Morse all smiles despite turnover slide

Post-tax profits looking healthy

Despite a fall in turnover and profits, Morse says it is pleased with its financial results for the six months ending 31 December, the first since the group split into two six months ago.

The company saw group turnover fall to £132.2m, against £187.4m for the same period a year earlier. Profit, before tax, was also down at £3.7m, against £6.1m a year ago.

It was not all doom and gloom. The group had fewer deductions, so profits after tax were actually up, coming in at £2.7m compared with £1.7m in the second half of 2005.

Morse chief executive Duncan McIntyre said in a statement: "Both Morse and Monitise [the newly formed mobile banking applications business] have made excellent progress during the period.

"Morse is now a unified services company operating under a single brand. Following the period end, demand for its services has remained healthy and the business continues to perform in line with expectations." ®