The Channel logo

News

By | John Oates 9th September 2009 08:54

Morse sales and profits sink in economic storm

Claims restructuring starting to pay off

Reseller and consultancy Morse saw revenue for the full year ended 30 June 2009 fall to £211.9m compared to £235.3m in 2008.

Profit before tax and exceptional items also fell to £7.8m from £8.2m last year. It made an operating profit of £200,000 from continuing operations before exceptionals compared to a loss of £4.7m last year.

Morse has sold its Jersey Investment Management Consulting business for £1.3m, and is selling its share of the French IMC business, subject to shareholder approval.

Mike Phillips, chief executive at Morse, said he was starting to see the benefit from the structural changes to the company and that all parts of the firm were succeeding in cutting costs.

He said: "We expect the market for IT services and technology to remain difficult and we will have to continue to be vigilant on costs whilst keeping the businesses focused on their propositions."

Morse is now run as four independent businesses - Infrastructure Services and Technology in Spain, UK and Ireland and Business Applications Services. The company will not be paying a dividend. ®

alert Send corrections

Opinion

Walking on water, image via Shutterstock

Chris Mellor

IDC stats reveal who's who in the backup appliance bearpit
Carry on Cleo

Gavin Clarke

Infamy, infamy, Amazon and Microsoft have all got it in for me!

Tim Anderson

Also signals stronger cross-platform tools, access to new markets

Features

Shouting match
Single market vs. rest of the world
hacker
Mostly it's financial crime. Here's what all the cool kids' terms mean in English
Apple logo. Pic: Blake Patterson
Plenty of bumps in the 40-year road for Mac makers
single pain of glass