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 Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.20p -2.14% 9.15p 9.00p 9.30p 9.60p 9.15p 9.35p 1,198,455 15:08:48
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Support Services 40.2 -8.1 -9.7 - 15.96

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DateSubject
25/2/2018
08:20
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 9.35p.
Management Res has a 4 week average price of 6.50p and a 12 week average price of 6.50p.
The 1 year high share price is 10.25p while the 1 year low share price is currently 2.63p.
There are currently 174,428,086 shares in issue and the average daily traded volume is 1,912,219 shares. The market capitalisation of Management Res is £15,960,169.87.
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.
04/1/2018
19:06
dave4545: BearHug2 and others. Several facts it's fake or a scam or a personal vendetta. First their article seems to be in the past. Mrs's recent update paints a very different and better picture than the article. Secondly if you email the contact address it bounces straight back. Third they call themselves "Simply Wall Street" but the address in in Sydney. I'd not put it past that somebody that was so close to driving this company to the wall with extortionate wages is out to cause panic with the share price caused by panic selling. "Further progress is anticipated in 2018-19 as debt continues to be repaid from the strong operational cash-flow generated by the major changes which are now taking effect" Not the sound of a company in trouble is it. Hope MRS rns tomorrow to put this rubbish to bed
10/6/2017
05:13
showme01: Someone on LSE posted this yesterday received an email off Nigel Burton yesterday: Thanks for getting in touch.    The Directors fully understand the frustration felt by those seeing a falling share price and no news. However, as several investors have pointed out, it is only a month since re-list and the Board need to thoroughly review the business, identify exactly what needs doing and begin implementation of any required changes, and satisfy themselves that the forecasts for the next year (starting 1 July) are soundly based, challenging for management but achievable. Although it might help the share price for a few days, the worst thing the Board could do is rush out some half-baked announcement prematurely so I’m afraid we all just have to be patient until we are in a position to provide a soundly based update. The new NEDs, including myself, are personally heavily invested here, and I can assure you are working hard on the above alongside management, and are very focused on shareholder value, so we are as keen as anyone to see the share price recover and we will communicate with the market as soon as we are able to do so.   Regards,     Nigel Burton +44 77 8523 4447 nigel@wasdale.org
15/5/2017
15:43
spiker4: Just note growth and expansion does not always translate to an increase in share price.
14/5/2017
09:15
pwhite73: metis20 All of these AIM boards are exactly the same. When one board drives the company near the point of administration having fleeced it of all its cash, another one steps in . New names and new money is injected crashing and trashing the share price and the whole episode starts all over again. The one constant in all of these disaster stories are mug punters buying ever lower priced shares whilst saying the following:- "things will be different this time just wait and see". "I've managed to get my average down to Xp" "If I had more money I'd top up" "I hope the price stays where it is until the end of the month" If you think things are going to be any different this time round at Management Resources after 10 years in this business you are seriously and gravely mistaken.
10/5/2017
18:01
spiker4: For some reason I believe no matter which way the share price goes they are still in the money. A short squeeze may even be possible.
09/5/2017
06:57
pwhite73: How can it be good for you to be involved in a cash raise at 5p if your average is 7p. It would only be good if there was a cast iron guarantee that the 5p stock was heading higher. People wanting to average down to reduce their losses in comparison to the current share price is one of the key psychological elements the AIM markets feeds on. It is fair to say that people who average down always lose out more than people who just stand still.
07/5/2017
22:40
pwhite73: letmepass - "it's called market demand.. Once main sellers have gone by 9.30am" You have missed the other half which is called market supply. In this case the market supply is 110m shares at 5p. The current share price could be trading at 30p the directors have already stated the open offer shares will be placed at no more than 5p. This is why the stock could not get off the floor on Friday and will not on Monday either. If you are holder sit tight and you will be offered stock at 5p.
12/1/2017
08:46
market master: Anyone wanting to know more about the characters Murray D'Almeida & Timothy Jones should read up on BHR to see what kind of damage these clowns can do to a company. MRS is profit making and the share price should be at least £1+ on current trading but as long as Murray and Jones remain on the BOD milking the company with their over exuberant salary and expenses the company is at risk of failing and the share price will always struggle. We need these two independent NED's to join the board to protect our investment that's why it's important every shareholder votes in the upcoming EGM.
26/1/2016
10:09
h2owater: LSE bb: -------------------------------------------------------------------- Three different scenarios as a way of looking at where we should be trading An average of where the price should be TODAY without future acquisitive or contract wins priced in gives us a share price of 59P. Valuation 1 : MRS Float Price (pre Bachmann acquisition and when MRS was generating less profit and less revenues) + Bachmann acquisition = current value share price of ca. 50p Last years MRS float price of 30P (£10M - remember this is not factoring in the 63% INCREASE in revenues over the last year or increase in PROFITS) + this years takeover price of Bachmann (£6.5M). That gives a combined value of £16.5M (not taking into account current business being bid for nor synergies from the combined group)which is a share price of 50P. Valuation 2 : Last years pre tax and pre exceptional cost were £1.3M on a PE 10 that's £13M (again not factoring in any growth, current contracts bid for or any future acquisitions = current value share price of ca. 40p 3\As #2 but assigning a 50% chance of success to the £44m of KNOWN business we've bid for (again not factoring in ANY future growth through additional contract wins or acquisitions = current value share price of 88p In 2015 MRS & Bachmann combined made Revenues of $38.8M. Operating Profit before Tax was (combined) $2.7M. In £ that's Revenues of £18.7M and PBT of £1.3M. That's a margin of circa 7%. Lets say we win (conservatively, id expect more given our stellar reputation) only 50% of the £44M worth of business we're bidding for. That's £22M. At 7% margin thats £1.5M additional profit to add to the bottom line (considering other revenues remain the same)! Sp £1.5 + £1.3 = £2.8M PROFIT. We're at c.£6M mcap. Madness! At a PE of 10 on £2.8M profit that's ca. 88P"
Management Res share price data is direct from the London Stock Exchange
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