MOR Morse

 

TIDMMOR 
 
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 GBP10.5 million (31 March 
2009: GBP0.8 million) consisting of cash balances of GBP11.7 million (2009: 
GBP2.9 million) less customer specific financing of GBP1.2 million (2009: GBP2.1 
million).  During the three months ended 31 March 2010, the average weekly bank 
balance was GBP13.6 million (2009: GBP6.1 million) and in the nine months ended 
31 March 2010 the average weekly bank balance was GBP12.4 million (2009: GBP3.9 
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 
            The company news service from the London Stock Exchange 
   END 
 
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