Morse swells revenues but profits still elusive at 2e2

2e2 releases its financial results for 2011 revealing that the business is cutting its losses and its transition to an industry vertical approach is paying off

Morse helped 2e2 gain decent revenues last year but it could not get the reseller out of the red as it continued to report pre-tax losses.

But the focus of the firm's annual statement was not so much about the year that has gone but the moves it has made to transition the business for the next stage of development, with the word cloud mentioned repeatedly throughout its investors update.

Turnover rose to £395m for 2011 compared to £211m a year earlier and operating prodit clibmed from £3m to £20m in the space of twelve months. Pre-tax losses of £7m, compared to £9m a year before, were heading in the right direction.

Terry Burt, CEo of 2e2, commented that it had made efforts to realign the business to an industry-aligned model in the past twelve months and it had won several large contracts on the back of that focused approach.

"We have now segmented our key propositions - Equipping Employees, One Contract and Could it Be Cloud - to focus on key requirements within each of our target markets, allowing customers to easily identify and evaluate the benefits that these could bring to their organisations," he said.

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