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By | Kelly Fiveash 28th January 2008 11:33

Phoenix flies steady course in Q3

Expects tasty growth for year ahead

Phoenix IT Group said today that it saw a 16 per cent increase in third quarter like-for-like revenues buoyed by brisk sales.

The Northampton-based managed services outfit said in an interim management statement that the Q3 period ended 31 December brought in a modest one per cent rise in orders compared to the same time in 2006.

It reckoned trading for the full year remained in line with expectations and added that like-for-like group revenues were up 90 per cent.

It said net debt including finance leases of £114m was as forecast after Phoenix pumped cash into planned fit-outs of its recovery unit and data centre at Farnborough, as well as non-recurring expenditure arising from the firm’s ongoing integration activities.

The company also said it remained on target to save £5m over the coming financial year following its acquisition of rival ICM Computer, which it swallowed up last May for £108m.

It said: "As the group enters the fourth quarter, the new business pipeline continues to be strong, activity levels are buoyant in each of the markets that the group serves, and the current financial year continues to progress in line with the board's expectations.

"The group is well positioned in each of its chosen markets and remains confident in its organic growth prospects."

Shares in Phoenix are currently trading at 244 pence on the London Stock Exchange. ®

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