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12 Jan 2010
Integrator Morse is expecting "significant year-on-year" growth in the first six months of its 2010 financials.
The firm released a pre-close trading update to the London Stock Exchange for the six months ended 31 December 2009, revealing it expects to report adjusted EBIT from continuing operations of approximately £3.6m, an increase on the £1m reported for the six months ended 31 December 2008.
According to the statement, the trailing 12-month adjusted EBIT figure is expected to be about £6.8m, a 60 per cent increase on the £4.2m posted for the year ended 30 June 2009.
Further reading
Turnover for the half year is expected to be "marginally more" than the £104.4m revenues posted H2 2009, and "in line" with revenues for the six months ended 31 December 2008.
Revenue increases in the Group’s Infrastructure Services and Technology businesses (UK, Spain and Ireland) were offset by revenue reductions in its Business Applications Services (BAS) business.
Mike Phillips, chief executive of Morse, was encouraged by the results.
“In light of the economic environment, we are pleased with the progress made in our Infrastructure Services & Technology business units in growing revenues and Adjusted EBIT,” he said. “We believe that the BAS business unit has potential to provide a significantly better return if it can grow its revenues profitably and our strategy for the unit seeks to achieve this."
Phillips added: “We are confident that, when we announce our Q3 IMS in April, we can again demonstrate the recovery of our business through the improvement in the trailing 12 months Adjusted EBIT performance."
Morse is expected to release an interim result statement on 10 February.
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