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Morse PLC (MOR)

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Monday 26 April, 2010

Morse PLC

Interim Management Statement

RNS Number : 7587K
Morse PLC
26 April 2010
 



 

26 April 2010

Morse plc

Interim Management Statement

 

Morse plc ("the Group" or "the Company"), the IT services and technology company, announces its interim management statement covering the period from 1 January 2010 to the date of this announcement.  The Group announced its interim results for the period ended 31 December 2009 on 10 February 2010.

 

As anticipated at the time of the interim results the Group has seen an improvement in Adjusted EBIT* performance for the third quarter ended 31 March 2010.

 

The Group's net cash position at 31 March 2010 was £10.5 million (31 March 2009: £0.8 million) consisting of cash balances of £11.7 million (2009: £2.9 million) less customer specific financing of £1.2 million (2009: £2.1 million).  During the three months ended 31 March 2010, the average weekly bank balance was £13.6 million (2009: £6.1 million) and in the nine months ended 31 March 2010 the average weekly bank balance was £12.4 million (2009: £3.9 million).

 

Infrastructure Services & Technology - UK

 

Infrastructure services has had a strong performance in the three months to 31 March 2010 when compared to the same period last year.  Technology has experienced a tougher three months with a number of customer purchasing decisions being delayed.  The South Tyneside and Gateshead Building Schools for the Future project continues to be delivered on time and in line with the contract.

 

Infrastructure Services & Technology - Spain and Ireland

 

Our Spanish and Irish businesses continue to trade in line with management expectations against the backdrop of tough economic conditions.

 

Business Application Services

 

Following the greater than anticipated revenue reduction in the first half of the financial year, revenues in the three months ended 31 March 2010 were marginally ahead of management's revised expectations and the division delivered a small Adjusted EBIT* in the period compared to the small loss that had been anticipated.

 

The challenge for the business unit remains growing its revenues profitably and good progress has been made in the quarter to achieve this aim.

 

Outlook

 

The results in the first nine months of the year demonstrate the continued recovery of the business.  The Directors are encouraged by these results and the current outlook for the final quarter of the year, and believe that the Group is well positioned to continue to progress the business.

 

Contacts:

 

Morse plc                                                                     Tel: 020 8380 8000

Mike Phillips, Chief Executive Officer

Guy Millward, Group Finance Director

 

Financial Dynamics                                                      Tel: 020 7831 3113

Charles Palmer

Haya Herbert-Burns

Nicola Biles

 

*In assessing the performance of the business the Directors use "Adjusted EBIT". Adjusted EBIT is Earnings Before Interest, Tax, Trading Balance Releases and Exceptional Items.


This information is provided by RNS
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