Shares digital

Morse (MOR) – Interims PTP: £6.39m (£3.74m) Divi: 1.30p (1.25p)

Despite a trio of projects which suffered cost overruns the IT consultant ground out further progress toward its 7.2% operating profit margin target, reaching the 5.6% mark. ‘The shape of the mix of business is developing as planned and as we anticipated and has a better balance,’ chief executive Kevin Alcock tells Shares. ‘We are are pleased with our progress but there is still more to go.’ The shares in Morse have slumped from 129p to 54.25p since last summer amid fears the £69 million cap’s exposure to the financial services industry would prove a handicap, but Alcock has yet to discern any problems. ‘We are very aware of the environment we are in, but we are mainly focused on the buy-side, and the clients we serve there are very geographically diverse,’ he argues.

Shares says: Yield of nearly 9% should provide support after recent sell-off.

by: Russ Mould