PNX Phoenix It

RNS Number:5924M
Phoenix IT Group PLC
28 January 2008



Embargoed for 7.00am, Monday 28 January 2008


                               Phoenix IT Group plc


                          Interim Management Statement


Phoenix IT Group plc ("the Group") announces its Interim Management Statement
relating to the period from 1 October 2007 up to the latest practicable date
prior to the publication of this statement, 25 January 2008, as required by the
UK Listing Authority's Disclosure and Transparency Rules. Financial data is for
the Group's third quarter (1 October 2007 to 31 December 2007), being the latest
practicable date for the collation of such data prior to the publication of this
statement, unless otherwise stated.



The financial results for the Group for the third quarter are in line with the
Board's expectations.  The sales momentum has continued since the end of the
second quarter in each of the Group's divisions.  Including the Servo and ICM
acquisitions (consolidated from 1 November 2006 and 1 June 2007, respectively)
Group revenues for the third quarter of the financial year were up 90% on the
same period last year.  Like for like revenues, excluding acquisitions, were 16%
ahead of last year and operating margins were in line with the Board's
expectations.



As at 31 December 2007, the order book and annualised contract values had
increased by 44% and 59%, respectively, as compared to 31 December 2006, with
like for like increases of 1% and 5% respectively.  Net debt including finance
leases of �114m at 31 December was as forecast following the planned capital
expenditure arising from the fit outs of the recovery centre and the hosting/
data centre at Farnborough (which are now substantially complete), together with
non recurring expenditure arising from the Group's ongoing integration
activities.



The integration programme is at an advanced stage and is progressing as planned.
  The Board are confident of achieving the anticipated synergy cost savings of
�5m in the next financial year.



As the Group enters the fourth quarter, the new business pipeline continues to
be strong, activity levels are buoyant in each of the markets that the Group
serves, and the current financial year continues to progress in line with the
Board's expectations. The Group is well positioned in each of its chosen markets
and remains confident in its organic growth prospects.



Enquiries

Phoenix IT
Peter Bertram                                               01604 669 791
Jeremy Stafford
David Simpson

Financial Dynamics
Harriet Keen                                                020 7831 3113
Haya Chelhot




                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

IMSPUURAGUPRGCA

Phoenix It (LSE:PNX)
Historical Stock Chart
From Jun 2024 to Jul 2024

Phoenix It (LSE:PNX)
Historical Stock Chart
From Jul 2023 to Jul 2024