Strong growth at Phoenix IT Group

Phoenix, the parent company of UK business continuity company, NDR, has published its preliminary results for the year ended 31st March 2007.

Overall the company saw strong growth with revenues up 16.3 percent to £126.7m (2006: £108.9m) and profit from operations up 6.8 percent to £20.7m (2006: £19.4m).

Commenting on these results, Nick Robinson, chief executive of Phoenix, said: “These results reflect another year of continued progress with a particularly pleasing performance from NDR. Taking into account the Servo acquisition, revenues, profit before tax and cash generation were all at their highest ever levels and, since the year end, market conditions and the trading performance of our businesses are in line with our expectations.

“The Board is confident in the Group's prospects and intends to continue its strategy of targeting growth of the business both organically and through selective acquisitions.

“In addition, the Board believes that the potential acquisition of ICM would create value for shareholders given the strong strategic logic of the combination.”

NDR highlights from the financial statement:

During the past year, NDR has successfully developed a strategy for targeting larger opportunities in addition to the SME market where it already has an excellent reputation, resulting in an increase in the average contract value of new business wins and a major three year contract with a FTSE 100 company. To support this growth and facilitate further expansion, NDR has made a number of infrastructure investments during the year including a new East Midlands disaster recovery facility utilising available space in an existing Phoenix building, the doubling in size of the City of London disaster recovery facility and the commissioning of a new mobile unit, enabling service to be provided to the more remote parts of the UK.

•Date: 22nd May 2007 • Region: UK •Type: Article •Topic: BC markets
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