Interim Management Statement (2245L)

TIDMPNX

RNS Number : 2245L

Phoenix IT Group PLC

28 July 2011

Phoenix IT Group plc

AGM and Interim Management Statement

Phoenix IT Group plc ("the Group") releases its Interim Management Statement ahead of its Annual General Meeting today, relating to the period from 1 April 2011 up to the latest practicable date prior to the publication of this statement, 27 July 2011. Financial data is for the Group's first quarter (1 April 2011 to 30 June 2011), unless otherwise stated.

The Group's performance in the first quarter of the year is in line with management expectations and therefore the Board's outlook for the year, which has a stronger weighting to the second half, remains unchanged.

Currently there is a paucity of large outsourcing deals in the UK IT services market, but the Group continues to see new opportunities and develop its pipeline. The Group order book and annual contract values have remained relatively stable during the first quarter and as at 30 June 2011 stood at GBP325m (31 March 2011: GBP328m) and GBP194m (31 March 2011: GBP200m) respectively.

As previously announced, David Courtley will join the Board as Chief Executive on 1 August 2011, succeeding Nick Robinson who will retire from the Board at today's AGM.

The Group is well positioned in its chosen markets and benefits from a diversified customer base with good forward visibility and a high proportion of recurring revenue. The Board remains confident in the Group's prospects.

Enquiries:

 
 Phoenix IT Group 
  plc 
 Steve Clutton         Group Finance Director    01604 669779 
 
 Financial Dynamics 
 Charles Palmer                                  020 7831 3113 
 Clare Thomas

This information is provided by RNS

The company news service from the London Stock Exchange

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