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Morson Results

Morson the UK provider of technical contract staffing, supplying over 9,000 highly skilled personnel to the aerospace and defence, nuclear and power and rail industries, is pleased to announce its preliminary results for the year ended 31st December 2008.

Highlights show:-
Strong trading performance across the Group
- Group revenues up 9.5% to 431.4 million (2007: 394.0 million)
- Net fee income up 9.1% to 36.7m (2007: 33.7m)
- Adjusted profit before tax, up 9.2% to 11.7m (2007: 10.8m)
- Adjusted Basic earnings per share up 23.7% to 20.64 pence (2007: 16.68 pence)
- Profit after tax of 5.8 million (2007: 6.9 million)
- Basic earnings per share of 12.91 pence (2007: 15.26 pence)

Continued resilience and consistency across all the Group's divisions
Group benefiting from clients' strategic approach to recruitment
Current trading in line with directors' expectations
Proposed final dividend of 4.0 pence per share (2007: 3.9 pence) bringing the total dividend for the year to 6.0 pence (2007: 5.8 pence)

before amortisation, exceptional lease variation cost and fair value movement on the derivative financial instrument of 1,593,000 (2007: nil) which is to protect against high bank base ratesGerry Mason, Non Executive Chairman, said: "I am pleased to report another successful year for Morson as we celebrate our 40th anniversary. Our results yet again demonstrate the robust nature of our business model against the backdrop of an uncertain economic climate. Whilst the future will no doubt be challenging, our proven strategy of investing in our long term client relationships provides us with an enviable level of forward trading visibility and allows us to look into 2009 with confidence."


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