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Eleven months after delisting from AIM, recruitment and outsourcing company Morson added nearly £50 million in sales revenue. Group revenue increased +9.3% from £507.9 million in 2011, to £555.1 million in 2012. Following the opening of a new office in Texas, the company is looking to expand the company’s reach into the Middle East.
“The continued economic challenges in the UK market and several parts of the globe set a difficult backdrop to the group’s 2012 trading period. Despite this, the company has produced encouraging, improved financial results, mainly through the latter part of the year. We have encountered significant and unpredictable challenges… however, our long-established core markets have been largely resilient and later in the period demand increased in areas such as aerospace, IT, and defence, helping deliver a solid set of results in 2012,” said Gerrard Mason.
In its first annual results, since completing their delisting in August 2011, Morson Group posted an operating profit of £9.8 million for 2012, up year-on-year from £7 million in 2011. Pre-tax profit rose to £9.1 million, an increase of £3.4 million compared with last year. Gross profit rose +7.5% from £38.9 million to £41.8 million.
“While profits are still at levels below historic highs, our expectations are positive and we look forward to seeing our market share grow as we offer customers value added propositions on a global basis with local presence,” Gerrard Mason added.
The management buy-out was led by Morson Group chairman Gerrard Mason, his son and chief executive Ged Mason, with finance director Paul Gilmour, and managing director Kevin Gorton in a £23 million deal.