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By | Team Register 18th May 2006 10:58

Phoenix jacks up profits

Considers acquisitions to speed expansion

Phoenix IT Group is on the lookout for acquisitions this year as it looks to build on a solid financial performance in the 12 months to March.

The services group reported turnover of £108.9m, up 23.3 per cent on the year, with pre-tax profit of £17.9m, up 61.9 per cent. Its order book stands at £148.7m, up 19 per cent.

Chief exec, Nick Robinson, said market conditions were competitive, particularly in “the increasingly commoditised desktop and field services market.”

However, he said, the flood of companies – from telcos to BPOs – getting into the IT services market, “We are finding more potential partners, providing us with further revenue opportunities.”

Robinson said the firm was looking to continue its growth organically, but also seek to expand its services and markets “via selective acquisitions.”®

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