Someone that spoke to Steve Morgan shortly after he returned to Redrow via a boardroom coup in March said he was pretty upset by what he found.

Or as Morgan himself might have put it: "F-cking furious".

The scouser had been away from the company he founded in 1974 for nine years, and the Wolves FC owner, who is prone to a bout of old fashioned profanity, wouldn't have held back.

The landbank, it seems, will need to be written down more drastically than previously thought and he was pretty unimpressed with the sales and marketing machine that had grown up under his predecessor Neil Fitzsimmons.

It will be fascinating to watch what he does next and some of the analysts that spoke to him after the company's trading update this morning were impressed with his comeback performance.

"It was great," began one, "every other word was a swear word."

"It was unlike other presentations," said Kevin Cammack at Cenkos Securities, "with their innumerable PowerPoint slides, buzzwords and rhetoric to talk about the market. Despite his down-to-earth style, what comes across is that he understands the market."

Some draw comparisons between him and Tony Pidgley at Berkeley - both are at home on site, kicking the tyres and instiling a healthy dose of terror into everyone around them.

But Morgan is a shier character than Pidgley, who appears to enjoy the limelight and playing to a room.

Some have said Morgan doesn't look particularly comfortable talking to the City and there isn't a huge amount of eye contact. You probably wouldn't be far off the mark to say he holds most of the square mile in mild contempt.

Either way, they can't seem get enough of him during this honeymoon period when he provides a wonderful contrast to the polished corporate-speak of most of his peers.  

Over at Barratt, which was presenting on the same day (to the annoyance of many) one in the room was not impressed with what he called the "fawning" going on.

He explained: "What you have are analysts who are now more interested in winning the brokership for a company like Barratt than providing decent analysis."

He says it breeds nervousness to ask certain questions. "Absolutely nobody asked Barratt about the heavy writedowns it made in February and whether there would be any more."

Instead, he argues "it's all 'Hi Mark (chief exec Mark Clare), it's so-and-so here from such-and-such company and here's a nice easy question for you."

It's true these presentations can get a bit pally at times.

All the more reason to welcome back Morgan with open arms.