Compel described a relatively stable IT market yesterday as it turned in preliminary results that met City expectations.

Compel’s turnover for the six months ended December 31 was unchanged year on year at £41m. Operating profit was up 10 per cent on the year to £1.2m. Pre-tax profits were £931,000, compared to £1.2m last year. This was after non-recurring acquisition related costs of £271,000 and share based payments of £75,000.

The firm said the IT market was showing relative stability, while customers continued to be prudent and careful with their expenditure. It also said some of its largest customers were extending the time in which they paid invoices. ®