McMillan (ASX:MMS) share price edges up on AGM

The McMillan share price is up 3.08% today after the company’s positive Q1 results in its AGM. Revenues were reported to be resuming.
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The McMillan Shakespeare Limited (ASX: MMS) share price has risen by 3.08% at the time of writing in response to the company’s positive AGM meeting. In contrast to the company’s FY20 report, Q1FY21 has shown signs of improvement. In particular the company has reported that new novated lease sales were up in FY21 despite car sales down by 21%. Moreover, the company reported yield returning to pre COVID-19 levels as the percentage of refinanced leases reduced. 

What’s moving the McMillan share price?

The company provides services in the salary packaging, novated leases, and fleet management sectors. The McMillan share price is on the rise today following the release of the company’s AGM presentation. This included reporting of performance improvements McMillan has been making, particularly around its accelerated digital business transformation. Also, McMillan has now developed a versatile capability for working remotely should lockdown restrictions continue to be enforced longer term.

The digital improvements include a redesign of the Live Chat website functionality, and creation of an online capability for new salary packaging. FY21 technology plans include enhancing salary packaging automation, and the development of new products and services.  

Additionally, McMillan has completed services for approximately 73% of the NDIS rollout. It has also improved the company’s online dashboard to provide same-day reimbursements to customers and next-day payments to service providers. McMillan will be continuing to develop its online self-service capabilities. 

McMillan company performance

Over the past month, the McMillan share price has risen by 8.47% and spiked on 5 October after the company announced it had settled a class action. This related to a company purchased by McMillan in February 2015 and covered a significant period of time during which the company was not owned by McMillan. 

Foolish takeaway

The McMillan share price appears to be building on a growing sense of optimism about the company’s post-COVID prospects. The acceleration of its digital strategy could be seen as laying the foundations for improved productivity. Particularly the focus on self service, interactivity, and the resilience of having a mobile working capacity. The settlement of the long-standing class action against the company also clears this potential risk. 

McMillan has restated its plans to resume dividend payments in FY21. It presently has a trailing 12 month dividend yield of 7.90%.

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Motley Fool contributor Daryl Mather has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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