ICM holds its ground

Phoenix IT Group plc, the parent of ICM Continuous Business, has issued interim results for the six months ended 30 September 2009. Overall, the company’s revenue decreased by 4.5 percent to £122.0m (2008: £127.8m) but profit before tax increased by 76.7 percent to £13.3m (2008: £7.5m).

ICM saw its revenue increase to £26.1m from £25.4m and profit from operations increase from £6.4m to £6.6m.

Comments published in the financial results about the performance of ICM were as follows:

“The division has shown solid performance throughout the period generating revenues of £26.1m (2008: £25.4m), an increase of 2.7 percent. However, the growth in this division's revenues has been held back somewhat by the economic uncertainty, particularly in the financial services market, though this hiatus in activity is showing increasing signs of easing as the economic outlook improves. The growth in revenue combined with the operational leverage of the division has increased operating profit by 3.4 percent to £6.6m (2008: £6.4m), giving an operating margin for the period of 25.4 percent (2008: 25.2 percent). The division has continued to increase its utilisation of existing facilities with syndicated seat utilisation increasing to 50 percent (2008: 46 percent).

“ICM Continuous Business has continued to develop new products and services for its customers. During the period an 'emergency office' service was launched which provides secure connectivity for customer employees to use home PCs to connect to a virtual desktop environment to enable them to continue working. ICM Continuous Business has also launched a new data replication product whereby data is backed-up remotely to a secure offsite location. The division has had initial successes in selling these products to customers.

“The division's order book declined over the period by 4.0 percent to £96.7m (30 September 2008: £100.8m). Annualised contract values increased marginally to £51.8m (30 September 2008: £51.7m). Over the last three months the division has seen a marked improvement in its order intake.”

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

•Date: 24th Nov 2009• Region: UK •Type: Article •Topic: BC markets
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