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Morson Group (MRN:LSE), the UK provider of technical engineering personnel and project design solutions, today announces its interim results for the first six months ended 30 June 2009.
Turnover was up by 3.7% from 212.0 million Pounds during the first six months of 2008 to 219.9 million Pounds in the same period of 2009. Net fee income was up by 2.2% from 17.7 million Pounds in 2008 to 18.1 million Pounds in 2009.
Operating profit was up by 7.3% from 5.1 million Pounds in 2008 to 5.5 million Pounds in 2009. However, adjusted operating profit (excluding amortisation and an exceptional item relating to head office relocation) was down by -7.2% from 6.7 million Pounds in 2008 to 6.2 million Pounds in 2009.
Interim dividends are maintained at 2.0 Pence per share and to be paid on 30 October 2009 to shareholders on the register on 2 October 2009.
Gerry Mason, Non-Executive Chairman said, "I am pleased to report a solid set of interim results for Morson, which has coped well with the current, almost unprecedented, difficulties and pressures of the UK economy and far better than most in our sector. During the period we have continued to win contract awards and re-tenders and expect to announce further progress over the next twelve months."
"Current trading conditions remain challenging, however the executive management team at Morson, and indeed many of our key staff, have been with the Group for a considerable time and have seen Morson's ability to grow over several economic cycles. We will use this experience and firmly believe that the prospects for the Group and its long term future growth are positive."
Morson provides scarce engineering talent to specialised engineering sectors, mostly related to long-term infrastructure projects and the maintenance of some of the UK's prime assets. Morson has won new business with clients in and connected to all their specialist sectors, particularly Nuclear, Rail, Aerospace and Defence.
The company aims to increase market share and sustain growth through a variety of organic initiatives and other business opportunities.
In early trading Morson Group's shares were down 1.32% to 112.5 Pence.