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Morson Group Plc. (MRN:LSE), the provider of technical engineering personnel and project design solutions, today announces preliminary results for the year ended 31 December 2009.
Group revenues were up by +1.2% to 436.6 million Pounds in 2009 compared to 431.4 million Pounds in 2008. Group net fee income was down by -5.3% to 34.8 million Pounds in 2009 compared to 36.7 million Pounds in 2008.
Profit before tax was up by +22.5% to 9.7 million Pounds in 2009 compared to 7.9 million Pounds in 2008. Profit after tax was up by +24.4% to 7.2 million Pounds in 2009 compared to 5.8 million Pounds in 2008.
Gerry Mason, Non Executive Chairman, said, "I am pleased to report that we achieved solid results in challenging market conditions. The effects of the recession on the UK economy have been widespread but for Morson Group PLC have been tempered by several factors including the relative greater resilience of the sectors in which we operate, the impact of specific project demands and through having a strong business model with significant bias towards temporary contractor resource."
"As in previous economic downturns whilst we have reduced headcount, we have maintained our market presence and continued to make selective new investments. These decisions enable us to build market share and enhance the resilience of the Group so that we are able to benefit when economic conditions improve. The current economic climate is challenging and whilst its upturn is hard to foresee we will once again aim to maintain, develop and grow our market presence while managing our cost base to maximise future opportunities."
In early trading Morson Group's shares were up by 7.79% to 83.54 Pence.