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By | Joe Fay 13th February 2008 11:26

Morse shrugs off market uncertainty

Meets H1 expectations, confident on second half

IT services group Morse said it was unflustered by the turmoil rocking the financial markets as it unveiled its interim results today.

The firm, which has recently been shedding its non-services businesses, turned in consolidated revenues of £123.8m for the period ending December 31, compared to £132.2m a year ago. Pre-tax profits were £6.4m, compared to last year’s £3.7m.

CEO Kevin Alcock said the figures were in line with expectations, and that it had seen good progress in its financial services business in the period, and at the beginning of the current period. Financial services accounted for £60.8m of its revenues, and £5.7m of its profit.

“The feeling of confidence within Morse that we saw at the beginning of the current financial year has remained,” he said. “And, while mindful of the general market uncertainties, we are confident of the prospects for the full year.”

Meanwhile, Richard Lapthorne will retire as chairman at Morse as of tomorrow. Kevin Loosemore, currently chairman of Micro Focus, will take over as chairman. ®

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