Phoenix IT sucks up the recession

Trend bucked

Phoenix IT has managed good growth across its whole business in the last six months and although it's seen some impact from the economic crisis its order book is still looking good.

Revenues are up 25.4 per cent to £127.8m and profit before tax is up 23.4 per cent to £11.5m. Net debt is down to £100.5m. The company increased interim dividend by 15 per cent to 2.1p a share

The company said its integration programme is no complete, and it saw growth in all divisions.

Peter Bertram, Executive Chairman of Phoenix, said: "Despite the economic uncertainty and the softening in the market for Partner Services, the sales pipeline for the Group continues to be strong and there continues to be high levels of recurring revenue."

The company said: "The sales pipeline for the Group continues to be strong and there continues to be high levels of recurring revenue."

Phoenix also announced today that Jeremy Stafford is stepping down from the board. He will be replaced by Nick Robinson, who is currently non-exec deputy chairman. Jeremy Stafford joined from BT in mid-2007. The company said it is making good progress looking for more non-exec directors and an announcement should be bade shortly. ®