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Phoenix IT announces new three year strategy

Phoenix IT, a provider of Business Continuity and IT Managed Services throughout the UK, has announced a new three year strategy. The announcement was made alongside a report of the company’s financial results for the year ended 31st March 2014.

Phoenix IT’s new strategy includes:

  • Focus on the emerging opportunity to provide cloud services to middle market customers in both the business continuity and managed services segments;
  • Implementing a service lines and sales approach to focus on making Phoenix increasingly essential to its customers' IT operations;
  • Using the scale and reach of the Group's Partner segment to support the above efforts.

In its annual results, Phoenix IT stated that the Group has made progress in building a foundation for future development, including the launch of CloudSure UK, Phoenix IT’s Cloud infrastructure service, and being awarded Cloud Services Provider of the Year at the CIR Business Continuity Awards. Additionally, the Board of Phoenix IT completed its search for a new Group Chief Executive with the appointment of Steve Vaughan to the role in March 2014, bringing to the Group 30 years of tech sector experience.

Financial performance for the year showed revenues for the year of £233.4m (2013: £250.0m) and underlying profit from operations of £17.7m (2013: £19.0m). Phoenix IT also announced that year-end net debt was now at its lowest level in seven years at £56.1m (2013: £71.3m).

Phoenix IT reported that it had been a challenging year for the business. However there are positive indications as the Group begins the implementation of its new strategy, including a return to profitability in the Group’s Managed Services division and the renewal of several of the Group’s largest business continuity clients.

The full results statement can be viewed here.

•Date: 10th June 2014 • UK •Type: Article • Topic: BC markets & companies

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