Phoenix predicts hitting end of year mark

Walk the line

Phoenix IT Group confirmed today that trading, cash generation and non-recurring costs for the year ended 31 March 2009 have been in line with expectations.

The company said it is saddled with net debt of £72.4m compared to bank facilities of £109m, and finance lease liabilities were about £16m.

Non-recurring costs relating to job cuts as well as the disposal of ICM Solutions and the French arm of its biz would be about £8m, said Phoenix.

The British IT services firm is expected to report pre-tax profit of £27.5m for its 2008/2009 fiscal year, according to analysts.

Phoenix will announce its full year results on 1 June. ®