RNS Number : 2830B
  Phoenix IT Group PLC
  14 August 2008
   

    


    Embargoed for 7.00am, Thursday 14 August 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 April 2008 up to the latest
practicable date prior to the publication of this statement, 13 August 2008. Financial data is for the Group's first quarter (1 April 2008
to 30 June 2008), unless otherwise stated.

    The financial results for the Group as a whole for the first quarter are in line with the Board's expectations, with the Business
Continuity and Servo divisions' performance being tempered by some softening in the market for Partner Services. Including the ICM
acquisition (consolidated from 1 June 2007) Group revenues for the first quarter of the financial year were up 48% on the same period last
year. On a pro forma basis assuming that ICM had been acquired on the first day of the comparative period, Group revenues increased by
13.4%. 

    As at 30 June 2008, the order book and annualised contract values had increased by 5.9% and 8.4%, respectively, as compared to 30 June
2007.  Net debt (including finance leases) of �110.5m at 31 July was as forecast. This follows the planned capital expenditure arising from
the completion of the recovery centre and the hosting/data centres at Farnborough and Aston and increased hosting/data centre capacity at
the Birstall facility, together with non recurring expenditure arising from the Group's ongoing integration activities.  

    The integration programme is progressing as planned and is due to complete, as expected, in the Autumn of 2008.  

    Despite the worsening business environment and increasing inflationary pressures in the UK economy and in particular, increasing energy
costs, the Group continues to have good forward visibility, is well positioned in each of its chosen markets and remains confident in its
growth prospects. 

    The Company also announces that John Sussens, who joined the Board in 2004 as a Non-executive director, wishes to cut back on his
commitments and accordingly is now stepping down as a director with immediate effect.  

    Peter Bertram, Chairman of Phoenix IT, said: "John has been a director since the flotation and we are extremely grateful to him for his
very considerable contribution to the Group during that time and wish him well for the future". 

    The Board has appointed external search consultants and the search process is underway with a view to appointing additional
Non-executive directors.  

    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
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