Morson Group (LON: MRN) - Well placed to benefit from UK’s skills shortage
The UK’s leading provider of technical contracting personnel to the aerospace and defence, nuclear and power, and rail sectors announced interim results for the six months ending 30th June 2010, in line with expectations. The focus on the aerospace and defence, nuclear, power and energy industries remains attractive.
Revenue was up 0.9% to £221.8m, net fee income down 7.7% to £16.7m, adjusted profit before taxation down 22% to £4.2m and adjusted earnings per share 7.05 pence (H1 2009 : 8.70 pence). Net fee income was split across Temporary recruitment £12.9m, Permanent recruitment £0.4m and Engineering design consultancy £3.4m. The Group’s net debt increased during the period to £18.8m, from £11m at 31st December 2009, largely due to the acquisition of Wynnwith from its administrators in June 2010 at a cost of £7.8m. Wynnworth revenue included in the Group results for the period was £5.3m in respect of the…