A boost in profit supplied by Morse allowed integrator 2e2 to reduce its bank borrowing during what it claims was a "strong" 2010.
For the 12 months to the end of December, the firm saw sales rise 63.5 per cent to £327m. Much of this added revenue was the result of its acquisition of Morse in June 2010, but 2e2 claims turnover also grew nine per cent organically on a like-for-like basis.
EBITDA for 2010 stood at £37.9m, a 26.3 per cent increase on 2009 levels. Terry Burt (pictured), chief executive of 2e2, claimed the Morse buyout helped bolster profitability, allowing the Newbury-based integrator to reduce its bank leverage.
"We have produced a strong set of results and seen a return to growth," he added. "During the year we have enjoyed some excellent customer wins as our portfolio of enhanced propositions was rolled out to the market. The acquisition of Morse plc in June 2010 marked a major milestone in our development."
2e2 chairman, Eric Priestley, who will now depart the firm to be replaced by Graham Love, added: "In a year that presented us with improved but subdued trading conditions, I am pleased to report that we once again produced a good set of results. There were many good customer wins including some substantial transformational projects as an increasing number of customers recognised 2e2's breadth of technical capabilities and depth of business knowledge.
"Furthermore, our acquisition of Morse plc brought valuable skills to 2e2 and firmly established us as a leading services provider within the financial services, TMT and local government markets, among others. The core business delivered strong organic growth during 2010, and enhanced by our new initiatives we expect 2011 to represent a year of further economic growth."
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