Interim results for the six months ended 31 December 2009
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Morse plc ("Morse", "the Group" or "the Company" - LSE: MOR.L), the IT services and technology company, announces its interim results for the six months ended 31 December 2009. Financial highlights Continuing operations
Statutory results Continuing operations
Discontinued operations
*In assessing the performance of the business the Directors use "Adjusted EBIT" and "Adjusted EBITDA". Adjusted EBIT is Earnings Before Interest, Tax, Trading Balance Releases and Exceptional Items whilst Adjusted EBITDA is Earnings Before Interest, Tax, Depreciation, Amortisation, Share Based Payments, Trading Balance Releases and Exceptional Items. Commenting on the results, Mike Phillips, Chief Executive Officer of Morse plc, said: "The initiatives that we put in place during the last financial year have successfully focused the business on its core activities and improved profitability. 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. The benefit of clear client propositions with focused customer and vendor engagement has been apparent. In the Business Application Services business unit we have made changes during the period to ensure that the individual service offerings in this business unit, SAP, Portals and Collaboration and Business Change Management Consultancy, have the same level of focus and clarity. We had previously highlighted that revenues in the business unit would continue to decline this year and that we believe that the business unit has potential to provide a significantly better return. As such the focus of our strategy for this business is to grow revenues profitably. We remain confident that, despite the challenging markets for IT services and technology within which the Group operates, when we announce our Q3 IMS in April 2010, we can again demonstrate the recovery of our business through the improvement in the trailing twelve months Adjusted EBIT performance and, consequently, improvement in underlying profitability and cash generation." Contacts: Financial Dynamics Tel: 020 7831 3113 About Morse Morse is an IT services and technology company operating in the UK, Spain, Ireland, USA and Asia Pacific and is structured as four independent business units:
Infrastructure Services & Technology Focused on enterprise customers, providing a range of multi-platform skills, services and technologies in and around the data centre in a flexible manner. Business Application Services We have extensive experience around the design, integration and support of SAP through Diagonal, Microsoft portal technology platforms integrated with our Wisdom eDRM product and Change Management expertise through Xayce. Our customers benefit from our focus on driving sustainable cost and efficiency improvements throughout the technology infrastructure that deliver tangible business outcomes. A full copy of the Interim Results are available by clicking here |
Latest Results, Report & Presentation These will require Adobe Acrobat Reader which is available here Interim Results Presentation 2010 Historic Results Full Year Results Presentation 2009 Interim Results Presentation 2009 Full Year Results
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