Member Info for RogerMellie50

That was it.

Godchild's just moved there, so I'm sure I'll be down again! Don't think I'd been south of the river for a good 10 yrs, always stay north when visiting these days.

I think 19-20 pence is about right as well. Could/should be more, but still not bad.

Off topic - did you mention you were in Crystal Palace? I was seeing a friend in Penge there the other day and strolled up. Haven't been to that part of London for donkey's, forgotten what a good view you get.

Morning John,

I'd forgotten about that, thanks. Don't spend it all at once! I doubt we'll get a comensurate 66% increase in the final divi, but hopefully should be an increased one.

H1 24, 59% of revenue and 77% of operating profit came from the US. I think average exchange rate was 1.29 for H2 24, slightly up from the 1.27 used for their forecasts, but should make a big difference for H125 if sterling stays around these levels.

Agreed, John: mobiles much more convenient for the pub! Would look a bit of wally parked at the bar with a laptop. I only have a 'brick' phone, despite friends/family hounding me to get a proper one and join some 'group' or other

I think it's a question of wait and see until we get an update on the board's review before April. Not a chart person either, but we do seem to have had some support around these levels, tad under 9 quid.

Completely snowed in today, so spending somd time researching other shares for this year. Investors Chronicle tipping explosives firm Chemring, albeit with some caveats. Anything on your radar?

I can't be doing with fiddly mobile phones. I only access the internet through my laptop with a proper keyboard!

Happy New Year all,

John, I hope your Xmas watching Still Game repeats went well!

I see Lord Lee (the original 'ISA millionaire) bought MSi stock this year. I always have a look at the registry on the House of Lords' website to see what interests he's declared. He's done better than most as a DIY investor.

https://www.telegraph.co.uk/money/investing/labour-budget-was-painful-car-finance-ridiculous-decision/

I think he used to be a non-exec years ago, or am I talking nonsense?

Pharmall, I gave that a read, thanks. Bodes well. On the topic of MSi 'investor relations' (investor non-relations, rather), my efforts at getting info off the company have been equally as fruitless, although newly-appointed BOD member Ms Ashcroft is always courteous enough to reply. She mentioned that she would 'look in to' getting a Zoom link for this year's AGM - think it would be beneficial if a few of us holders here badgered her about in a co-ordinated effort later on?

Turning my internet connection off until the New Year, but hope everyone has a good Christmas. Not been a bad year for little MSi, all told, and hopefully some good news next year to come.

John - nice to 'chat' with you here this year and thanks very much for your contributions. Hope you enjoy spending your premium bob fortune at the pub!

Roger.

Hi Pharmall,

Thanks for that. Funnily enough, a friend of mind did exactly the same as you in that dip and bought Chemring for his pension. Certainly seems to be overdone to me - order book over a billion now, with much of sales forecast covered as you say, and underlying profit also up? Just seems to be a dip in margin with the hurricane playing a large role.

So many UK-listed stocks seem cheap right now, it's difficult to chose! I sold quite a bit of my largest holding in Hill and Smith a few months ago as I was badly overweight, so I've been looking to start some new positions . Concurrent Tech being one and AB Foods last week. Also bought back in to Renew Holdings and Renold. See what happens next year!

Well done John! Is that the only cheque you've ever had from them? Must be close to being a record! Don't spend it all at once, now!

Understand about the time doing the reports, I've enjoyed them anyway. Maybe you could do a weekly/monthly one if you feel like keeping your toe in.

I'm more than optimistic for MSi over the next 18 months or so. Extrapolating from the half year results (which were affected by lumpy revenue) we're currently at a PE of a bit under 10, I think? Bargain basement territory, and lets be clear - MSi aren't some 2-bit AIM company scrabbling around for cash to keep the directors in a job. Well established, sitting on a pile of cash (even buying up shares for treasury, ffs!), recruiting heavily with a fat order book. Let's see what 2025 brings...

Drove past the HO in Doncaster this morning. Can't really report much, other than a big sign and some fork lift trucks buzzing around.

John, I feel that the review of 'strategic priorities' mentioned in the H/Y statement will be more significant than just a bit of a re-shuffle. Totally understand where you're coming from, MSi have always been very conservative and old-fashioned, but the company has obviously reached an 'inflection point' (excuse the jargon) and there's also a management change in process. I'm not expecting them to announce they're going to flog the other divisions next week, but I do think the contents of their review will be more 'root and branch' than we might expect.

I'd forgotten that the defence divison is actually based in Norwich, not Doncaster!. Ah well.

Weren't you based in Malaysia for a spell, John? I remember you mentioning it before. Not tempted to come out of retirement and apply for the MSi job?

I know what you mean about the job requirements. I've been self-employed most of my life and never worked in the corporate sector, so a lot of the modern HR world has passed me by entirely (thank goodness). However, I was recently looking at a job advert that my god daughter was applying to - menial, stop-gap admin job on a fixed-term contract. The job description and requirements listed were ridiculous, frankly. It was essentially just a job answering the phone and opening the post, but the job description was like she was applying to be head of NASA or something.

Will let you know John!

They just posted this job vacancy. Interesting. I know they have previous contracts in Malaysia and Indonesia (If i'm not mistaken).

https://www.msi-dsl.com/careers-msi-ds/international-sales-manager-far-east/

Evening Pharmall,

The thought of a special divvie did cross my mind. I don't know too much about the other divisions. Do MSI own their premises in Poland/Netherlands/Germany? Would need to delve in to past reports to get a sense of any asset values.I would assume any divesting of them would be as a 'going concern', but who knows. Getting way ahead of things, but a simplified, highly profitable defence-only business would be a much easier/attractive option for a takeover as well.

I'm currently doing up a house and am driving to Doncaster to collect some reclaimed pine flooring for a reclamation yard there next week. I'll hang out in the local greasy spoon and see if I can pick up some gossip from the employees!

Yes, we should have some news before April on that score. Talking about 'future strategic priorities' must entail a review of the of the feasibility of the non-defence divisions and prioritising defence, as I can't see what else there is to 'review'. in that context.

*indeed Tav, apologies.

Indeed, John. Think that's the second time now he's gifted shares. As far as I'm aware, the 7 year IHT taper hasn't changed. Dad will be getting weekly blood pressure checks and won't be allowed to leave the house without a defibrillator! I can vaguely remember some story in the press a while ago about someone conceling their mother's death and keeping her body in the freezer in an attempt to dodge IHT. I'm firmly against death taxes, but I think that's a step too far!

Wouldn't have complained if my old man gifted me 150000 MSi shares!

Hello,

The Defence Minister announced they were decomissioning 3 ships a few weeks ago. Those three ships had 2 MSI systems a piece installed years ago, so no more maintenance for MSI on those guns. Excuse the pun, but it's a drop in the ocean compared to MSI's existing contracts and new installations on the type 26 frigates, not to mention foreign navies. I don't even know the costing basis for servicing and maintenance contracts(per system basis, or something else), but it's not remotely significant, HarryWilliam.

Hi Tav,

Agree, obviously an advanatge that their system has had 'combat experience'. I'm well out of my depth with defence, but it does seems that CUAS market has exploded in the last few years, whereas MSi's VSHORAD was an early mover back in 2022. Agreed though, they're obviously optimistic.

Yes, something like you propose is likely on the cards. Maybe even converting their Polish sites in to production for defence? Anyway, intersting times ahead.