Full year pre-tax profit at IT services provider Phoenix IT Group has plunged 85% after the firm booked non-recurring costs of £14.9m relating to its ongoing re-organisation programme and £8.1m relating to the end of the ICM brand. Sales declined 2.6% to £264.6m.
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Phoenix is currently attempting to take out costs of up to £4m per annum out of its business and has already re-organised itself into a single integrated structure as of 1 April this year, focused around five key customer-facing business units.
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