Morse ups profits on flat sales
Not all bad
Morse Group failed to grow revenue in the six months ended 31 December, but did manage a big jump in profits.
Revenue was £107.6m versus £107.5m last year. But profit before tax was £4.1m compared to £2.2m in the second half of 2008. Ebitda was up 94 per cent to £4.6m.
Morse made an operating profit of £4.1m against a £2.7m loss in the same period last year.
Mike Phillips, chief executive at Morse, said: "The period under review has seen the continued recovery of Morse's business with particular improvement in the operating performance of our Infrastructure Services & Technology business units. In the UK, Spain and Ireland, IS&T revenues and operating profits have shown year-on-year growth despite the difficult economic conditions being faced in each of these countries. "
He said changes to the business applications services unit meant the expected decline in revenue had happened but the firm hoped to grow sales profitably over the next year. Business applications brought in just £14m, compared to £21m in the six months ended December 2008 - margins fell from 4.4 per cent to 1.8 per cent.
Full statement here. ®