Morson (AIM: MRN.L) the UK's leading provider of technical
contracting personnel to the aerospace and defence, nuclear
and power, rail and other technical industries today provides
an update on trading.
As set out in the statement issued on 14 December 2011, it is
the Board's view that the Company's trading
performance for the year ended 31 December 2011 will be in
line with its expectations. This remains the board's view.
The Company expects to announce its preliminary results in
the week commencing 19 March 2011.
Trading within the Company's core temporary recruitment
business, which accounts for the majority of its income, has
remained more resilient than anticipated, particularly in the
latter part of 2011. However, higher margin permanent and
spot recruitment were below expectations. Additionally, the
full year performance of Morson Projects, the Company's
specialist design operation, has been impacted negatively by
cost and timing overruns on certain large fixed price
contracts.
As reported in December, average monthly net debt levels have
increased throughout 2011, as the Company took advantage of
overseas expansion opportunities and as payment cycles
lengthened in the current broader economic environment. Net
debt at 31 December 2011 is expected to be reported at
£33.4m, lower than the average debt for December 2011 of
£37.1m (6 months 2011 H1 average £28.9m), as a result of
higher than anticipated client receipts.
The Board believes that the trading environment in the UK for
Morson will remain challenging in 2012. The visibility of
revenues in Morson's core temporary recruitment activity
remains good relative to other recruitment businesses.
However, as in prior periods the year end outturn will be
dependent on the successful conclusion of a number of major
contract renewals. The Board continues to review investment
opportunities to look to new geographic markets and sectors
to support and supplement Morson's core operations.
The Board remains confident in the positioning of the Company
at this time of wider economic uncertainty and its ability to
deliver growth in the medium and long term.
ENDS
For further information please contact:
Morson Group PLC 0161 707 1516
Ged Mason, Chief Executive Officer
Paul Gilmour, Financial Director
N+1 Brewin (Nomad) 0845 213 1000
Aubrey Powell, Luke Boyce
Buchanan 0207 466 5000
Diane Stewart, James Strong, Carrie Clement
Established in 1969 Morson is the largest and one of the
longest established technical staffing companies in the
UK.
Morson operates through main subsidiaries, Morson
International and Morson Wynnwith, providing specialist
engineering and technical personnel and Morson Projects
Limited, which provides outsourced engineering and project
management design services.
The Group currently provides personnel on long term
assignments across a multitude of engineering disciplines,
including major infrastructure and defence projects. Examples
are the construction of the Royal Navy future aircraft
carriers, rail maintenance and upgrades for Network Rail,
Transport for London and also nuclear design,
decommissioning, maintenance and asset improvement.
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