Manx Financial Group (MFX)

Sector:

Financials

Index:

FTSE AIM All-Share

14.80p
   
  • Change Today:
      0.050p
  • 52 Week High: 26.00p
  • 52 Week Low: 13.25p
  • Currency: UK Pounds
  • Shares Issued: 119.72m
  • Volume: 0
  • Market Cap: £17.72m
  • Beta: 0.37

Manx Financial Group shares drop on first half results

By Josh White

Date: Friday 30 Sep 2016

LONDON (ShareCast) - (ShareCast News) - Financial services company Manx Financial Group announced its interim results for the six months to 30 June on Friday, with profit before income tax on continuing operations growing 2% to £0.81m, from £0.79m.
The AIM-traded firm's profit before income tax was down 29%, however, to £0.71m from £1.01m in the first half of 2015.

Net interest income was up 18% to £7.36m, which was also the company's net interest income on continuing operations.

Total equity was up 18% to £12.81m, and total assets were also up 18% to £149.09m.

Manx Financial Group's loans were up 21% year-on-year to £111.75m, with customer accounts up 16% to £122.2m.

"Despite this encouraging progress, the principal area of business in which we have suffered, however, is the increased levels of commission paid to our UK intermediaries, including hire purchase early settlements - a rise of 48% to £3.9m," said executive chairman Jim Mellon.

"This expense reflects our changing business mix as the UK becomes an ever more significant market, now totalling over three quarters of our total loan book."

Mellon said the hire purchase early settlements contained within that commission expense were as a result of largely unanticipated market-driven decreases in realised asset values during the first half of the year.

Nonetheless, Mellon said the group delivered a meaningful profit for the first half of 2016 and he has "every confidence" that the measures the board is undertaking will maintain its current bottom line to the year end and beyond.

"New business opportunities remain strong but we must continue our hard work to maximise these.

"The acquisition of full authorisation for UK Consumer Credit activities will allow us increased direct access to this important market."

Mellon said the company was continuing to manage its operational costs in a careful manner.

"Thus our clear vision for the group's future remains the combination of organic growth with the development of complementary business lines.

"Notwithstanding, and as always, we are on the lookout for meaningful and affordable acquisitions as we continue our diversification into an integrated banking and financial services group."

At 0907 BST, shares in Manx Financial Group were down 6.3% to 8.55p.

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MFX Market Data

Currency UK Pounds
Share Price 14.80p
Change Today 0.050p
% Change 0.34 %
52 Week High 26.00p
52 Week Low 13.25p
Volume 0
Shares Issued 119.72m
Market Cap £17.72m
Beta 0.37

MFX Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
66.76% above the market average66.76% above the market average66.76% above the market average66.76% above the market average66.76% above the market average
51.85% above the sector average51.85% above the sector average51.85% above the sector average51.85% above the sector average51.85% above the sector average
Price Trend
43.73% below the market average43.73% below the market average43.73% below the market average43.73% below the market average43.73% below the market average
41.07% below the sector average41.07% below the sector average41.07% below the sector average41.07% below the sector average41.07% below the sector average
Income
57.51% above the market average57.51% above the market average57.51% above the market average57.51% above the market average57.51% above the market average
44.62% above the sector average44.62% above the sector average44.62% above the sector average44.62% above the sector average44.62% above the sector average
Growth
75.08% above the market average75.08% above the market average75.08% above the market average75.08% above the market average75.08% above the market average
72.55% above the sector average72.55% above the sector average72.55% above the sector average72.55% above the sector average72.55% above the sector average

MFX Dividends

  Latest Previous
  Final Final
Ex-Div 16-May-24 15-Jun-23
Paid 24-Jun-24 19-Jul-23
Amount 0.46p 0.38p

Trades for --2024

Time Volume / Share Price
0 @ 0.000p

MFX Key Personnel

Chair James (Jim) Mellon
CEO Douglas Grant

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