Thursday, 9 July 2009

Mixed news at Morse

(By Anthony Miller – Thursday 9th July 2009 9:00am). Today’s FY trading update (see here) made no further mention of the yesterday’s news of a preliminary bid approach (see here) which gave Morse’s shares a 50% boost towards the mooted 25p offer price. However, CEO Mike Phillips brought a mix of good and bad cheer, with cash looking good, but H2 revenues (to 30th June) weaker than first-half. But it sounded like Morse made progress with a couple of potential albatrosses, viz troublesome SAP projects and the South Tyneside & Gateshead BSF (Building Schools for the Future) programme (see Morse – still a long row to hoe). At least new CFO Guy Millward (see Millward starts at Morse) is kicking off with a healthier-looking set of accounts than Phillips had to grapple with when he came on board as CFO way back when!

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