Manx Financial Group (AIM: MFX)

Last close As at 17/07/2024

GBP0.19

0.00 (0.00%)

Market capitalisation

GBP23m

Manx Financial Group is an Isle of Man-based diversified financial services group. Through its subsidiaries such as Conister Bank and Payment Assist, the group operates in resilient niche lending and financing markets in both the UK and the Isle of Man.

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Sector

Financials

Equity Analyst

Rob Murphy

Managing Director, Financials and Investment Trusts

Balance Sheet

Forecast net debt (£m)

N/A

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (5.0) (15.6) (13.6)
Relative (2.7) (20.3) (20.1)
52 week high/low 26.0p/15.0p

Financials

Manx Financial Group (Manx) posted record PBT of £7m, a 35% increase year-on-year. Manx benefited from strong volumes, a full year contribution from Payment Assist Limited (PAL) and a £1.9m gain on debt securities, which offset funding cost pressures from higher average interest rates. Alongside a 24% increase in lending to £362.7m, it maintained robust credit quality, with its cost of risk (CoR) decreasing by 20bp y-o-y to 1.3%. As a result, the group delivered a strong return on average equity (RoAE) of 16.4%, 50bp higher than FY22. In line with its 10% dividend payout policy, the group proposed a dividend of 0.4551p/share, up 21% on FY22. The approval of a UK banking licence in October is a major milestone for Manx to continue to pursue its growth strategy.

Y/E Dec Revenue (£m) EBITDA (£m) PBT (£m) EPS (fd) (p) P/E (x) P/CF (x)
2021A 18.0 N/A 3.0 1.97 9.6 7.7
2022A 24.4 N/A 5.2 3.15 6.0 4.7
2023E N/A N/A N/A N/A N/A N/A
2024E N/A N/A N/A N/A N/A N/A

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