Phoenix IT Group plc, the parent of ICM, has released an interim management statement relating to the period from 1st October 2008.

The financial results for the group as a whole for the third quarter continued to be in line with the board's expectations. Group revenues for the third quarter of the financial year increased by 1 percent on the same period last year. Group operating margin increased in the quarter, compared to H1 2009, and for the year as a whole each division is expected to be either at or above its respective operating margin as reported for H1 2009. As at 31 December 2008, the Group order book had decreased by 3 percent compared to 31 December 2007. This was as a result of strong increases in the mid-market and business continuity order books being offset by some continuing weakness in partner services. Annualised contract values increased by 3.9 percent as compared to 31 December 2007. Whilst the macro economic uncertainty has increased the time new customers are taking to reach purchasing decisions, each of the Group's divisions continues to perform well and each has a strong pipeline of new business opportunities.

Despite the continuing deterioration in the business environment in the UK, the group “has good forward visibility from its order book and high levels of recurring revenues from a highly diversified customer base, and is well positioned in each of its chosen markets.”

Traders responded well to the statement, with shares up over 7 percent at the time of writing.

http://www.icm-continuity.co.uk/

•Date:30th January 2009• Region: UK •Type: Article •Topic: BC markets
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