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Phoenix sees FY EBITDA down 10%

By BFN News | 08:51 AM | Wednesday 13 February, 2013

Phoenix IT Group remains cautious about its short-term financial performance, expecting full-year EBITDA to fall, even though its annual contract value and order book showed improvement. "The Board currently believes the Group's EBITDA for the year to 31 March 2013 will be around 10% below market expectations, but is encouraged by an improving order book and pipeline," it said. At Dec. 31, 2012, the annual contract value was £194.3 million from £187.7 million three months earlier. Its order book was £322.2 million, from £284.6 million three months earlier. "Service commenced on 6 December 2012 in respect of the major contract win we announced on 26 November 2012, and has been performing in line with expectations, however; we have seen some slippage in expected additions to this contract and on some other contracts with another systems integrator partner," Phoenix said. At 8:51am: (LON:PNX) Phoenix IT Group share price was -8.37p at 148.13p Story provided by

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