Phoenix IT has posted impressive financial results with pre-tax profits of £4.1m for the six months leading to 30 September.
The figures represent a 238% increase year-on-year despite a slight drop in revenues from £116.9m to £107.4m. Phoenix IT said the results indicated the board’s commitment to reducing the level of non-recurring items. Net debts were also dramatically reduced from 74.6m last year to £56.1m.
The Northampton-based managed service provider has struggled with legacy accounting systems in recent years; however, CEO Steve Vaughan, who took up the position earlier this year, has been working hard to address inefficiencies.
“We are six months in to the roll-out of our new strategy for Phoenix and I am encouraged by the early results those efforts have generated,” said Vaughan. “Our financial platform is more stable; the ways in which we work are becoming more efficient; and the quality of service delivered to clients is improving.”
“Alongside these efforts, we have also secured important account renewals and a large-scale, multi-year new customer win that are important confirmations of our credibility,” he added.