Compel shareholders will hear this afternoon that the company is on track to hit targets for the year.

At the annual general meeting this afternoon chairman Ron Clark will say: "Compel's performance in our financial year to date has been in line with our expectations. Generally, market conditions in the sectors of the IT industry that we address remain positive...Trading to date is ahead of the compararable period last year and we remain positive about our prospects."

Clark said the IT supplier's flagship project for the year was a £5m contract to implement an Oracle/PeopleSoft installation at a government department.

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