News Bites Issue 80

NEW WIDE BODY MORGAN UNVEILING CONFIRMED FOR GENEVA

After it was seen on the streets on the streets of Malvern, as reported last month, Morgan Motor Company have confirmed that they will be unveiling the new ‘Wide Body’ car at this year’s Geneva Motorshow, 7-17 March.

As well as an all-new bonded aluminium platform, the car will use a powertrain never before installed in a Morgan and will be the most dynamically capable production Morgan ever. MOG interprets that to mean it is going to be very fast and have a forced-induction six cylinder engine, probably inline. Looking ahead, the wise may presume there will be a hybrid version. The ‘Wide Body’ sports car will be positioned at the premium end of Morgan’s product range and represent a further milestone for Morgan’s 110th year.

MORGAN MOTOR COMPANY ANNOUNCES RECORD PROFITS FOR THE THIRD YEAR RUNNING

Morgan Motor Company has announced record profits for the third year in a row as it continues the highly successful roll-out of a long-term strategic plan under the guidance of Chairman Dominic Riley, Managing Director Steve Morris and family shareholders.

Year-end financial results for 2018 saw profit before tax increase over 95 percent to £3.4m from £1.73m in 2017. 2018 also saw positive growth in gross margins, thanks partly due to record prices achieved for the final Aero GT and Plus 8 50th Anniversary Edition models. However, continuing improvements to production efficiency at the famous Malvern factory have ensured the greatest growth in operating profit.

This result is all the more impressive because – as Morgan waved goodbye to those iconic V8-engined models – fewer cars were actually produced in 2018.

Product sales continue to be strong across the globe with export sales up over five percent, helped by order quantities in the last quarter of 2018 exceeding all expectations. Employment at Malvern continues an upward trajectory, while in 2018, a bonus was paid to all employees, alongside dividends to the Morgan family.

Last year saw Morgan make its biggest investment yet in research and development (over 8 per cent of annual turnover in 2018), taking total R&D investment to just over £6.3m in the last 3 years.

This investment includes the development of Morgan’s all-new new bonded aluminium fabricated platform which will be used by the range-topping ‘Wide Body’ sports car.

“Morgan Motor Company’s continuing success can be attributed to three essential ingredients: our skilled workforce, our strategic vision and our heritage,” explained Steve Morris, Managing Director. “Our results in 2018 have been extremely impressive and give us the solid foundation to move forwards into an important year for the business.

“We have waved a fond farewell to our iconic V8 models and are looking forward to entering the most exciting chapter yet, as we celebrate our 110th anniversary, with a new car due this year.”

“Our focus on a stable, profitable and innovative Morgan Motor Company is clearly represented in the year-end results,” explained Dominic Riley, Chairman. “Ever-improving efficiency and rising gross margins are fantastic to see and have come about thanks to our shared strategic vision and the hard work by everyone at Malvern. Investment in R&D has never been higher and it is only fitting that this investment will benefit our customers for years to come.”