After “a challenging year” technical, engineering and project design recruiter Morson Group says it is benefiting from better “clarity” in defence spending following last year’s Strategic Defence and Security Review.

After the company reported an increase in after-tax profits to £7.5m and a rise in revenue to £457.6m, chief executive Ged Mason told Recruiter that the scrapping of the UK’s Nimrod and Harrier aircraft fleet had affected the company in the last month of 2010. However, he says the company is now set to benefit from the government’s decision to go ahead with the Navy’s new aircraft carrier.

Mason says Morson is also supplying engineers to the RAF to service Tornadoes, currently operating in Libya.

Mason says the company expects to build on its growth overseas, based the principle of “following the customer”.

Highlights of Morson Group’s preliminary results for the year ended 31 December 2010:

· group revenues up 4.8% to £457.6m (2009: £436.6m)

· group net fee income (gross profit) up 0.9% to £35.1m (2009: £34.8m)

· profit before tax down 2.9% to £9.4m (2009: £9.7m)

· profit after tax up 3.9% to £7.5m (2009: £7.2m)

· adjusted profit before tax down to £8.1m (2009: £10.8m)

· adjusted basic earnings per share down 23.9% to 14.06p (2009: 18.48p)

· average contractor numbers placed with clients up 12% to 10,200 (2009: 9,100)

· two acquisitions completed and fully integrated into the group during the year, including the group’s largest ever acquisition, the business and assets of Wynnwith Group.

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