Morgan Technologies Limited is predicting continued strengthening of its financial position for the financial year ending December 2016. This stems from a number of Board initiatives which are improving performance and the company expects to post its best financial performance in both sales and profits for four years.
The launch of the new Aero 8 and Plus 8 models has generated strong demand and significant exports while the development of the electric 3 wheeler EV3 and the brand partnership with Selfridges drew renewed global attention to the Morgan brand.
The recent settlement of Morgan’s long-running employment dispute with Charles Morgan opens the way to the successful establishment of the Family Council and he will be invited to be a member, as well as retaining his shareholding.
While there will be no change in the family shareholders, the Family Council will ensure that the wider Morgan family, including children of the current shareholders, have a voice in the future strategy of the Morgan group.
Non-Exec Chairman Dominic Riley said, “This is a year of strong progress at Morgan Motor Company. We have delivered growth in the sales of motor cars and the best financial performance for four years.
We are also pleased to have settled the long running employment dispute with Charles Morgan and I wish to place on the record the Company’s thanks to Charles for the contribution he made as an employee and director of the business over many years.
Our plans to set up a Family Council will enable all members of the Morgan family to have a voice in the future direction of the Morgan group and to move forward together.”