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.

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. ®

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• Morse sees profits return after restructure (15 October 2009)
• Morse expects second half revenue dip (9 July 2009)
• Morse signals tough times (24 April 2009)
• Morse taps new boss, new structure (11 February 2009)
• Morse sells loss-making consultancy (10 February 2009)
• Morse suffers blip amid economic turbulence (9 September 2008)
• Morse detects cost savings - takes £4.5m charge (25 July 2008)