Phoenix IT Group plc has published its annual financial results. The Group as a whole saw revenues up 9.7 percent to £253.2m (2008: £230.8m) and profit from operations increased by 8.0 percent to £35.7m (2008:£33.0m).

Phoenix’s ICM Continuous Business (Business Continuity) division saw particularly strong growth, with revenues for the year reaching £51.2m (2008: £42.0m) and operating profit £13.0m (2008: £8.9m). On a pro-forma basis assuming that ICM had been acquired on the first day of the comparative period, revenues have increased by 12.5 percent and operating profit by 37.5 percent.

ICM’s business continuity order book increased by 6.2 percent to £98.8m (2008: £93.1m) at 31 March 2009 representing almost two years annual revenues and the division has a strong pipeline of new business opportunities. As a result of the economic downturn, contract renewal rates by value marginally decreased to 87 percent (2008: 89 percent).

Read the full results.

•Date:2nd June 2009• Region: UK •Type: Article •Topic: BC markets
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