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. ®