News blog

Manroy

BY: Andrew Hore |
POSTED: 02/02/2012 |

Heavy machine guns supplier Manroy has reported its first annual figures as a quoted company but the real benefits of its recent investments will not show through until the second half of this financial year.

Manroy Systems reversed into cash shell Hurlingham in December 2010. The enlarged group raised £6m at 75p a share. A further share issue at 95p a share help to finance the purchase of 49% of Manroy USA.

As with many reversals the first year’s figures are complicated by one-off items such as acquisition costs and negative goodwill – the difference between the amount paid for the business and its higher net asset value.

Manroy generated revenues of £7.97m in the period to September 2011 but the core Manroy Systems business is only included for nine of the 12 months. Annual revenues of Manroy Systems fell from £12.3m to £11m as UK revenues were much lower and overseas sales growth was not fast enough to offset this. However, the underlying profit edged up from £2.8m to £2.82m.

Manroy’s stated pre-tax profit is £2.22m, but that was after £2.46m of negative goodwill, which was partly offset by normal amortisation of £794,000 and acquisition costs of £1.1m. There was also a £115,000 loss relating to the US associate company.

A final dividend of 1p a share was declared taking the total for the year to 2p a share.

The UK operations should benefit from more MoD and export contracts in the second half. The US business should start to deliver a $10.2m (£6.3m) contract in the next couple of months and the main benefit will come through in the second half.

At 82.5p a share, up 6.5p, Manroy is valued at £15m.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFJanuary2012_28.pdf

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