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Morson Group Announce First Half 2008 Results | 17.09.08

Morson Group Announce First Half 2008 Results

Board of Directors

Morson Group PLC

("Morson" or the "Group")

Interim results for the six months ended 30 June 2008

Morson (AIM: MRN.L) the UK's leading provider of technical engineering personnel and project design solutions, supplying over 9,000 highly skilled white collar personnel to the aerospace and defence, nuclear and power, rail and other technical industries, is pleased to announce its interim results for the six months ended 30 June 2008.

  

Highlights

  • Strong trading performance across all sectors

 

  • Turnover up 9.3% to £212.0m (h1 2007: £194.0m)

 

  • Net fee income up 7.9% to £17.7m (h1 2007: £16.4m)

 

  • EBITDA* and exceptional item up 6.0% to £7.0m (h1 2007: £6.6m)

 

  • Profit before taxation, exceptional item and amortisation £5.7m up 6.7%  (h1 2007: £5.4m)

 

  • Adjusted eps of 8.95 pence (h1 2007 : 8.21 pence)

 

  • Basic eps of 5.47 pence (h1 2007: 8.21 pence)

 

  • Key new contract wins including: Caterpillar, NG Bailey, Currie & Brown, Nokia Siemens, Ericsson, McLaren

 

  • Market conditions remain encouraging

 

  • Proposed interim dividend up by 5.3% to 2.0 pence per share (2007:1.9 pence per share)


Gerry Mason, Non Executive Chairman, said:

"It is pleasing to report continued growth through this challenging economic period in both turnover and profitability. Morson has delivered continued improved results over its 39 year history, regardless of the broader economic cycle. The resilience of Morson's business model is underscored by these strong first half results and the board's confidence regarding future trading."

 

*EBITDA and exceptional item is operating profit of £5.1m add depreciation of £0.3m, amortisation of £0.4m and exceptional item of £1.2m (2007: operating profit of £6.3m add depreciation of £0.3m)

 

for further information please contact:

Morson Group PLC                                                           0161 707 1516
Ged Mason, CEO
Paul Gilmour, Financial Director

 

Brewin Dolphin Investment Banking (Nomad)                       0845 270 8600
Matt Davis

 

Buchanan Communications                                                   0207 466 5000
Diane Stewart, James Strong, Carrie Clement

For full announcement click here

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