Marlowe Share Price (MRL)

Customer means corporate accounts. Each corporate can have hundreds or thousands of employees so your KPI need adjusting just a touch

Captain jumps ship with GRC software and service assets, acquired by private entity.

OH lost one major customer, more to follow?

No CEO in place.

Smelly, Smelly, Smelly.

Who is to say £150M will be returned to shareholders in cash?

Are share buy backs not an option?

"Our services are delivered, often through multi-year contracts, by some 900 occupational health clinicians to over 3,000 customers."

It is not hard to see that this means there are about 3 and a third customers per clinician. Are these clinicians full time amployed? Is this efficiency of human resource? Can anybody please explain above.

The institutions will presently be buying shares to eliminate their short positions. Who are going to be the buyers once the positions are closed?

Continuing small bolt ons in TIC likely I would suggest given the £60m ish war chest. Although I agree a period of organic growth, clean financials and cash generation would probably help with the rating, accretive bolt ons should generate value long term. I think there is quite a bit of margin upside on the TIC side also - which they also call out in HY results. Operating margins should be comfortably double digit in that business and were only 9% in H1.

PTSG did 20%+ EBIT margins, and ultimately was bought for c.16x EBITDA back in 2019. Different market now though!

Having said that I do think there is a more than reasonable chance the TIC and OH bits get sold now that Dacre is moving on. Possible there is fire where there is smoke re the earlier rumoured c.£300m TIC disposal...