Phoenix IT Group PLC Q3 Interim Management Statement (7509X)

TIDMPNX

RNS Number : 7509X

Phoenix IT Group PLC

13 February 2013

Phoenix IT Group plc

Q3 Interim Management Statement

Phoenix IT Group plc ("the Group") releases its Q3 Interim Management Statement relating to the period from 1 October 2012 up to the latest practicable date prior to the publication of this statement, 11 February 2013. Financial data is for the Group's third quarter (1 October 2012 to 31 December 2012) unless otherwise stated.

The Board remains cautious about its short term financial performance. The Group's annual contract value and order book at 31 December showed improvement on the position at September at GBP194.3 million (September 2012; GBP187.7 million) and GBP322.2 million (September 2012; GBP284.6 million) respectively. Service commenced on 6 December 2012 in respect of the major contract win we announced on 26 November 2012, and has been performing in line with expectations, however; we have seen some slippage in expected additions to this contract and on some other contracts with another systems integrator partner.

Following the merger of the Systems Integrators and Communications business units in January 2013, we are also merging the Managed Service and Hosting business units in February 2013, as increasingly our customers expect to see elements of hosting, service desk, distributed services and monitoring in our bids and we believe this will therefore enable us to better service our customer base as a single market facing unit.

Net debt (including finance leases) at 31 December 2012 was GBP80.9 million.

The Board currently believes the Group's EBITDA for the year to 31 March 2013 will be around 10% below market expectations, but is encouraged by an improving order book and pipeline.

Enquiries:

 
 Phoenix IT Group plc    +44 (0)20 7562 0327 
 Peter Bertram           Executive Chairman 
 Jane Aikman             Chief Financial Officer & Chief 
                          Operating Officer 
 
 FTI Consulting          +44 (0)20 7831 3113 
 Charles Palmer 
 Clare Thomas

This information is provided by RNS

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