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Morson Group PLC has announced its audited preliminary results for the year ended 31 December 2011

Morson Group PLC has announced its audited preliminary results for the year ended 31 December 2011

Financial Highlights

Solid trading performance in a competitive market place aided by the breadth of our offering:

&middot Group revenues exceed &pound0.5 billion, up 11.0% to &pound507.9 million (2010: &pound457.6 million)

&middot Group net fee income (gross profit) up 10.9% to &pound38.9 million (2010: &pound35.1 million)

&middot Adjusted profit before tax* down 12.4% to &pound7.1 million (2010: &pound8.1 million)

&middot Profit before tax down 38.9% to &pound5.7 million (2010: &pound9.4 million)

&middot Adjusted basic earnings per share* down 12.7% to 12.27 pence (2010: 14.06 pence)

&middot Basic earnings per share down 36.2% to 10.01 pence (2010: 15.69 pence)

&middot Net debt at year end up 43.7% to &pound33.3 million (2010: &pound23.2 million)

Business Highlights

&middot Average contractor numbers engaged up 700 to 10,900

&middot Strength in core markets

&middot Excellent client retention rate

&middot Continued expansion and investment for the future:

Aberdeenrecruitment office and Bristol design centre opened

Growing niche areas of IT, Oil & Gas and Telecommunications

* Before amortisation of &pound866,000 (2010: &pound620,000), exceptional gain on acquisition of businesses &poundnil (2010: &pound1,249,000), exceptional restructuring costs &pound110,000 (2010: &pound404,000) and fair value loss regarding the derivative financial instruments &pound391,000 (2010: gain &pound1,063,000).

Commenting on the outlook Ged Mason, CEO, said: "The Board's view is that the current year will again be challenging. We expect our core markets to remain solid but margin pressures to continue. We have several key contract renewals and extensions that fall due in 2012 and will be focussed on achieving these, developing service capabilities and expertise and planning for the longer term growth of the business.

Aerospace, particularly on the civil side, is performing well and remains the largest business sector for us. Rail has recently seen government support for further future rail improvement programmes. We expect nuclear power to become a key contributor to the UK's energy needs and that there will be an increasing resource requirement in the near future entailing not just new nuclear stations but also the site support facility, control environment and the upgrading work needed on the UK power transmission grid and infrastructure."

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