Comment9 Jul 2009 10:10
Mike Phillips, Chief Executive Officer of Morse plc, commented:
"We knew that this would be a difficult year for the Group, but the Board is pleased with the considerable progress that has been made. With the significant restructuring and change programme near completion, we have established Morse today as a niche provider of IT services and technology. The performance of the business units in the final quarter of the year illustrates the benefit of the cost reduction exercise and the much more focused approach of the Group. The improvement in the net cash/debt position of the Group, from a net debt position of £8.9m at 30 September 2008 to a net cash position of £12.0m at 30 June 2009, gives the Group a much more stable, solid position from which to face the current economic environment."