Share Name Share Symbol Market Type Share ISIN Share Description
Management Res LSE:MRS London Ordinary Share GB00B8BL4R23 ORD EUR0.01
  Price Change % Change Share Price Shares Traded Last Trade
  -0.20p -2.22% 8.80p 1,704,470 14:26:56
Bid Price Offer Price High Price Low Price Open Price
8.60p 9.00p 9.10p 8.45p 9.05p
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Support Services 40.24 -8.16 -9.69 17.3

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Management Res (MRS) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
13:26:318.9023,9662,132.97O
13:14:598.9015,0001,335.00O
13:14:058.8016,9091,487.99O
12:37:148.8011,296994.05O
11:57:458.805,000440.00O
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Management Res (MRS) Top Chat Posts

DateSubject
16/8/2018
09:20
Management Res Daily Update: Management Res is listed in the Support Services sector of the London Stock Exchange with ticker MRS. The last closing price for Management Res was 9p.
Management Res has a 4 week average price of 6.30p and a 12 week average price of 5.90p.
The 1 year high share price is 10.25p while the 1 year low share price is currently 2.75p.
There are currently 196,946,002 shares in issue and the average daily traded volume is 2,429,805 shares. The market capitalisation of Management Res is £17,331,248.18.
13/8/2018
10:05
hulk2004: Agreed prefer both lol, we will get their, August is a quite month, think September onwards we will see more action, staff and management who took part in placing will want to see an appreciating share price, still think this could also get bought out next 12-18 months as well.
13/8/2018
09:47
mr. t: I prefer management to focus on growing a profitable and cash generating business, rather than worry about the short term share price.
10/8/2018
09:21
hulk2004: Dave, its Bachmann who reports to the company when selling goes below 3%, company cannot force the issue, out of their hands, Bachmann might forget to report at the correct time, ie now! But we will get an idea on how trading reacts, still think September on wards we will see a strong share price performance.
06/8/2018
16:09
modform: Dave, Bachman's intention is not to get more money for his shares, that's obvious, but to try and depress the share price by selling small and frequent trades.
31/7/2018
16:19
mr. t: Any views on what eps might be this coming year?It was 0.83p in h1 last year, and we've been told it will be at least 2p for full year - so at least 1.17p in h2.With strong coal & property markets, new contract wins, competitors going bust, and increasing operational efficiencies I'd expect the rising eps trend to continue.1.4p in h1 and 1.6p in h2 would give 3p eps and a forward P/E ratio of 2.5. A more reasonable, but still conservative, P/E ratio of 7 gives a target price within the next year of >20p. If there are sign of continuing growth into 2019/20 and/or 2018/19 eps >3p then a share price of 30p should achievable.Does the above sound reasonable, or are there other views?
30/7/2018
11:25
hulk2004: Dave will be fine, August a slow month but should all be gone by then, hopefully 25p share price Xmas present!
19/7/2018
07:37
mr. t: yasX, I too appreciate your comments highlighting negatives. It all adds to the investment rationale.The biggest downside risk to me to investing in MRS is the nature of their business. Renting people and plant to the cyclical Queensland mining and civil industries isn't going to set the world alight, won't provide superior and sustained profitability, and will never be highly valued by the stock market.If MRS' pe was >10 (share price >20p) I wouldn't invest new money today. But at a pe of 3.5 - before benefitting from a booming market, a competitor going under, investment in shed - it's an attractive investment for a part of my portfolio. The recent management and staff share purchases give further confidence.
13/7/2018
17:04
mr. t: Dave, now management & staff have a decent stake, Mrs will up the pr in their rns's to increase interest in the stock. Hopefully starting with a good operational update this month.When the share price responds, those management & staff who got shares will be pleased and work that much more to create shareholder value. Good news all round for shareholders, I think.
25/6/2018
21:56
dave4545: I'd rather have shares in a company where all the staff or most of them own shares so they know hard work will deliver higher profits and a higher share price. On a tiny PER of 3 or less who cares about dilution under 10%, they might need this money anyway to take on new business from Austin a rival who went bust. When the penny drops here, this will simply re-rate and trade at 20p at some point this year. £13 mil v £6.4 mil Ebitda, find me another stock that does better. I hold Kln which is great value and they are doing £1 mil Ebitda next to £2.8 mil cap so Mrs is cheaper than that one. Of course you have various debts to look at but surely on storming Ebitda of this there is also going to be a substantial reduction in debt.
10/2/2018
14:35
vilage_idoit: The below commentary is the opinion and the opinion only of @vilage_idoit, and is not investment advice, nor should it be used as such. The author is not responsible for any decisions made due to this material and recommends that you do your own full research. Management Resource Solutions (MRS) is a UK listed company operating in the Hunter Valley in Australia, offering maintenance support, mining services, and labour hire. The MRS Group consists of Bachmann Plant Hire and MRS Services Group (formally Subzero). The story of MRS is something that could be made into a film – what started out as an acquisitive business was suddenly suspended due to accounting implications, and would remain so for nearly six months before coming to the market with a heavily discounted 5p placing. As someone who bought at 15p quite literally a few minutes before suspension, I must surely win an award for worst trade of 2016. I met with Joe Clayton and Tim Jones after last year’s AGM along with another PI and I believe we shared similar feelings. Distrust in them both and worried. They refused to appoint Trevor Brown and Nigel Burton as NEDs because allegedly the lenders believed they were “in cahoots” with Paul Morffew and would pull the plug on the borrowings sending the co into administration. We now know this to be false and that the old board were spouting untruths. TB and NB were appointed along with John Zorbas as Chairman, and the board participated heavily in the placing despite no obligation to do so. Since then, we have seen a share price as low as 3p and under due to a profit warning and the claim. After speaking to a few successful PIs I decided to be a contrarian buyer and buy at these lows, though in hindsight (of course) I wish I’d filled my boots. Since the claim was rebutted, the directors have steadily bought more, and we have had several operation updates to show that the turnaround is well on track. That the co is on track to deliver EPS of not less than 2p currently shows the hard work of the incumbent board and that this is now a completely different company to the MRS of 2016. The current share price values the company at a PE ratio of <4. With a PE this low means that MRS is either a value trap, the sort of company that fails to deliver on profits and the share price falls even further, or a screaming contender for buy of the year. I recall buying CRL on a single digit PE at 6p despite there being no interest, and sadly I did not buy enough or hold onto them long enough as the share price reached 40p+ this year. I do not intend to make the same mistakes here (assuming the story and reasons for being invested continue to be the same). There has been a recent disagreement between TB and the board which has resulted in him leaving the board and selling some shares. He still owns a major stake and has said that he does not doubt the fundamentals of the business, but is not happy with the board at the moment and thinks there could be positive changes to be made. This is perhaps not unfair, but he has said he is not selling any more and from the trades that appears to be the case. Another PI has contacted him and he has said both to him and Nigel that he is not a seller at this level, having reduced his holding to a more comfortable level. Everyone is a seller at some point – if he wants to sell then so be it. It is odd he is not selling at a higher level but the worry due to him selling has caused a great opportunity. At this price I see a huge bargain and have significantly added to my holding. Recently I spoke with Nigel on the phone and added to my position. Here is why: Contract risk: No contract with MRSSG is bigger than 25%. The contracts are not just single contracts but they are a multitude of contracts within a client contract. The pricing framework is agreed upon upfront, and once it starts work is often added as and when needed due to the nature of the industry. Some work may be mine work, some might be vehicle repair, equipment repair etc, all different sectors within the industry. This is why we do not see huge contracts announced with their clients BHP, Rio, Yancoal, Glencore etc, although I expect there will be contracts to announce. When MRS is on the preferred supplier list (PSL) and the co does good quality work and delivers then they get more work. Work is initially agreed upon then more work is piled on top additionally. Plenty of client machinery that has been mothballed is now being refurbished and so there are plenty of quite large one-off contracts for this which are of course not sustainable, but then also the recurring maintenance work will need to be done. More equipment online simply means more work. It is possible for MRSSG to grow 50% if the labour and the workspace is there. This is very unlikely to be achieved in the next six months but it is possible in the fullness of time. Unexpected cash call: It is highly unlikely there will be any unexpected cash calls because ongoing capex is already accounted for and factored into the budgets and expected results. Capex is not a huge cost and the company has the resources to achieve 2p EPS without raising cash. Bachmann has already spent on capex for expansion and the board will do so where necessary. MRS can operate and spend on normal capex without raising cash. The Hermes facility is 18-20% interest including charges – they are the lenders of last resort, so this is very expensive as at the time the co did not have much of a choice. A review on the debt may come after February with the interims as this is what lenders need to start to look at refinancing this facility. Majority of cost savings have been done and which will continue to show benefits each year; for example rentals have been replaced with leases – this is cheaper and saves on future expenditure too. Trade receivables are quite high but blue chips pay slowly, between 45-60 days. This is unlikely to change. Competition: There are several slightly smaller companies that are competition but the competitive advantage is that MRS has a big shed, which means a lot of work can be done indoors as opposed to outdoors. This makes a difference in the quality of the welding; doing it inside is better than in a dusty environment. A tent can be used but inside is much more practical given the huge size of some of the trucks/diggers etc being repaired. The shed: With regards to the shed, a quarter of the space has been cleared and the rest used more efficiently and this has enabled 50% more work to be done in the same shed. The shed is currently being sold by the liquidators and expressions of interest closed in December. MRS have bid for the shed. Whilst winning should be good for the business (lower costs and an asset), if they do not win it doesn’t matter as they have a tenancy agreement and can’t be kicked out. MRS have submitted a competitive bid and have the advantage that there is a lot of work that needs doing on the shed. This means that if they are the owners they may be able to do what is necessary at a lower cost and the money can be spent elsewhere. Cyclicality of the business: There will be a downturn in the sector eventually but that is likely to be years away. Plenty of mines that were uneconomic are now being considered or brought into use, with plenty of machinery and equipment being brought out of storage too. The goal is to deleverage which will be complete in around three years and the group will face any downturn with no debt and a streamlined business. Bachmann’s urban regeneration work is disconnected to the cycle, but they are looking to drive business elsewhere and grow it. Some of this new business will be of a cyclical nature, but Bachmann will be a growing business. It is working at full capacity but this does not mean that the business cannot grow any further, just that they have more work than they can manage at the moment. Revenue growth and revenue streams: An example of a new business stream is buying pre-cut patented buckets (these buckets are huge, big enough to fit a small house into!) and MRS welding them together. This is a completely new revenue stream that six months ago did not exist. The next big growth contracts will be for refurbishing; as the miners have been working flat out with current machinery and equipment plenty of it will need work done on repairs and maintenance. Plenty of low margin business has been discontinued but only if it doesn’t add value to the bigger picture. MRS will literally replace windshields for Glencore, which means they are doing the same work that Autoglass do in the UK, and it is very low margin, but if Glencore want something doing it makes sense to do it as they are a large customer and a FTSE 100 co. A good working relationship is necessary. Exit plan: Any dreams of one of the ‘big boys’ taking over MRS can be quashed. These large cos see MRS as a supplier and it is noncore to them; put simply they are happy to outsource the work and focus on what is their priority core business. The board have not spoken about acquisitions as the priority now is to focus on the growth and efficiency of the business – any acquisition would need to be complementary and not a case of ‘diworseification’, as coined by Lynch. It cannot be ruled out that another company may view MRS with a predatory eye in the future, but this would have to be at the right price. Nigel has not spoken much to institutions because he would much rather do so after another solid set of results when hopefully the share price is in the mid teens. It is much better to get a consistent record of operational results and the share price up before speaking to them. Although there is no plan to raise funds, and no need to do so, if the right opportunity to invest more to grow revenue and earnings arises the company would consider it. He would prefer to raise in the double digits if a raise is necessary, and this should be closer to 20p than 10p. This is only his opinion and not to be considered as fact. MRS is not without risk – if the company is unable to pay off its debts then it would become a problem. However, with several operational updates showing clear progress, a director with a large holding, a new CEO and board, and a growing macroeconomic environment, I feel this share is in the right place at the right time. In a period where momentum and growth (high PEs) are punished I see Management Resource Solutions as a value and turnaround play for the investor looking for high returns. All of this is my own opinion and as clearly stated at the start, you should do your own research and not rely on anyone else. I hold shares in Management Resource Solutions. Management Resource Solutions Solutions £mm mc @ 7p It is highly unlikely there will be any unexpected cash calls because ongoing capex is already accounted for and factored into the budgets and expected results. Capex is not a huge cost and the company has the resources to achieve 2p EPS without raising cash. Bachmann has already spent on capex for expansion and the board will do so where necessary. MRS can operate and spend on normal capex without raising cash. The Hermes facility is 18-20% interest including charges – they are the lenders of last resort, so this is very expensive as at the time the co did not have much of a choice. A review on the debt may come after February with the interims as this is what lenders need to start to look at refinancing this facility. No contract with MRSSG is bigger than 25%. The contracts are not just single contracts but they are a multitude of contracts within a client contract. The pricing framework is agreed upon upfront, and once it starts work is often added as and when needed due to the nature of the industry. Some work may be mine work, some might be vehicle repair, equipment repair etc, all different sectors within the industry. This is why we do not see huge contracts announced with their clients BHP, Rio, Yancoal, Glencore etc, although I expect there will be contracts to announce. When MRS is on the preferred supplier list (PSL) and the co does good quality work and delivers then they get more work. Work is initially agreed upon then more work is piled on top additionally. There are several slightly smaller companies that are competition but the competitive advantage is that MRS has a big shed, which means a lot of work can be done indoors as opposed to outdoors. This makes a difference in the quality of the welding; doing it inside is better than in a dusty environment. A tent can be used but inside is much more practical given the huge size of some of the trucks/diggers etc being repaired. The shed is currently being sold by the liquidators and expressions of interest closed in December. MRS have bid for the shed. Whilst winning should be good for the business (lower costs and an asset), if they do not win it doesn’t matter as they have a tenancy agreement and can’t be kicked out. MRS have submitted a competitive bid and have the advantage that there is a lot of work that needs doing on the shed. This means that if they are the owners they may be able to do what is necessary at a lower cost and the money can be spent elsewhere.
Management Res share price data is direct from the London Stock Exchange
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