Morson Group (Morson) has announced positive growth, including adjusted pre-tax profits of £16.3 million – a 22% rise on its 2013 figures – in its annual financial report.
The Manchester-based recruitment and engineering company included in its 2014 business achievements the integration of Vital Human Resources, following acquisition of this business in November 2013. Morson International was also named both the UK’s No.1 Technical and Rail Recruiter* in 2014, and saw its contractor numbers rise to 13,500.
Financial highlights for the Group are as follows:
- Group revenues up by 8% to £706.1 million (2013: £653.5 million)
- Group net fee income (gross profit) up 21.6% to £60.0 million (2013: £49.3 million)
- EBITDA & exceptionals up 22.1% to £18.1m (2013: £14.8m)**
- Adjusted profit before tax up 22% to £16.3 million (2013: £13.4 million)***
- Profit before tax up 25.9% to £16.6 million (2013: £13.2 million)
Morson Group CEO, Ged Mason, stated: “Our businesses have performed well. We have supported and invested in the service delivery over recent years and the resilience and ability to gain from market improvement this offers us is significant.”
Morson Group Non-Executive Chairman, Kevin Philbin, commented: “I am pleased to report that 2014 was a good year for Morson Group; 2015 presents challenges, however we expect engineering talent to be in demand and that our core markets will attract major investments in infrastructure over the coming years, generating significant opportunities.”
*As recognised by Recruitment International’s Top 250 Report 2014
**Being operating profit before amortisation of £730,000 (2013: £573,000), exceptional income £341,000 (2013: exceptional costs £212,000), and depreciation of £416,000 (2013: £274,000)
***Before amortisation of £730,000 (2013: £573,000), exceptional income £341,000 (2013: exceptional costs £212,000), fair value loss regarding the derivative financial instruments £18,000 (2013: fair value gain £155,000) and research and development expenditure credit £737,000 (2013: £480,000)