2e2 cuts back borrowing on strong Morse profits


2e2 cuts back borrowing on strong Morse profits

Alex Scroxton

ICT services provider 2e2 has reduced the level of its bank borrowing on the back of profits contributed by Morse, which it acquired last year.

Unveiling full-year results to the end of December 2010 this morning, 2e2 chief executive Burt said: "We expect this to reduce further once we have had the benefit of a full year of Morse earnings and the cost synergies that have accrued from the integration."

Annual sales of £327m were up 63 per cent on 2009, while EBITDA grew 26% to £37.9m. Morse sales were £112.2m, accounting for 34 per cent of the total.

"We have produced a strong set of results and seen a return to growth," said Burt. "The acquisition of Morse has marked a major milestone in our development.

"It has increased the size of the organisation to over 2,200 employees and has enabled us to broaden our offering to an expanded portfolio of customers," he added.

Separately, the firm has also announced the appointment of former QinetiQ CEO Graham Love as its new chairman.

Love will oversee the development of new services in key areas such as flexible working, cloud computing and data security.

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