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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Manroy | MAN | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 85.00 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 85.00 | 85.00 |
| Top Posts |
|---|
Posted at 13/1/2014 17:14 by lanzarote666 So has JP Morgan got the timing of their underweight rating sent to investors on Friday wrong? |
Posted at 30/11/2013 21:51 by eburne1960 Today's FT is speculating MAN could be leaving the market - it quotes "people familiar with the company" saying "the management felt its lumpy revenue stream made it ill-suited to the public market". Maybe we could be in line for a low-premium agreed bid? |
Posted at 06/11/2013 09:55 by temelco AllenbyMANROY (MAN, 48.5p, £9.2m) NEW CONTRACT New contract wins helps support 2013/14 earnings forecasts Manroy has announced a follow-on order from a European Government worth 2.1m (£1.8m) for Heavy Machine Gun spares. In September the customer placed its initial order valued at 1.7m (£1.4m) bringing the total order value from this customer to 3.8m (£3.2m), all to be delivered in the current financial year ending 30 September 2014. In August, Manroy warned that due to production delays, a later than anticipated finalising of terms and conditions with a new customer and a change in the status of an approved export license, revenues for the year to September 2013 would be around 25% below market expectations (i.e. £9m against an original expectation of £12m). Two thirds of the revenue shortfall was due to issues outside of the group's control and typify the sometimes uncertain dynamics of export-led defence business. As a consequence, we reduced our expectations from an adjusted profit of £1.5m to just breakeven. However, a significant element of the revenue shortfall is expected to be delivered in the current financial year and the addition of these latest orders, just two months into Manroy's new year, helps support our confidence of the group's ability to deliver our earnings forecast of 14.1p which puts the stock on a very undemanding multiple of 3.4x. (IJ) |
Posted at 05/9/2013 12:58 by battlebus2 MAN this looks good..Manroy PLC Contract win Alert TIDMMAN RNS Number : 3292N Manroy PLC 05 September 2013 5 September 2013 MANROY PLC ("MANROY" OR "THE GROUP") NEW EURPOEAN GOVERNMENT CUSTOMER CONTRACT AWARD Manroy, the AIM quoted UK Defence Contractor, is pleased to announce that it has been awarded a EUR1.7m (GBP1.4m) contract from a new European Government customer. It is expected that the contract, for Heavy Machine Gun spares, will be delivered before 31 December 2013, with deliveries commencing in September 2013, subject to standard license approval processes. Glyn Bottomley, Manroy's Chief Executive, said "This is a fantastic win with a European Government customer against strong competition. This contract also includes a 7 year exclusive framework agreement for further orders." ENDS |
Posted at 01/6/2013 10:50 by glasshalfull Battlebus - I noted that you hadn't posted & put it down to hols. Like others here, I trust that you are recovering well & would like to pass on my best wishes. Puts into perspective the importance of health.I've documented my rationale for selling initially as I thought forecasts would be downgraded & having just had a quick look at my calcs I've made a 38% return here since initial purchases in Jan 2013. I'm happy with that & if the gangway has been raised when I return to the HMS Manroy, then so be it. I would suggest that Mr Market will not afford MAN a higher rating until they now deliver...benefit of the doubt was given following their v difficult 2012 once the orders started to flow through in early 2013 with shareprice responding accordingly. Unfortunately & most probably outwith their control, 2013 forecast figures have now been downgraded twice. The first downgrade was seen as rebalancing of forecasts and occurred simultaneous with the fresh Allenby coverage at the beginning of the year, but they've now indicated a second miss as I had anticipated on Thursday morning. Agree with sentiments expressed over long term prognosis - as I documented - but feel that I can use my proceeds far more productively meantime & compound my initial capital and profit elsewhere. Like many of the on this board I've been investing for a considerable amount of time and I would say that since 2009-10 we've noted that the timescales of investors holding a stock have shortened dramatically. LTBH/ ZULU approach were my strategies in the 90's and early part of 2000, but during the bear markets of 2007-08 I held firm while portfolio was decimated and fortunately with additional fresh funds in 2009 rode the recovery. Since this time I suspect that communications have improved 10-fold with the likes of instant price data available anywhere, anytime, via smart devices & the ease with which one can buy & sell, also anywhere, anytime. Add into the mix that the likes of teenagers now have ability to short shares, trade CFDs and spreadbet & the advent of instant communication/news via social media & you've one hell of volatile mix. Look at the likes of the CUP or QPP thread to see some of the cretins that indulge. My point is that while I still hold shares for many years - ETO & SPRP over 4 years and OMIP for just shy (all are triple baggers and more) - my strategy has changed with the times and I use the experience gained aligned with current investor mindset. Simple as that. So while some choose to stay-put or bottom drawer an investment - and there's certanly nothing wrong with that - many will attempt to tread a path between both camps and I'm sure that as cfro & ic2 having invested & posted here recently wouldn't mind me indicating that I would class them as two of the new-generation "fleet of foot" investors, and very successful they are too. Determining when to hold for the longer term & also selling out when they perceive that the story or risk/reward profile has changed. Good luck all & wishing you a speedy recovery battlebus. Regards, GHF |
Posted at 25/3/2013 17:08 by glasshalfull Good to see you ic2. Can I expect cfro? ;-) Allenby's update: MANROY (MAN, 51p, £10m) MAJOR CONTRACT AWARD Manroy, the UK-based defence contractor and the UK's only manufacturer of Heavy Machine Guns, has announced the receipt of new contract orders totalling £8.7m from existing customers within Asia, Europe and the UK. The contracts include a major order worth £7.8m from an existing customer in Asia and involves the placing of an intra-group order to Manroy USA for approximately £5m. Manroy's order book at the start of the financial year stood at £9m and was increased in February by the addition of new orders worth £1.8m. The current order book, as enlarged by today's announcement, now stands at £19m and goes someway to supporting our forecast aggregate revenue over the years to September 2013 and 2014 of £23.5m. The board estimates that around half of the current order book (i.e. £9.5m) will be delivered during the current financial year which together with orders already shipped since October 2012 underpins our current year revenue expectations of £14.5m. The timing of delivery of the orders announced today is uncertain at this time- we understand that end user certificates have been received but the group now has to wait for export licences to be issued which could take up to four months, thus we see the majority of the £8.7m contributing to FY 2014 revenues. We consider today's announcement as further proof of the effectiveness of Manroy's strategy of widening the customer base, increasing the breadth of product offering and lessening the groups previous reliance upon the MoD. --- Regards, GHF |
Posted at 21/1/2013 14:09 by temelco From AllenbyWe initiate coverage of Manroy with a Buy recommendation and fair value of 60p offering 46% upside to the current share price of 41p. This recommendation is based on the recovery in profits expected in the current year to 30 September 2013 and a share price which is reflecting the historic issues that adversely impacted the FY 2011/12 outcome and nothing for the much improved performance that we anticipate being delivered against the group's record order book. Manroy recently announced losses for the year to 30 September 2012, primarily as a result of delays in the novation of US contracts by the Department of Defense (DoD), a delay in the receipt of First Article Acceptance (FAA) from the DoD and a delay in the confirmation of a particular export order for Heavy Machine Guns from a major customer. In addition, the relocation of Manroy USA (MUSA) from two existing facilities into new premises in North Carolina also negatively affected results from this 49% owned associate. These delays and one-off costs will serve to enhance prospects for the current year as the group expects the export order referred to above, and others, to be confirmed. Novation was received in April 2012 and the FAA process is progressing well, albeit having taken much longer than expected. Meanwhile, a record order book of £9m in the UK and $13.2m (£8m) from MUSA, together with a very encouraging pipeline of contact opportunities augurs well for further revenue generation. Concerted efforts by management to increase export business and widen the group's product base have met with success and now places the group in arguably its best position since float to deliver improved returns this year. Our forecasts for FY 2012/13 call for a near doubling of revenue to £14m, an adjusted PBT of £1.86m and EPS of 7.7p, rising to £17m, £3.18m and 13.6p respectively for FY 2013/14. The resulting PER of 5.3x falling to 3.0x compares to a sector average of 10.9x and 11.0x respectively and illustrates the significant discount that Manroy trades on against the sector average. Assuming our forecasts are met we anticipate the group returning to the dividend list and prudently look for a dividend of 1p, rising to 2p next year. We consider the current depressed share price as offering an attractive entry point for investors and reaffirm our Buy recommendation. (IJ) |
Posted at 20/1/2013 12:40 by glasshalfull Yes, the shares would go "ballistic" if these contracts materialised Simon.A Pre-Solicitation notice was published by the DoD in January 2013 allowing any company to respond who feel they have the capability to fulfil the DoD requirement. The notice states that 50,000 QCB kits are to be delivered between 2014 and 2018 Few snippets. Current Market Cap £7.8m (at 41p) Allenby have initiated coverage with Buy recommendation but sensible earnings forecasts given the various timing difficulties that have impacted during the last 12 months, with room for upgrades should certain contracts materialise. Allenby Capital Limited 17-01-13 BUY 2013 PBT £1.86M EPS 7.70P D/V 1.00p (2.4% yield) PER 5.3 2014 PBT £3.18M EPS 13.57P D/V 2.00p (4.9% yield) PER 3 --- On the issue of contracts & delays, Results for the year to September 2012 were frustrating for management and investors alike, being impacted by events that were largely out of the group's control. Once First Article Acceptance in the US is confirmed, the way will be clear for delivery against a strong order book worth £8m from its 49% owned US associate, MUSA. The record UK order book of £9m gives management the confidence that group revenues for the year to September 2013 will be in line with market expectations of c.£14m. In addition, Manroy is negotiating on a significant number of contract opportunities which, if awarded, would result in a very substantial increase in the order book. --- On question of ethics is one that each potential investor will have to reconcile with their belief/view. Manroy plc is the holding company for a group specialising in the provision of solutions for weapon design, production and mounting requirements for Infantry, Armoured Fighting Vehicles (AVF) and Naval platforms. In the UK these services are delivered by Manroy Engineering Ltd and in the USA by Manroy USA LLC (MUSA), a 49% owned associate. Specifically, Manroy is best known as the UK's only manufacturer of Heavy Machine Guns (HMGs) and has recently designed and introduced a General Purpose Machine Gun (GPMG) and, following the acquisition of the trading assets of AEI Land Systems Ltd, the product range has been further expanded to include the design and manufacture of ancillary products including weapon tripods, towbars, turrets and weapon mounting solutions. Manroy adheres strictly to UK legislation regarding the export of weapons Clearly, the exporting of armaments is politically sensitive and it is worth stating at the outset that Manroy adheres strictly to UK legislation concerning the sale of armaments and weapons to foreign countries and governments. The group has never undertaken arms sales to any embargoed countries and in circumstances where the group sells its products overseas, such sales are undertaken in strict adherence to UK Government export regulations and approvals and are only undertaken after all appropriate UK Government licenses have been granted. --- Manroy USA The US arm, MUSA is only 49% owned by Manroy & it appears that this ownership structure was implemented to allow for the application and subsequent award of HUBZone status where a business must be at least 51% owned and controlled by citizens of the United States and 35% of the firm's total workforce must reside in the HUBZone. Benefits appear threefold, *US federal government agencies are required by the HUBZone Empowerment Act to contract with HUBZone-certified small businesses for more than 3% of their budget in the form of prime contracts to HUBZone firms. *Having HUBZone status allows MUSA to tender for certain DoD contracts on a sole supplier basis rather than competing against major Defence contractors. *Provides MUSA with a 10% price evaluation preference in full and open contract competitions as well as further sub- contracting opportunities. In other words it results in MUSA's quoted price being automatically discounted by 10% against those from businesses without such status. --- MUSAs acquisition of Sabre In March 2011, MUSA completed the acquisition of the business and assets of Sabre Defense Industries (Sabre) for $6m in cash for assets that had been independently valued at $10.7m. Sabre was established in 2002 and was a direct competitor of MUSA. The purchase of Sabre was secured in auction against strong competition from three major international competitors providing some indication of the commercial and strategic value of this business. The kicker here is that Sabre previously had turnover c.$17m per annum & due to bankruptcy has not supplied the Dod since 2010. --- Shareholding Caledonian Heritable Limited 23% Glyn Bottomley 11% Cazenove 9.6% Investec 4.8% Standard Life 3.9% Amati 3.6% Strindberg Rajput 3.5% Downing LLP 3.5% Total 62.9% (As at 30/09/12) --- My conclusion is it that MAN appears substantially undervalued & I would anticipate from commentary of RNS announcements & Allenby research that there are a few decent contract award announcements round the corner, while current order book & profitability in 2013 looks pretty much nailed on, with PERs of 5.3 for the current year falling to 3. The company have been reiterating delivery of the order book, notwithstanding the delayed £8m order which would be the icing on the cake. Placing aside ones ethical stance for a moment, there appears to be a strong possibility for capital growth at the current distressed share price which is also augmented by a decent d/v yield if business goes to plan, with 4.9% yield for 2014 pencilled in at the current price. Regards, GHF |
Posted at 19/1/2013 18:24 by simon gordon If they landed the biggie in America, as mentioned in 2011 at GCI, then the share would rocket. Does anyone know if it's still a potential goer?GCI - 25/07/11 Manroy fires into USA by Robert Tyerman Machine gun maker Manroy (MAN) has raised £3 million after taking 49 per cent of American gun manufacturer Manroy USA in a £4 million share deal. Manroy has secured the money at 95p in a placing handled by broker Arbuthnot Securities following its decision to exercise its option to buy the Manroy USA stake from Caledonian Heritable, a diverse group owned by property developer Kevin Doyle. Steered by chief executive officer Glyn Bottomley, the British Manroy company already has close management ties to the US company, which earlier this year borrowed $2.7 million (£1.7 million) from Caledonian Heritable to help fund its $6 million purchase of a fellow US concern Sabre, a supplier of heavy machine guns and parts to the US department of Defense, from Chapter 11 bankruptcy. The British Manroy, which came to AIM in December by reversing into shell group Hurlingham and raising £6 million at 75p, has supplied the British military for more than 25 years and currently makes heavy machine guns to the standard to which the US army last year converted its present procurement programme. For that reason, Bottomley, Doyle and US defence industry stalwart John Buckner, who owns 51 per cent of Manroy USA, hope the enlarged Manroy will be well placed to pitch for a share of the US government's new heavy machine gun programme, when it invites tenders in 2013. Manroy already has a manufacturing agreement with US defence and aerospace giant General Dynamics, through which the Department of Defense is sourcing the programme. Manroy suggests the parts of the programme that could then come its way might be worth $160 million (£100 million). Under its deal with Doyle's Caledonian Heritable, the British Manroy is issuing new shares to Caledonian for 49 per cent of Manroy USA and a half interest in the property it occupies, as well as lending Manroy USA the money to repay its Caledonian loan. The aim of the placing is to replace the money lent and to augment the British Manroy's cash. Highlighted by Growth Company Investor in December at 76.5p, Manroy's shares hit 123p at one point and now trade at 97.5p, up 3p this morning, valuing the company at £12.7 million. Despite the somewhat incestuous aspects of parts of the deal, it could pave the way to worthwhile business for the company. Hold on. Tags: AIM market, General Dynamics, Glyn Bottomley, Heavy machine guns, John Buckner, US department of Defense Sector: Aerospace & Defence Companies: Manroy |
Posted at 15/1/2013 15:38 by glasshalfull I'm also having a look.Management certainly bullish for forthcoming year with 49% US subsidiary now geared up to contribute & delayed order coming through. V strong order book...but can they drive cash generation & profitability? Margins held up well at 33% given considerable development of products & building up exports. Good summary from Allenby: MANROY (MAN, 40p, £8m) PRELIMINARY RESULTS "... slipped into losses in the year to September 2012, primarily as a result of delays in the confirmation of a particular export order from a major customer, delays to the novation of US contracts by the Department of Defense (DoD) and a delay to the receipt of First Article Acceptance (FAA) from the DoD. Nevertheless, we would argue that these delays will serve to enhance the prospects for the current year as the group expects the export order referred to above, and others, to be confirmed in the current financial year, novation has now been received from the DoD and the FAA process is progressing well, albeit having taken much longer than expected. ....record order book of £9m in the UK and £8m from 49% owned associate Manroy USA (MUSA) together with a very encouraging pipeline of contact opportunities augurs well for revenue generation in the current financial year and onwards. Concerted efforts by management to increase export business and widen the group's product base have met with success and now places the group in arguably its best position since float to deliver improved returns this year. ...forecasts for revenue of £14m for the year to September 2013, against just £7.4m for the year just reported, have been confirmed by management and give an indication of the step change that is likely in profits this year. A return to strong profit generation also offers the real prospect of a return to the dividend list...." Regards GHF |
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