| Phoenix IT Group plc issues interim management statement
The statement says that the financial results for the Phoenix Group as a whole are in line with the board's expectations. However, the performance of the Business Continuity and Servo divisions' is being “tempered by some softening in the market for Partner Services”. Including the ICM acquisition (consolidated from 1 June 2007) Group revenues for the first quarter of the financial year were up 48 percent on the same period last year. On a pro forma basis assuming that ICM had been acquired on the first day of the comparative period, Group revenues increased by 13.4 percent. The statement continues: As at 30 June 2008, the order book and annualised contract values had increased by 5.9% and 8.4%, respectively, as compared to 30 June 2007. Net debt (including finance leases) of £110.5m at 31 July was as forecast. This follows the planned capital expenditure arising from the completion of the recovery centre and the hosting/data centres at Farnborough and Aston and increased hosting/data centre capacity at the Birstall facility, together with non recurring expenditure arising from the Group's ongoing integration activities. The ICM integration programme is progressing as planned and is due to complete, as expected, in the Autumn of 2008. Despite the worsening business environment and increasing inflationary pressures in the UK economy and in particular, increasing energy costs, the Group continues to have good forward visibility, is well positioned in each of its chosen markets and remains confident in its growth prospects.
•Date: 14th August 2008• Region: UK •Type: Article •Topic: BC markets
|
