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By | John Oates 29th November 2010 11:28

Phoenix on track for decent year

Revenues and profits up

Phoenix IT Group has grown revenues by 13.4 per cent in the first six months of the year, up to £138.4m from £122m last year.

For the period ended 30 September 2010 Phoenix said underlying profit before tax was up two per cent to £15.1m but group underlying operating profit was down very slightly - from £17.4m to £17.3m.

The interim dividend per share is also up - from 2.15 per cent in the first half of last year to 3.5 per cent.

The group continues to invest in cloud services and continues to see high demand for managed hosting services. It said the merger of Servo and ICM Continuous Business divisions was on track for 1 April 2011.

Chief Executive Nick Robinson said the year had started well and its continued focus on niche, high-margin markets meant it was confident of hitting targets for the full year. ®

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