All Hail As McMillan Shakespeare Delivers
February 20, 2013 4:09 AM EST
-Brokers raise earnings estimates
-New JV in the UK
-Solid leasing outlook
-More organic growth to come
By Eva Brocklehurst
McMillan Shakespeare ((MMS)), which provides workplace benefits administration services, has pleased brokers with its strong first half. In conjunction with the results, the company announced plans to enter the UK market in a joint venture with Visper, a UK-based asset finance company. Visper has had dealings with GMAC, the former owner of MMS' Interleasing business.
MMS has committed 1.5m pounds over five years to the JV, called Maxxia UK, and will appoint the managing director of the business. Citi is a bit surprised at this decision given there is organic growth opportunities domestically and it will take 2-3 years to scale up this business. What gives the broker comfort is that it requires little capital outlay and labour commitment. Credit Suisse thinks the JV is low risk and offers upside. Goldman Sachs suspects it may be a beachhead to further acquisitions in the UK. The JV will focus exclusively on distribution/brokerage of salary packaging and leasing products.
Most Popular Slideshows
- Gennady Golovkin Next Fight Options: Canelo Alvarez, Miguel Cotto Or Julio Cesar Chavez Jr.
- NFL MNF: Pittsburgh Steelers 30, Houston Texans 23 [PHOTOS]
- 2014 MLB World Series Game 1: San Francisco Giants 7, Kansas City Royals 1 [PHOTOS]
- 2014 MLB World Series - Game 2: Kansas City Royals 7, San Francisco Giants 2 [PHOTOS]
Join the Conversation
- No Mercy: ISIS, Father Stones to Death Daughter for Alleged Adultery
- iOS 8 Jailbreak Release Date is Doomed as Team Evad3rs Opts Out, Pangu Hits Snag – Report
- Google Nexus 6 vs. iPhone 5S: 4 Important Things to Consider Before Switching to Android Lollipop
- Swedish Military Spots ‘Russian Submarine’ Off Stockholm Coast, An Alarming ‘Security Game Changer’
- Canada Raises National Terror Alert Level after Suspected Jihadist Runs Over Soldier
- Boy Stoned To Death For Alleged Rape, Victim Receives Dowry From Militants
- Galaxy Note 4: Best Big-Screen Phone, Says Samsung; Analysts Believe Note 4 Unlikely To Beat iPhone 6 Plus [Watch Video]