Phoenix rises with revenue increase
IT services company, Phoenix IT group, has recorded a 13 per cent increase in revenue for the six months ended 30 September. The Northampton-based company’s chief executive, Nick Robinson, said that the growth was driven by “acquisitions and new business wins”.
The company recorded an underlying operating profit £17.3m, a slight drop from the comparable 2009 period, in which a profit of £17.4m was recorded. Pre-tax profit remained unchanged at £13.3m.
Nick Robinson said: "The group has started the year well with revenue momentum driven by acquisitions and new business wins in the previous financial year along with continued progress within the existing business. The fundamentals of our business remain unchanged: recurring revenues, strong cash generation and a focus on niche markets where higher margins and higher rates of growth can be achieved.
“The second half has started well with an increase in sales opportunities across all three divisions and we remain confident that the board's expectations for the full year will be achieved."
