IT and communications support firm Phoenix IT Group said it has continued to make good progress over the past year despite challenging trading conditions. The Group has again grown profits and improved cash management.
Group revenues decreased as expected by 2.9% to £245.8m (2009: £253.2m) and profit before tax increased by 61.0% to £25.2m (2009: £15.6m).
Underlying profit before tax increased by 4.2% to £29.5m (2009: £28.3m).
Diluted earnings per share increased by 73.2% to 24.6p (2009: 14.2p) and normalised diluted earnings per share increased by 6.8% to 28.1p (2009: 26.3p).
The Group is highly cash generative and during the year net debt (including finance leases) reduced by £20.5m to £67.9m (2009: £88.4m).
The Board has proposed a final dividend of 4.3p per share (2009: 4.2p). Combined with the interim dividend of 2.15p per share paid on 6 April 2010 this would make a total dividend per share of 6.45p (2009: 6.3p), an increase of 2.4%.
The Annual General Meeting will be held on 26th August.
Phoenix said it remains confident in the long-term growth potential of the Group and will continue to explore opportunities to supplement organic growth by selective acquisitions.
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