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MFX Manx Financial Group Plc

0.00 (0.0%)
01 Dec 2023 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Manx Financial Group Plc LSE:MFX London Ordinary Share IM00B28ZPX83 ORD NPV
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 17.50 10,358 08:00:00
Bid Price Offer Price High Price Low Price Open Price
17.00 18.00 17.50 17.50 17.50
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Personal Credit Institutions 36.05M 4.67M 0.0405 4.32 20.21M
Last Trade Time Trade Type Trade Size Trade Price Currency
13:32:13 O 8,403 17.01 GBX

Manx Financial (MFX) Latest News

Manx Financial (MFX) Discussions and Chat

Manx Financial (MFX) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2023-12-01 13:32:1417.018,4031,429.35O
2023-12-01 09:43:0217.011,955332.55O

Manx Financial (MFX) Top Chat Posts

Top Posts
Posted at 02/12/2023 08:20 by Manx Financial Daily Update
Manx Financial Group Plc is listed in the Personal Credit Institutions sector of the London Stock Exchange with ticker MFX. The last closing price for Manx Financial was 17.50p.
Manx Financial currently has 115,491,936 shares in issue. The market capitalisation of Manx Financial is £20,211,089.
Manx Financial has a price to earnings ratio (PE ratio) of 4.32.
This morning MFX shares opened at 17.50p
Posted at 16/10/2023 16:20 by smithie6
..are you referring to Jim Mellon stating in his signed part of the accounts that the profit was up 30% when the accounts state in black & white that the PAT was down !!.

And that the accounts state in black & white that EPS was down 12% & not up by 30% as Jim Mellon stated.

Don't blame me, the real data is in the accounts. ;-)
Just ignore the claim of profits being up 30%.


If you want to believe that profits are up by 30%, feel free, but you will probably be the only one.


I also note that the market & investors were initially duped by the claim of 'profit up 30%' & the share price rose briefly to 24p. The share price then fell over X days to 16-17p, with a brief dip to 15.5-16p.


A presentation was also given to shareholders in LSE:mfx (which does not own 49.9% of PA Ltd) where exec. dirs imo intentionally misled shareholders in lse:mfx by again including the profit from the not-owned part of PA Ltd.
imo that presentation needs to be completely ignored by shareholders since it is ...well....not true.

If anyone should apologise it should imo be the directors.
Giving a presentation with numbers which you know to be false is not very good imo.
They were asked about it & their reply was, I think, 'we will be buying the other half of PA Ltd in 2 years. Well, include the profit for it after you have bought it, not now in 2023 when you don't !!
Posted at 29/9/2023 16:03 by smithie6
So you could say that the estimated 1.5m for the full year 23/24/25 and 300k last year we have paid an additional 4.8 million for the business on top of the initial cash"

Not sure I agree exactly with your numbers....but I agree with the point you are making.

PAT attributable to the owners of the other half of PA ltd in H1 2023 was 612k. =£1.2m/yr. Which I assume is paid out to them as a divi.
For '23 + '24 + '25 that = 3x £1.2m
= £3.6 m

You argue it is an extra cost for MFX. Not sure if I agree or not. The money comes from PA's profits not from MFX.
But yes, if MFX bought all of PA earlier eg. start of fin. yr 2023, then by the end of '25, MFX would have received £3.6m more income/profit from PA ltd. So, if MFX had paid another £4m then by the end of '25 it would have received £3.6m more & hence most of the extra cost of £4m would have been paid off, ie. an excellent rate of return.

I think the idea is/was to motivate the founders of PA ltd to grow PA ltd in the years 23,24,25 until MFX buys the other 1/2 of it.
If MFX bt the other half now the price would be 2 X profits. (profit of 100% of PA or of 49.9% of PA ??)
If PAT is ~£2.4m/yr for PA ltd then would the purchase price for the other half now be
2 X £2.4m = £4.8m or 2 X £1.2m= £2.4m ??

If the PAT can be grown to say £3.6m then
2x £3.6m = £7.2m or 2 X £1.8m= £3.6m.

In the first case (2 X PAT of all of PA) then 50% increase in PAT would increase the payout from £4.8m to £7.2m.
= 7.2-4.8m more
= £2.4m more.

A strong incentive for the founders of PA ltd to grow the profit at PA Ltd.

I previously posted the same conclusion as you have made, that the value of PA ltd can easily be shown to be higher than the current cap. value of all of MFX.
Posted at 29/9/2023 09:37 by smithie6
... interesting

Comparing Time with MFX, the MFX loan book is more than double that at Time, whose business is lending to SMEs.
Both businesses make ~£4.4m/yr pbt.
Yet the loan book at Time is ~170 million versus ~£350m I think at MFX.

So, in terms of return from its loan book the return at MFX is about half that at LSE:time.

Which supports my argument from a few days ago that MFX should be able to increase the yield from its loan book. Which would increase the profit (& the share price).
Posted at 28/9/2023 12:36 by indiagolf12
S6 Thank you for all your hard work. I have now had a chance to watch the Mello presentation and not being an accountant or a banker (just a humble 65 year old PI trying to make my SIPP fund my retirement), I didn’t understand all the jargon & found it hard to follow all the presentation, but my takeaway was this:

* The company is growing rapidly.
* Costs are increasing more than pro rata as the biz gears up for UK operations
* The banking licence is due in Q4 - possibly in October
* EPS are down due to ‘timing’ & investment in staff - see above.
* The Co recognises comms with PI’s have been poor - both Douglas & James are happy to take calls from PI’s - both published their email & DD phone numbers at the end of the presentation.

I agree that JM’s £3.0M profit before tax for H1 is misleading as only £2.5M is attributable to shareholders, due to the PA earn out, but to be fair it’s consistent with the Chairman’s Statement at the end of 2022 - £5.2 M profit, of which £4.8M attributable to shareholders.

I have listened to many of JM’s podcasts on Masterbuilder etc & he comes across very well IMO. MFX is small beer to him, but as a Manx resident I’m sure he’d want it to be viewed with the utmost integrity.

I have had a go at the table as follows - apologies the columns have gone awry when pasting from XL:

2018 £2.71 £148.30 1.83% 1.54
2019 £3.02 £179.40 1.69% 1.66
2020 £2.02 £193.10 1.05% 1.37
2021 £3.03 £229.20 1.32% 1.97
2022 £4.87 £291.50 1.67% 2.93

H1 2023 £2.2 £349.00 0.63% 1.3

I have to admit the trader in me trimmed a chunk of my holding on Friday, but I’ve taken the opportunity to buy most back at a good discount now. As far as I can see the BOE have never declined a licence - just invited a withdrawal & fresh application, so this may prove a catalyst to the share price. But TBH I’m more interested in the share price in 5 years time. Like all PI’s find it hard to see my hard earned savings going down. But there’s always going to be a lot of noise - particularly in micro caps. In my view the rewards far outweigh the risks at a share price of 16.5p, with every prospect of baggability within the next 3 years. But that’s why a % of my SIPP is in here & not in a boring annuity!

Posted at 26/9/2023 16:34 by smithie6 much would you value PA at ?

£2.45m PAT now (based on 4 X the PAT of the non-controlling interest reported in the H1 accounts) & has recently quickly grown it's loan book in 1 year by 67%.
(PA money lent in H1 2022 = £40.8 million. H1 2023 = £67.6million. Increase = £27.2 million.
+67% !!. 2/3 ; MFX presentation for interim results)
MFX has provided the cash for PA to lend out.

Could we pencil in 50% more profit X time in £3.6m.

1 year ? 2 years ?

Sure, MFX only owns 1/2 of it today....but it does have an option to buy the other 1/2 & at a cheap price imo.

If give it a p/e of 10 that is £36m. And is just 1 part of MFX.

Versus the current cap. value of MFX of £19million, or £26 million after dilution.

The value of PA if it continues to grow will surely make the current cap. value of MFX look way underpriced.

Not gonna appear in the accounts this week, like every company/share, things take time.
Posted at 26/9/2023 15:37 by smithie6

Phps read the RNs about buying the shares from Mr Banks & cancelling those shares. At ~8p.
Well the share price is now ~17p.
And compare the size of the loan book & the PBT & the total income... is clear that the company is in a growth phase, quite high growth. For a growing co. the shares are under priced imo.

Shareholder assets are now ~£32m I think, versus a cap. value around £19m.


The co. is effectively owned by a small number of people, many are directors. They don't really care what the share price is since they effectively own the co. & are growing it.....they have no intention to sell this year so the share price imo is irrelevant for them.
Posted at 21/9/2023 20:35 by smithie6
Annual EPS data. Diluted
(Data from Edison analysis)

2019 1.7p
2020 1.4p
2021 2.0p
2022 2.9p (from the AR, without one off pension fund gain)
2023 H1. 1.3p (1.5p in H1 in 2022)
2023 2.6-2.9p (my estimate based on H1)

The odds being imo that the annual EPs for 2023 will be lower than it was in 2022.
In 2022 the diluted EPS jumped from 2.0p to 2.9p, an increase of almost 50%. This caught the market's interest & the share price rose as a result (or was it after the H1 results ??).

If the 2023 annual result produces a flat EPS similar to 2022 or lower (in H1 the eps was lower) then it is unlikely to impress the market imo. The market likes to see rising profits & to feel that a trend is in place. Flat eps or a reduction in EPS is usually less popular with the market.

Although the loan book has grown a fair % & perhaps the mkt might give some value to that. Or phps it will only care about the bottom line & consider everything else to be noise.
I guess that the price given to the shares during H2 & until the annual results to 31 Dec '23 come out will also depend on whether a banking licence for the UK has been obtained or not. Personally I'm surprised it hasn't already been given, since the co. has a track record of doing banking & lending in the UK & has a pile of audited ARs.


p/e for 2023 annual results

A) if diluted EPS is 2.6p (lower than 2.9p in 2022)
At 19.5p share price the p/e = 7.5

B) if diluted EPS is 2.9p, same as 2022
At 19.5p share price the p/e = 6.7
Posted at 14/6/2023 06:16 by castleford tiger
AGM notes

many thanks to the shareholder who attended and produced these.

Questions for the MFX AGM 2023
Payment Assist Questions
1) Question - Are we still a preferred supplier to Halfords & National Tyres?
PAL are still the main supplier to Halfords & National Tyres (As well as Formula 1), Halfords & National Tyres, approx. 98% in garage, bikes & tyre sales, a large increase in profits predicted from PAL contribution to MFX group profits for 2023.

2) What are the future plans for PAL, will it include such thing as
a. Football season tickets
b. Rugby season tickets
c. Season train tickets
d. Etc?

UK Branch Licence
1) How is it going with the UK Branch deposit taking licence?

Answer – This is progressing well, we expect to have this completed prior to the Y/E, we will be updated if anything changes between now and then.

Generalised Questions
1) The Y/E end accounts seem to be taking longer to complete, why can we not have the accounts signed off by the end of March each year this would allow the AGM to take place before the end of April, this is currently taking too long to complete and report for smaller investors to manage their own investment portfolios.

Answer – The board understands why we asked this question, and yes, they agree, but they did have some issues this year getting the numbers collated, and the board members availability. JM will discuss this with Douglas and Denham and find a better solution, they would like to say Y/E accounts out by the end of March / First week of April, and the AGM 21 days after that. We will await an update.

2) Why has the company not offer the option to utilise ZOOM or TEAMS as this would open up the meeting to non-IoM resident investors?
Answer – JM stated this was a good idea and it will be investigated, and report back to us as soon as possible, may also assist board meetings in the future (Dr Bailey appeared at this meeting for the first time ever!!)

3) The original date of the AGM was the 19th May, why changed, and has caused problems for some investors
a. Was this the registrar or MFX issue?
b. Why during TT fortnight?
Answer – There was a problem with Computer serve / registrar, this will not happen again, and apologies to all affected, I informed JM that one investor may send him a bill caused by the late change. Tiger!!
4) Agenda 6, why is this still required if it has not been used since the original request date?
Answer – Again, it may be a requirement in the future, but no one could state why. It has NOT been utilised to buy / sell and shares, but I now understand that it “could be used” when we have to issue new shares to pay back JM loans options!

5) Are MFX doing a revised brokers note / update and do they have forecasts for 2023 / 24
Answer - They will look at Mello as suggested, I asked them to review the Green Target relationship with MFX, as I understand there is a lot of change going on with this company that the board were / are not aware of, but they are now, and THEY will review MFX relationship with them urgently.

6) Have the board any plans to increase the current dividend as a % of earnings? 10% is currently quite low.
Answer – Always under review, but they currently like the idea of keeping the 90% cash in the company until at least next year, when they will review again.

7) How can we get the share price ahead of the NAV especially as it currently retains 90% of the profits?
Answer – This always bugs JM, he keeps saying he wants to do something about it, but I don’t think he knows what, any solutions that we could give him?

8) Strategy, do we have one? What is it, and is it available to investors?
the acquisitions list is rather large at present, this needs to be managed better by the board and is a priority, they currently have several possibilities in the pipeline nearing completion if all bodes well. These will be announced hopefully before Y/E.
Posted at 30/4/2023 15:07 by smithie6
...there is a post on a different msg board which is relevant for MFX as well, I think.

over time we should see the MFX share price rising imo

"Reading about Barclays in The Times...

"Barclays profits hit 12-year high after surge in interest rates"

Says that lenders are being boosted by rate rises being pushed through by the Bank of England. This is enabling commercial lenders to increase their net interest margins.

If so, has to be good for TIME too"

Posted at 24/4/2023 22:08 by smithie6
..I have a few TIME as well, can't put all my eggs in the MFX basket !

...phps TIME has gone up because small co. shares have been doing well recently, which encourages more buyers & there have been various takeovers pushing up some share prices & if ppl sell there then they usually put the money into other shares rather than spend it !....& the TIME share price had fallen back a fair % from a peak, so it was a prime target for buyers imo.

MFX chart looks fine.....with an up trend in place
...I'm hoping that some news snippet in an AGM RNS might help the share price.


financial sector shares are under priced imo.
MFX, TIME, etc, bank shares...

just so long as Putin doesn't fire a missile into a NATO country !...that would spoil everything.
Manx Financial share price data is direct from the London Stock Exchange

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