Murgitroyd Share Discussion Threads

[its the oxman] 04/7/2017 11:50

Steady buying, 550p come results hopefully

[its the oxman] 03/7/2017 11:40

Nice trading statement. Looks set to run higher through 500p over the weeks ahead.

[gingerplant] 03/7/2017 07:18

It's all OK thankfully; revenues 5% up on last year.

"the second half of the financial year has been in line with the Board's expectations and represents a significant improvement on the trading result for the half year."

Still worth closer to sick squid IMO.

[bsharman3] 29/6/2017 09:51

That is a good idea - i'll do that!

[cyfran101] 28/6/2017 22:27

Bsharman3 why don't you register for free and get one premium article a week?

[retsius] 28/6/2017 18:34

Interesting to hear the Updated Trading Statement due in the next two days( June)
R.

[jamesd888] 28/6/2017 16:06

Off topic tip ECSC GROUP LTD (ECSC)...Worth buying....with all the cyber security attacKS hitting the world...worth a look

[bsharman3] 28/6/2017 11:23

I could only read the first little bit as i'm not a subscriber unfortunately..

[careful] 28/6/2017 11:06

read the D.T.
in and out this morning.
great little ramp.

[bsharman3] 28/6/2017 10:57

Thanks - nice to know there are some people here!

[jimbo3352] 28/6/2017 10:54

MUR tipped by Questor in Telegraph today

[bsharman3] 28/6/2017 10:17

A very quiet BB!

A nice rise this morning - I bought in about a month ago.

Anyone have any thoughts or news?

[dab26] 06/4/2017 09:15

Must admit, my heart sank slightly when I saw the 'Trading Statement' RNS title this morning, but very pleased to hear slightly more optimistic noises coming out of the company.

Hopefully that sets the recent lows as the bottom for now...these certainly look cheap to me on the current metrics if trading is continuing to chug along.

If cashflow has continued to be strong then I could still see benefit in a buy-back programme, but I suspect this company might prefer to marshal it's resources for dividends and future acquisitions.

Time will tell...

[dab26] 24/1/2017 10:18

Hi all,

Agreed, 'disappointing' rather than catastrophic but obviously it does nothing to answer the question at to where future growth might come from.

According to my data, the largest previous share-price fall was circa 12% in June 2008 so today's market response is unlikely to go unnoticed by the board, not least due to the large family shareholding(s).

Given that cash apparently continues to roll in, then I would wonder if a limited buy-back programme might now merit consideration, which along with the mooted dividend increase ought to help underpin the stock price whilst the growth issue is being addressed.

Considering a top-up at these levels, but will wait for the results announcement before committing any further capital I suspect.

Regards,

[eezymunny] 24/1/2017 09:51

Not sure about that tsmith.

Seems like they've ramped up sales & mktng costs but that hasn't delivered the growth they'd budgeted for.

They say "lower than anticipated revenue growth". So doesn't sound like sales have fallen off a cliff.

Time will tell.

[tsmith2] 24/1/2017 09:47

It's the outlook statement that's worrying

[eezymunny] 24/1/2017 09:10

Yes. First warning in donkey's years (ever?) for MUR. Shame. I haven't suffered a warning in my portfolio for a few years. Happens to us all, alas!

[topvest] 24/1/2017 08:27

A disappointing update today. A mild profit warning so not the end of the world by any means. Dividend still going up. Braemar yesterday, Murgitroyd today. Not a good week so far!

[eezymunny] 07/12/2016 09:40

eps growth has indeed been illusory despite consistent top line progress, jg, but the balance sheet, as you say, has strengthened and is now IMO strong enough (£3m net cash and rising, c. £13.5 net current assets) for further acquisitions, cash returns etc.

Currency headwinds of recent years are now tailwinds, a reduction in US corp tax rates will boost eps as well (if The Trump's promise is delivered).

MUR is, IMO, a very reliable cash machine (may not always be so!), and given the balance sheet (£13.5m nca, £2m property etc) I can make a case that it's very cheap here! You only pay c£30m over and above current NTAV for a company that chucks off c. £4m cash p.a.

3.4% yield here, twice covered is pretty good.

Had a few for the EEZY3 portfolio a week or two ago FWIW

[jg88721] 06/12/2016 19:05

haven't followed this share closely for years. Just for fun, I looked at growth between 2012 and 2016. eps was 36.76 in 2012, and 35.35 in 2016. revs grew from 35.7, to 42.2m. Profit after tax grew fractionally from 3.14 to 3.3 (incl FX and reval gains). Over that time, debt has reduced, and cash on hand is up. The number of employees at 234 is unchanged.

Over the time equity (book value) has increased from 21.3m to 30.4m. What additional earnings has that increased equity investment produced?

It seems to me - and in contrast to beta-adjusted and 100rich's comments - that MUR is failing to grow. As such, current PE might be about right? Why hold?

[dab26] 15/10/2016 23:27

Thank you Topvest.

I think you are entirely correct. I performed a google search today, putting in the text of resolution 9 and a number of similar instances were thrown up (Next and SSE were two such situations).

Appears that it is largely a 'procedural' correction rather than anything more substantive, so I am reassured.

Still, this is a firm of lawyers...but mistakes do happen, so my mind rests easier.

Many thanks again,

Dave

[topvest] 15/10/2016 14:25

Looks to me like they paid an illegal dividend. Maybe they forgot to file interim accounts at Companies House?

[dab26] 14/10/2016 17:10

Would someone be kind enough to explain the following AGM resolutions to me:

9. To ratify and confirm that any and all claims which the company has or may have in respect of the payment of the dividends against its shareholders who appeared on the register of members on 2 October 2015 (being the record date for the final dividends, the "record date") be released, and that a deed of release in favour of such shareholders be entered into by the company in the form of the deed produced to the meeting and signed by the Chairman of the meeting for the purposes of identification.
10. To ratify and confirm that any distribution involved in the giving of any such release in relation to the dividends be made out of the profits appropriated to the dividends as aforesaid by reference to a record date identical to the record date for the dividends.
11. To ratify and confirm that any and all claims which the company has or may have against its Directors (whether past, present or future) arising in connection with the payment of the dividends be released and that a deed of release in favour of such Directors of the company be entered into by the company in the form of the deed produced to the meeting and signed by the Chairman of the meeting for the purposes of identification.
12. To ratify and confirm that any prohibition under the Articles of Association of the company or elsewhere on interested Directors voting in respect of any contract, transaction, arrangement or proposal, or proposed contract, transaction, arrangement or proposal, in which they may be interested shall be suspended to the extent necessary to enable the execution and delivery of such deeds of release on behalf of the Company.

I don't ever recall seeing such items in a company's AGM resolutions before and am just curious as to what they actually mean in practice.

Thanks in advance,

Dave

[topvest] 31/3/2016 18:30

I've bought an initial small stake. A quality business with a very good record. Not expensive.

[100rich] 29/10/2012 14:06

gist of it is that eps has grown from 4.2p to 35.8p in 10 years thanks to mainly organic growth inc. opening new offices, plus occasional acquisition. Forward PE just 11.5, partly because under the radar with market value still just c. £40m.