouraging.


We announced in May a number of new contracts for Miller Farrell in Ireland
which has had a strong first half of the year. July will see the launch of its
outsourcing operation "Miller Farrell Solutions" and this is expected to provide
opportunities for further expanding the business. Miller International has also
made progress and has won several new nominations on major construction projects
both in the UK and abroad on behalf of underwriters such as AIG, Generali, Swiss
Re and Munich Re.


Overall the new contract wins achieved by the Group in the first half of this
year have an annualized value of in excess of £3 million. We have continued the
reorganization of our UK operations, and costs have now been reduced by
approximately £10m per annum compared to last year, the full benefits of which
will be felt in the second half of 2002.


Since it will take time for the benefits of the new business and cost savings to
flow through to the bottom line, as expected we will report a loss for the first
half of the year. However we expect a return to profitability during the second
half of 2002 and a return to cash generation at the operating level by the end
of the year. However, the company is operating within tight cash constraints
and, now being confident of the sustained improvement in revenues, combined with
the lower cost base, your Board considers it necessary that further permanent
capital be raised in the second half of the year. In the meantime, we continue
to experience net cash outflows, and are in discussions with our bankers to
provide us with further short term facilities until the funds proposed to be
raised by the equity issue are received. It is intended that these funds would
be used, inter alia, to clear a number of historic creditors that, in the main,
predate the recent financial restructuring, and for further investment to
develop the business.


Overall we consider that the future prospects are now much more positive. The
distribution of insurance products by retail and financial services companies
continues on an upward trend and the requirement for quality outsourcing
services is growing. We live in an increasingly claims motivated environment and
there is a substantial market for the services that we provide.






John Hodson

Chairman

24 June 2002

[kasg] 22/6/2002 18:50

Ticked down yesterday with 500,000 straight sells. Just lack of interest?

[petersmith6] 16/6/2002 22:21

chears pkvidean

in that case ill hang on a little before buying any more and see what hapens

peter

[pkvidean] 16/6/2002 14:30

Peter,

In this market, MFG has done well to hold on to most of its gains. The best we can hope for is more of the same until news of a profit is leaked to the controllers and/or the koala goes back into the forest and isn't replaced with a grizzly! IMHO.

[petersmith6] 16/6/2002 13:41

when are we gona do the exploding?

[petersmith6] 06/6/2002 20:14

at last a day of only buys......could be the begining

[avoint] 27/5/2002 21:40

Still no news and all sells.Think I may join you 365 on the top up.

[365] 27/5/2002 09:44

all sells so far this morning but nothing substantial, maybe I'll get a chance to top up at 4.5 or slighty better?

[avoint] 24/5/2002 22:33

Need some news or we are gonna drop a few points

[avoint] 21/5/2002 13:48

Alot of sells around.Whispers of more wins in the contract line but no evidence yet.

[avoint] 21/5/2002 00:07

Well just back from Canada.Nice to see things progressing nicely

[avoint] 20/5/2002 14:09

Disapointed with the sells around.Was expecting a further push north this week.

[365] 20/5/2002 13:57

mainly sells today, still hoping for another chance to top up at 4.5p?

[kermat] 16/5/2002 11:53

Looks like it is readying for another rise. I dont think 4.5p is likely to be reached now.

[365] 16/5/2002 09:12

Morning all..still the odd seller coming out the woodwork, waiting for a chance to top up on any further weakness, if I'm lucky.

[rbtrage] 16/5/2002 00:56

4.75-5p - this ought to attract a few buyers who have been awaiting such a dip in the offer - me included.

[365] 15/5/2002 22:49

I wouldn't mind having a chance of a top up at 4.5p but not that hopeful.

[pjefferies] 15/5/2002 22:43

Another buying opportunity tomorrow.

Short term predictions anyone ? >6p by June/July ?