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Wales
by Joske Vermeule, September 1
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Forums39
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Jun 14th, 2026
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Joined: Dec 2017
Posts: 2,223 Likes: 183
Talk Morgan Expert
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Talk Morgan Expert
Joined: Dec 2017
Posts: 2,223 Likes: 183 |
The accounts for 2024 have now been published. I wont pretend to understand how it works at this level. Can someone with more accounting knowledge make sense of them? AccountsI have not reviewed the numbers but suggest this extract from the latest MMC Strategic Report on page 3 sums up their corporate situation..... The main risk of the company and its subsidiaries is the ability to continue to trade at a profit. This requires delivery of a
strong order book by the Morgan dealership network combined with a focus on gross and net margins. The company's
strategy in managing this risk relies upon the teams at the factory and its dealers delivering a level of sales and satisfaction
to customers. The delivery of target gross and net margins relies on efficient manufacturing and effective procurement. These
factors, along with the accuracy of sales forecasts, have a direct impact on the company's stock holding. So there you have it. Those are words of a company struggling.
Bruce
1964 4/4 Series V Comp (Megan)
1994 +8 (Maurice) tis no more
2013 M3W (Olga)
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Joined: Mar 2009
Posts: 3,825 Likes: 69
Talk Morgan Addict
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Talk Morgan Addict
Joined: Mar 2009
Posts: 3,825 Likes: 69 |
Def looks like AI...student level stating bleeding obvious generalities..
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Joined: Mar 2010
Posts: 3,700 Likes: 131
Moderate or good, occasionally poor Talk Morgan Addict
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Moderate or good, occasionally poor Talk Morgan Addict
Joined: Mar 2010
Posts: 3,700 Likes: 131 |
"Risks and uncertainties" is a standard section of annual company reports, listing potential events and the measures the company takes to mitigate them. It says little, if anything, about the current state of the business. The Key Performance Indicators (KPIs) are measures of a company's actual performance. These, it has to be said, don't make good reading: - Turnover for the year was £35,528,477 (2023: £48,354,299)
- Gross profit margin for the year was 27% (2023: 28%)
- EBITDA for the year was £1,418,593 (2023: £4,076,165)
- Loss before tax for the year was £7,776,841 (2023 loss: £10,989,786)
- Cash at bank and in hand at the year-end was £6,451,042 (2023: £8,391,676)
- Net liabilities position at the financial year-end was £3,958,593 (2023 asset: £4,132,762)
- Vehicles manufactured in the year 419 (2023: 690)
2011 Morgan 4/4
1932 Austin 7 Chummy
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Joined: Aug 2010
Posts: 5,466 Likes: 171
Charter Member
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Charter Member
Joined: Aug 2010
Posts: 5,466 Likes: 171 |
Let us hope that the approval of the Plus Four in USA and the start of deliveries there leads to an improved position for 2025 full year results.
Paul
Costock, UK
Plus Four 75th - Furka Rouge - Pip
Disco 5
Teddy - 17h1 Irish Draught cross
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Joined: Aug 2020
Posts: 3,860 Likes: 401
Talk Morgan Addict
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Talk Morgan Addict
Joined: Aug 2020
Posts: 3,860 Likes: 401 |
With negative net equity,, although seems well supported and they have addressed the going concern aspects in the accounts. The drop in new cars sales must be worrying, especially the European market, the other markets seem to hold up quite well by comparison.
Interesting they have taken an impairment charge on their 3 wheeler assets, with the US particularly California being a big market for their sales, I wonder going forward how the Plus Four US sales may impact the 3 wheeler sales. They need the volume growing or the profit per car increased to cover the costs of operation. With the Midsummer and Supersport sales going thru in 2025, how much does the picture change?
22 Plus Four KIMI
12 Plus 4 Sport OZZY
08 Roadster FELIX
06 4/4 70th LOKI
77 4/4 SEAMUS
85 4/4 MOLLY
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Joined: Mar 2009
Posts: 11,533 Likes: 318
Smile, it confuses them Member of the Inner Circle
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Smile, it confuses them Member of the Inner Circle
Joined: Mar 2009
Posts: 11,533 Likes: 318 |
Given the increased cost of the newer models it is a little disturbing.
Turnover down + unit cost up = lower revenue means a significant drop in volume.
Everyone loves a Morgan. Even me, unless it's broken again.
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Joined: Jul 2007
Posts: 28,906 Likes: 353
Salty Sea Dog Member of the Inner Circle
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Salty Sea Dog Member of the Inner Circle
Joined: Jul 2007
Posts: 28,906 Likes: 353 |
Been a long way outside my budget for many a year. Plus, since early 2000s, the wings are too wide for my taste.
Graham (G4FUJ)
Sold L44FOR 4/4 Giallo Fly
'11 MINI Countryman Cooper D All4
'90 LR 90 SW
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Joined: Jul 2007
Posts: 3,841 Likes: 11
le Asbo du Bling Talk Morgan Addict
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le Asbo du Bling Talk Morgan Addict
Joined: Jul 2007
Posts: 3,841 Likes: 11 |
For anyone thats interest Morgan has post its 2025 accounts.
They make interesting reading.
Slowly going green
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Joined: Nov 2015
Posts: 8,686 Likes: 493
Just barreling along Needs to Get Out More!
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Just barreling along Needs to Get Out More!
Joined: Nov 2015
Posts: 8,686 Likes: 493 |
Jon M
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Joined: Jul 2007
Posts: 3,841 Likes: 11
le Asbo du Bling Talk Morgan Addict
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le Asbo du Bling Talk Morgan Addict
Joined: Jul 2007
Posts: 3,841 Likes: 11 |
Slowly going green
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