UK manufacturer of machine guns Manroy Engineering suffered financial losses last year, and stock prices have declined by more than 30% since last August. Manroy blamed startup and relocation costs of its US arm for part of the loss.
Beckley, East Sussex based Manroy started an ambitious plan to expand the range of countries it sold its machine guns to, but may have been thwarted when the UK suddenly reduced the number of countries it was willing to grant export licenses for.
It was also reported that Manroy was in the midst of negotiations with officials of Libyan dictator Mohamar Gadaffi, when the UK suddenly launched a war against Gadaffi. Up to then the UK government had been actively promoting arms sales to Libya. Afraid to be accused of gross hypocrisy, Britain`s government quickly cancelled export permission for several authoritarian countries, including Libya.
Manroy also blamed past losses and failure to meet expectations on a major export order from an existing customer, that has yet to be confirmed. Nor has the ‘existing customer’ been identified.
Manroy’s key product is the .50 calibre heavy machine gun, which it has provided to the UK MOD for many years. Manroy’s advertising is very heavy with technology and steel, but very short on photos of the blood, gore, and carnage created by use of these weapons. (I searched online for photos of .50 calibre bullet wounds, but the results were so alarming I decided not to link to them. Use your imagination, if you have the stomach).
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