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UK — Morson Group Shares fall after interim announcement

30 July 2009

Shares in staffing agency Morson Group fell by more than eight per cent after the Eccles-based firm warned that its full-year performance would be lower than expectations if trends continue the Manchester Evening News writes.

The shares fell 8.38 per cent, or 8p, to 87.5p after the announcement, wiping just over £3.6m off the group's market value of £43.3m.

Morson supplies skilled staff to the aerospace, defence, nuclear, power and rail industries and said in a trading update that conditions had become significantly more challenging during the second quarter of 2009.The biggest impact was on higher-margin areas of temporary and permanent recruitment.

Morson, led by chief executive Ged Mason, said new contracts have been secured, with companies such as Thales and EADS, but they take time to develop, and their costs are expected to hit margins this year.



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