2e2 turnover up following Morse buy

25 Aug 2010 View Comments
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Terry Burt
Terry Burt: 2e2 did good trade with existing managed services customers

UK-based IT services and solutions provider 2e2 has announced increased turnover in the past financial year. Turnover for 2009 stood at £200m, a £6m increase on the previous year.

The organisation is in the process of integrating recent acquisition Morse, an IT services and technology company.

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Terry Burt, chief executive officer at 2e2, said: “The Morse acquisition became final on 21 June and didn’t affect the 2009 figures at all."

Today’s results are lower than those originally predicted in 2008, before the collapse of Lehman Brothers, but compare well with the company’s later predictions post-recession.

“Against the predictions we set out as part of our recession planning in the earlier part of the year, they’re very consistent,” added Burt.

He went on to explain that 2e2’s managed services offering was largely responsible for the company’s growth.

“We did good trade with existing managed services customers,” he said.

He added that the growth was because the company could provide a hybrid offering, with some cloud and some on-premises services.

"That allowed us to grow managed services last year. While other elements such as product and professional services were under pressure, overall it meant we were able to grow,” he said.

Managed services continue to drive revenue growth, although other offerings are beginning to see improved performance as the market picks up.

"We’re seeing a return of product and product-related services. At the moment they’re rather more of the basic type than advanced. There has been a degree of pent-up demand, manifesting itself in people doing pent-up infrastructure projects, rather than anything advanced," added Burt.

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