2e2, a UK-based ICT services provider, has reported group turnover of £327.03m for the fiscal year 2010, compared to group turnover of £201m in the previous year.
The company reported a gross profit of £114m, compared to £73.4m in the same period a year ago.
Operating profit before depreciation, amortisation of goodwill and exceptional items for FY 2010 increased to £37.9m, from £30m of the fiscal 2009.
For the fiscal year 2010, the company posted group operating profit of £15m compared to £11.2m for the previous fiscal year and loss for the year, attributable to members of the parent undertaking, was £7.64m compared to profit of £2.5m for the previous fiscal year.
2e2 chief executive officer Terry Burt said the company produced a strong set of results and saw a return to growth.
"The acquisition of Morse in June 2010 marked a major milestone in our development. It has increased the size of the organisation to over 2,200 employees and has enabled us to broaden our offering to an expanded portfolio of customers," Burt said.
"The Morse acquisition was funded by Hutton Collins, our new equity partner who sits alongside Duke Street as our principal equity investors. As a result of the extra profits contributed by Morse we have reduced the level of our bank borrowings. We expect this to reduce further once we have had the benefit of a full year of Morse earnings and the cost synergies that have accrued from the integration."
