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Be the first with the news that moves the market- Morneau Shepell (TSX:MSI) has reported an 18.7 per cent increase in revenue for the quarter ending March 31, 2020
- Total revenue grew from C$204 million in the first quarter of 2019 to $243 million this year
- Profit also jumped from $8.66 million to $38.9 million
- These increases were attributed largely to the company’s Mercer acquisition and gains made in its benefits consulting business
- Morneau Shepell (MSI) is currently down 1.25 per cent to $33.08 per share, with a market cap of $2.25 billion
Morneau Shepell (TSX:MSI) has reported an 18.7 per cent increase in revenue for the quarter ending March 31, 2020.
The human resources services and technology company offers a range of solutions to support the mental, physical, social and financial welfare of their clients’ employees. With roughly 24,000 client organisations, Morneau Shepell holds a footprint across an aggregate of 162 countries.
Total revenue for the quarter increased from C$204 million in the first quarter of 2019 to $243 million this year. This was largely due to its Mercer acquisition, as well as the divesture of its benefits consulting business and strong organic growth in the US market.
Similarly, profit grew from $8.66 million last year to $38.9 million.
Stephen Liptrap, President and CEO of Morneau Shepell, said these results were mostly in line with expectations.
“In addition to continuing to support clients at pre-pandemic levels, we launched a number of important initiatives in response to an important societal need.
“Our unique Mental Health Index for Canada, the United States, the United Kingdom and Australia tracks a wide range of factors about the state of mental health and wellbeing in the workplace,” he added.
Since the end of the first quarter, Morneau Shepell launched its WellCan initiative – a public service designed to support Canadians through the difficulties presented by the COVID-19 pandemic. The website and mobile applications offers a broad range of free resources to support the mental health and wellbeing of employees across the country.
While the company elected not to comment on any future implications regarding the virus, it said that it will stand by its decision to pay a monthly dividend of 6.5 cents per share.
Morneau Shepell (MSI) is currently down 1.25 per cent to $33.08 per share at 1:07pm EDT.
