Morse hails 'excellent' progress

Integrator reveales interim six month financials which show a decline in group turnover, but an increase in profit after tax

Integrator Morse has claimed it is making ‘excellent progress’ in its interim results for the six months ended 31 December 2006, despite a decline in turnover.

The firm, which split into two operating divisions last year – Morse consulting and Monitise Group, its secure mobile banking applications business (CRN, 4 September) – saw group turnover for the period fall to £132.2m compared to £187.4m in 2005.

Pre-tax profit also declined from £6.1m in 2005 to £3.7m in 2006. However profit after tax increased to £2.7m compared to £1.7m in 2005.

Duncan McIntyre, chief executive of Morse said in a statement: “Both Morse and Monitise have made excellent progress during the period.

“Morse is now a unified services company operating under a single brand. Following the period end, demand for its services has remained healthy and the business continues to perform in line with expectations.

“Monitise is now emerging as the market leader in secure mobile banking applications in the UK and making progress internationally. Opportunities for this business are strong,” he said.

Richard Lapthorne, chairman of Morse added: “We remain focused on ensuring that both businesses Morse and Monitise, operate in an environment which maximises their individual chances of fulfilling their potential. In order to best achieve this, the Morse Board is currently considering a possible next stage of separation of the two businesses at a point when the significant opportunity around Monitise might be more effectively exploited outside the Group. No decision has yet been made as to what form that separation may take.”