Talk Morgan Forums Thread Like Summary - MMC 2023 results

From Yahoo finance Other articles are available. I hope they hve a strong balance sheet .

Morgan Motor Company is based in Worcestershire.
The firm behind sports car maker Morgan Motor Company saw its pre-tax loss widen by more than £10m during its latest financial year as it was hit with supply chain issues and increased costs.

The Worcestershire-headquartered business has reported a pre-tax loss of £25.5m for 2023, after having posted a pre-tax loss of £15.5m for 2022.

However, newly-filed accounts with Companies House also show that the firm’s turnover increased from £41.7m to £48.9m over the same period.

Founded in 1909, Morgan Motor Company hand-builds sports cars at its factory in Malvern.

Since 2019, Morgan Motor Company has been majority owned by private equity firm, Investindustrial.

In the UK, the firm’s turnover dropped from £18.5m to £16.2m but jumped from £14.5m to £24.8m in Europe, according to the new accounts.

However, in the red of the world, its sales also fell back from £8.6m to £7.9m over the financial year.

The business said that its ‘strategic one-off costs’ fell from £1.5m to £600,607 in the year while its recall warranty provision was also cut from £2.1m to £895,870.

However, its stock impairment totalled £3.7m and it booked a £3.5m cost for development.

One-off costs and supply chain woes hit Morgan Motor Company
A statement signed off by the board said: “During the year, the group was affected by several key suppliers experiencing financial difficulties.

“To avoid production shortages, the group invested in its stock, made direct payments/control stock from its suppliers, provided resources to help suppliers’ manage their internal processes and re-sourced to more financially stable suppliers when relevant.

“This has negatively impacted cash reserves, margins and production efficiency during the year.

“However, the group has now made good progress in derisking its supply chain.

“During the year the group incurred strategic one-off costs related to the discontinuation of operations at Bicester Heritage, changes in management team, improvements in supply chain and non-recurring legal costs.

“The group also incurred exceptional warranty campaign costs related to several models.”

Sorry Dave ... just haven't got my head round the existence of the new-fangled aluminium ones!

My comment refered to all the trads out there.


If no-one has yet come up with a roll hoop for them it surely won't be long ... as for the 'oldies', Librands do them as do Safety Devices (well known in the racing world ... have a full SD cage in my MG) .... worth asking or they might put you on to someone.

K

Give Henry at Williams a call he will be able to point you in the right direction.

I used to think of the trad Morgan as being crude and rudimentary, lacking modern refinements when held up against modern machinery, and it is true. I can outperform, out handle with ease my Plus 4, in my wife's diesel SLK. It has all mod cons. from a heated neck scarf to a nine speed automatic gearbox, it laps up the miles roof down in comfort. A firm ride, very economical. not too much luggage space, but more than capable of continental touring with ease, I always enjoy driving it. Don't know what we will do when we come to change it as they stopping making the SLC/K in 2020.

When I had my Roadster, it left me with the feeling that too much power for the chassis etc, and when I tried to use it all weathers and soon found its limitations and some journeys were not a pleasure and it became more of an endurance. The Plus 4 by comparison seems to be well balanced, its a light positive gearbox, nicely spaced, the brakes with little effort stop straight and true, it corners quite well, could do with power assistance for parking but other than that it leaves a massive smile on our faces every time we go out in it. It has its limitations eg wet weather, so we just work around it, when ever we decide to use it. In my humble opinion it might just be the pinnacle of light weight traditional Morgans, its not cost me much and I doubt whether it will depreciate much further, not that that bothers me. As long as spares supplies allow me to keep it on the road, my first few months of ownership have been brilliant.

Increasingly, when I think of getting a CX, I start to compare what else you can get for the money, the beautiful shape of the CX is undeniable, the leap forward over the trad dynamics is undeniable, whether reliability has improved has yet to be seen long term. But them when I look at other features eg relative safety, the CX in my humble opinion falls very short for their speed and power, eg how would it handle a roll over, there are no windscreen/cabin roll over structural mechanisms be they roll over bars or pop up bars at the rear and then the package starts to look more antiquated IMHO when it comes to passive safety. I hear you all say they won't ever roll over, well I've been passenger Mercedes SL that was forced into a ditch and rolled due to a tractor with all sorts of nasty wide implements, on the wrong side of the road at a blind bend. We weren't travelling fast but the roll over protection was great.

The same is very true of a trad, but I find most of the time I'm traveling at a much lower speed than if I was in the wife's SLK or potentially a CX with its ABS, Traction control and better handling and performance. I've been driving fast convertibles for decades, so am alive to the relative safety features., the structural safety of the windscreen , pop up rear roll over bars or head rest etc,

So whilst there is a sense of improving quality and reliability coming out the Morgan factory, I would like to see far more emphasis on safety built into the cars for the money you are spending for quite fast open top cars.

Dave, I tried to find a road spec roll over bar 3 years ago for our Plus Six, I talked to Henry at Williams at that time and the answer was they were looking at it but "dont hold your breath".. Havent heard much since on the subject, although you are not alone on this quest, as others on TM have voiced similar thoughts for the Plus Four and Six.. I have only seen racing variants including Williams own.. but sadly nothing yet for a road car.. I suspect some of the issue is the height/position of the seat in relation to the top when its put up and down. My drivers seat is set back about 3/4 along its travel, but raked back a little, this leaves it very tight indeed to the tops back screen when folding it up and down. I cant see how you could position a roll bar in the available space without removing or reducing the height of the seat head restraints.. Please let me know if you find anything for a road car as I would be interested..

Set aside the semantics and juggling of spreadsheets for one moment, I for one think it nothing short of a miracle they are still a concern at all following on from the total debacle of the M3W followed closely by the CX major brake and cooling issues.

If it hadn't been for the Italian backers and bosses MMC would be no longer and that would have made me sad, so bravo to them as they appear to be navigating very choppy seas left by Charles and his cohorts

No vested interests just the way I see it quite clearly and I feel sorry for the recently departed CEO on personal grounds as you never know what folk are living with, I wish him all the best for the future.

p.s. If they build the EVA it will be a love affair and a balls out move.

Yes I really like the Midsummer, it demonstrated a brave new direction and customer base and there will be no returning to flat cappers transport tbh as the customer base simply is non existent tis the land of dreams boys that have long past.

I would agree that the cloth cap and flying jacket era is over. This is clearly demonstrated by plummeting trad values and still no buyers.
The modern Morgan owner doesn't want to buy a new car that they have to continue the development of, they don't want to grease king pins and contend with a wet lap whenever it rains.
The modern Morgan owner wants an automatic gearbox, hi-fi and puddle lights.........
At £100k it's not unreasonable to expect high quality and consistent build quality.
MMC will have to buck their ideas up dramatically if they want to truly compete in the world of high end sports cars.
It would be very easy to say that the 911 is the benchmark for Malvern to aspire to, many sports car manufacturers aspire to compete with Porsche, few get close.
MMC have a tricky job ahead, I think the CX chassis is a great starting point, I hope they get a bit more adventurous with the bodies they put on it....!!!!
Come on MMC.........!!!!!!!!!!!!🇬🇧

Morgan have chosen the upward path towards high end prices with high end expectations. But at the same time they have always sought out the most cost effective components, which might not always deliver the required level of warranty claims. The brake master cylinder fiasco should not have happened, and the radiator failures seem to point at under-engineerined components, while over engineering the cooling systems.

Having a Trad shaped car at a similar price to a mainstream car makes no sense without parity in ownership. The reason Trads survived was that they did not compete with mainstream sports cars, even though the the retail price never stopped climbing, thus securing the residuals of the second hand market.

Now it appears that there are more CXs than buyers. Even if CXs meet newer Trads on value, that doesn't make the choice easy or logical, because complexity and cost will always be an issue.