Morse chief departs as trading disappoints

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Date: Tuesday 08 Jul 2008

LONDON (ShareCast) - Kevin Alcock has stood down as chief executive of IT hardware group Morse with immediate effect as trading stalled last year.

Kevin Loosemore has taken over as executive chairman. "Over the past few months, in a deteriorating business climate we have undertaken a review of the company's operations. The board has concluded that the structure of the Group needs to be simplified to allow the individual business units to concentrate on their core competencies, " he said.

The group added that revenues for the year will be below last year's £257m, despite an improvement in the second half.

"We have experienced some deterioration in short term services in the final quarter of the year as clients have reduced discretionary spend," Loosemore said.

Continued project issues and weaker performance in Spain has meant a planned improvement in operating margins not coming through and full year underlying profits being broadly similar to the prior year (2007: £12.2m), he added.

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