News blog

Manroy

• BY: Andrew Hore |
• POSTED: 15/01/2013 |

Machine guns manufacturer Manroy moved into loss in the year to September 2012 due to the delay to a major contract.

There were also delays in the novation of US contracts. Revenues fell from £7.97m to £7.39m, while a profit of £2.37m was turned into a loss after amortisation of £1.16m - before an increased loss of £922,000 from the US associate company – including relocation costs. The comparative figures were boosted by negative goodwill, partly offset by acquisition costs. UK revenues were higher but exports were sharply lower.

Net debt was £643,000 at the end of September 2012. Manroy has loaned £1.33m to the 49%-owned US associate. There is no dividend for the year to September 2012.

The UK order book is worth £9m and the US associate has additional orders of £8m. The product testing and approval process in the US should be completed for all the products before the end of March. The US business is allowed to market its products in the UK. Manroy is still waiting for an expected export order.

A jump in revenues to £14m is forecast for this year and that should be enough for a return to profit. 

At 40p a share, Manroy is valued at £7.62m.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFDecember2012_39.pdf