Morgan half year revenue rise 9.2%

2017-08-03

Aug. 03, 2017 - Group revenue was £518.9 million (1H 2016: £475.4 million), an increase of 9.2% compared with 2016. The increase was as a result of the decline in value of sterling against other currencies, with much of the Group's businesses being denominated in nonsterling currencies. On an organic constant currency basis the Group grew at 0.2% in the first half.

Group headline operating profit was £61.6 million (1H 2016: £55.1 million). Headline operating profit margin was 11.9%, compared to 11.6% for 2016.

Operating profit was £58.0 million (1H 2016: £55.6 million). Operating profit margin was 11.2%, compared to 11.7% for 2016.

Cash flow from operations increased to ￡51.6m from ￡47.5m.

Headline EPS was 11.6 pence (1H 2016: 10.5 pence), and basic earnings per share was 27.0 pence (1H 2016: 10.2 pence).

Chief executive Pete Raby said: "We have delivered in line with our expectations in the first half of the year with improved momentum driving organic growth in the second quarter.”

“We are making good progress with the implementation of our strategy. Operational improvements are ahead of plan and providing the funds for reinvestment in research and development, sales and infrastructure."