Steady as she goes at Phoenix
Sailing serenely on
Phoenix IT Group said trading for the six months ending 30 September 2009 has seen some improvement in the second quarter.
The board of directors confirmed that trading and cash generation were in line with expectations. The firm said trading had improved from the first quarter, and annualised contract values stopped falling in the second quarter and the management remains confident in the outlook for trading for the whole year.
The reseller blamed a five per cent fall in first quarter revenue on recesssion-wary customers avoiding hardware and services spending, especially mid-sized firms.
For more detail we'll have to wait until 23 November, when Phoenix releases results for the six months ending 30 September. Phoenix's statement to the Stock Exchange is here. ®