We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for Free to get streaming real-time quotes, interactive charts, live options flow, and more.
| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Morson Grp | MRN | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 50.00 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 50.00 |
| Top Posts |
|---|
Posted at 25/5/2012 15:11 by red ninja I've got to say I agree. Morson has been expanded by aquisitions of bancrupt agencies and foreign offices. This expansion has hit the bottom line, but that is what you would expect in difficult times. The company should benefit when the new offices and agencies have established themselves.The canceling of the dividend has wiped out the share price, but last results showed decent coverage of the dividend. Thus this all looks a bit contrived with the company management getting a bargain and the small PIsbeing mugged.... |
Posted at 25/5/2012 15:07 by red ninja Copy of Darwen Lad post on iii:The term daylight robbery springs to mind. Morson, which came to the stock market at 160p in 2006 is now being bought back by the Morson family at 50p a share. The Morson family, in the form of chairman and his chief executive son, have overseen a dramatic decline in the company's fortunes since its flotation. Revenues have nearly doubled, operating margins have halved and staff numbers have risen four fold. Last December the company axed its final dividend with the result that the share price roughly halved from 80p to 40p. Without the dividend cut the company's shares would probably still be trading around the 80p level and yielding around 7.5%. The company's balance sheet gave little hint of the need for a dividend cut. The company remains profitable, its interest cover is over 8 times, and a maintained 6p dividend in 2011 would have been just over two times covered. As it is the 2p interim dividend is more than 6 times covered. However, the company has now warned that it could not even guarantee any dividend at all will be paid in the current year. No wonder the share price collapsed, and the Morson family, which owns around 45%, can buy back the company for around 4 times earnings. They are buying a business with net assets of around £60m for £22.5m. Stripping out goodwill, the price being offered its still a discount to net tangible assets. The sole independent non-exec says that it is OK. So much for the idea that backing a family run business should encourage the good stewardship of a company's assets over the long-term. This is a grubby deal which deserves to be voted down. But given the size of the family shareholding, and the irrevocable undertakings of some lilly-livered institutional shareholders, it will almost certainly be nodded through. Wouldn't it be great to see David Medlock, whose private Sitec recruitment business has recently taken a 6.1 per cent stake in Morson, mount a rival bid and kick out this discredited management? Sadly it is probably too late. |
Posted at 25/5/2012 14:34 by liarspoker Ok, ok. Post removed.In my own defence I must say that I invested in MRN and included in the MS portfolio because it was dirt cheap. I wouldn't have bought it at a higher price than I did. I invested on the basis that over time debt would be reduced and the divi reinstated then the company would trade at fair value at which time I would sell. FWIW I think fair value here is north of 60p thereby making this a bargain share when I invested in it. 50p falls short of fair value imo but I'll take it. If there was no bid I'd be happy to hold for a few years until fair value was realised but it looks like MRN worked out faster than expected but at a lower return than expected. I thought the international expansion was progression well and would have liked for the co to stick around. However as we all know when purchasing bargain shares a lot of the companies get taken out ( sometimes fairly, sometimes not ). |
Posted at 02/8/2011 22:53 by bottomfisher Hi Envirovision. What's the source of your EPS forecast? If it is the company broker then it might be worth something. Since the company refuses to release broker research to private shareholders where are we supposed to pick up these forecasts? You might be able to fully understand MRN's business model and explain away the relentless decline in its profit margins. But MRN is a black box as far as I am concerned. The only plus point is the 6 % dividend yield and a pretty respectable bunch of institutions on the share register. Any sign of them reducing their stakes and I will be pressing the sell button. |
Posted at 02/8/2011 16:34 by bottomfisher What is the point of Morson issuing the following trading statement - "Despite the continued challenging business environment trading for the first six months of the financial year is line with the Board's expectations.".What are the "board's expectations"? Do they expect profits to rise/fall/mark time? Perhaps MRN's select group of institutional sharehlolders and one or two brokers know what it means. However, ordinary shareholders do not have a clue. I would love to believe that MRN is a sleeping beauty whose share price will one day spring to life when the UK economy finally starts to recover. However, the paucity of information from the board (small shareholders are not allowed access to the slides for the investor briefings), and the inbred nature of the board (only one independent non-exec), suggests that this is one family run business which would be better off as a private company, rather than a quoted PLC. |
Posted at 07/9/2010 17:17 by red ninja Staffwise results are encouraging, hopefully MRN can do the same. |
Posted at 09/5/2010 18:31 by battlebus Suspect the shares will stagnate for a while. Still a long term hold with a great dividend. |
Posted at 09/5/2010 16:36 by red ninja I forgot the dividend was paid to people on the register at 7/5/10 so some are taking the dividend and selling ... |
Posted at 02/4/2010 09:40 by red ninja Latest comment 29//09 from Growth Company Investor :-Morson's resilience I've long been a supporter of Manchester-based Morson, the market-leading provider of technical engineering staff to the nuclear, aerospace, rail and power markets that is also making inroads into oil and gas and telecommunications. Throughout this gruelling recession, with margins and contractor numbers pressurised, the Morson model has proved highly robust thanks to the relative resilience of its chosen sectors as well as its temporary recruitment bias. Net fee income (NFI) held up well in 2009, easing off by 5.3 per cent to £34.8 million, while the cash-generative firm produced very respectable profits of £10.8 million (2008: £11.7 million), in line with the forecasts of City number crunchers. Net debt was pared to £11 million (£27.9 million) and investors were treated to a maintained 6p dividend. Holding onto clients and clinching additional work with Thales, London Underground and Airbus in challenging markets, finance director Paul Gilmour believes 'we've probably grown in terms of market share' and tells me that aerospace and defence was 'our best sector', with nuclear, where clients include British Energy and Sellafield, 'steady', albeit with rail 'tougher'. Erring on the side of prudence and mindful of public and private sector funding pressures, Gilmour is 'still expecting a tough year in 2010', yet convinces me that Morson is a reliable way to play the recovery. Analysts estimate lower profits and earnings of £8.1 million and 13p respectively this year, before a return to growth in 2011 and 2012, leaving Morson shares, at 91p, well south of the 250p level they reached in 2007, swapping hands for a miserly seven times earnings. To my mind, that is too low for a high-quality business with a great track record, whose shares, incidentally, offer up a 6.6 per cent yield. Fill your boots. |
Posted at 04/2/2010 00:23 by fillipe From general reading I'm getting the picture that the fear with MRN is that both Govt and Defence spending are all heading (some bits already in) for serious spending cuts and that rubs off badly on MRN.Dunno if I'm picking up the correct vibes with all that, but it seems to make sense of some sort, given the present climate. Difficult to feel the bottom until the company gives and update. I think maybe I'll wait to hear something firm - got a bit fed up recently with trying to catch the famous falling knives. F |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Hot Features
Premium
