Phoenix IT revs up in Q1
Q1 revenues were up 48 per cent for Phoenix IT, which posted an interim management statement today on the three months ended 30 June. The UK IT outsourcing group is not revealing hard figuers, but it says that organic revs were up 13.8 per cent, with the rest of the gain reflecting the fact that new-ish acquisition, the disaster recovery group ICM, contributed just one month's revenues to the same period last year.
Year-on-year, the order book and annualised contract values wer up 5.9 per cent and 8.4 per cent. Net debt stands at £110.5m at 31 July, in line with forecasts. The debt is attributed to a big capex programme for disaster covery and hosting centres and to finance leases. Also, Phoenix IT notes one-off costs arising from integration activities.