25 February 2018
visit www.nextgenbanking.co.uk/

Morse sells French business

12 July 2005  |  2758 views  |  0 Source: Morse plc

Morse plc (Morse), the consulting, technology and support company, announces that it has sold its business in France, Morse France SAS, to Opengate Capital (UK) Holdings Limited for a maximum consideration of approximately €1.0m comprising an initial consideration of €1 and a further €1.0m payable in cash in the period to 30 June 2007, if the business achieves certain financial targets.

Morse's strategy has, for a number of years, been focused on transitioning the business from a pure reseller to a consulting technology and support company. In its Q3 sales performance update in April 2005, Morse announced its intention to accelerate this transition due to the trading environment for infrastructure.

Given that a substantial proportion of the revenues of Morse's French business were derived from infrastructure and that significant further financial and management investment would have been required to transform it into a higher value-added business, this business was no longer considered core to the Group.

As at 30 June 2004, Morse France SAS had gross assets of €26.2m and in the year to 30 June 2004 generated an operating loss of €3.7m. The sale of this business will result in a non-cash exceptional charge of £7.0m in the period to 30 June 2006.

Commenting on the sale, Duncan McIntyre, Chief Executive of Morse plc, said: "The majority of Morse France SAS' activity was based around reselling and, as we continue to transition the Group, a decision was taken to dispose of this business and focus on developing other opportunities which we believe will provide higher shareholder returns."

Comments: (0)

Comment on this story (membership required)

Related company news


Related blogs

Create a blog about this story (membership required)
visit www.nextgenbanking.co.ukvisit www.ebaday.comVisit http://info.nice.com

Top topics

Most viewed Most shared
Ripple makes new connections to emerging marketsRipple makes new connections to emerging m...
12665 views comments | 16 tweets | 10 linkedin
hands typing furiouslySome Interesting Applications Of The Inter...
10829 views 4 | 9 tweets | 1 linkedin
Basel Committee outlines disruptive fintech scenariosBasel Committee outlines disruptive fintec...
9328 views comments | 15 tweets | 26 linkedin
Investment Association sets up fintech accelerator for asset managersInvestment Association sets up fintech acc...
8689 views comments | 19 tweets | 10 linkedin
R3 creates Legal Centre of Excellence for blockchain technolgyR3 creates Legal Centre of Excellence for...
8633 views comments | 11 tweets | 14 linkedin

Featured job

Competitive base + commission
London, UK

Find your next job