Public sector boosts ITNET profits

Profits have risen sharply at ITNET, the IT outsourcer, as the company rides a growing wave of public sector outsourcing.

Profits have risen sharply at ITNET, the IT outsourcer, as the company rides a growing wave of public sector outsourcing.

Full-year pre-tax profits before one-off costs rose to £12.7m, up from £400,000 last year on turnover up by 11% to £176m from £159m.

Chief executive Bridget Blow said: "Our strong position in the public sector market has been a key contributor to this success. We will see another good performance in 2002."

Presenting the results Blow announced a new £3m, five-year contract with South Cambridgeshire council, an extension to an existing contract with Ealing Council and a £2m, three-year deal with the Performing Rights Society.

ITNET has shaken off the immediate effects of its disastrous revenue and benefits contract with Hackney Council that was terminated last year.

The company has also boosted its SAP implementation and hosting business, winning three local authority contracts and six new contracts with the private sector.

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