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STOCKS NEWS EUROPE-Morse up; swings to quarterly profit

Thu Oct 15, 2009 5:03am EDT

Stocks

   

Shares in Morse Plc (MOR.L) rise 8.4 percent after the IT consultancy group reports a swing to a quarterly profit, prompting Panmure Gordon to repeat its "buy" rating and 45 pence target price.

"Cash (5.1 million pounds) remains strong and Morse's lower cost base is delivering profits despite the difficult trading environment," says the broker in a note.

Morse says operating profit for the three months ended Sept. 30 was 1.9 million pounds, compared with a loss of 0.5 million pounds in the period the previous year. Revenue fell to 47.1 million pounds.

Panmure says Morse shares trade on a current year price/earnings multiple of 7.2 times with a 4.2 percent dividend yield, adding "a key driver for 2010 forecasts is that Morse delivers part of the 10 million pounds cost savings back as improved profitability".

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Reuters Messaging rm://david.brett.reuters.com@reuters.net


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