Phoenix IT appoints new FD as profits slip

PHOENIX IT GROUP has appointed a new group finance director as it reported falling revenues and profits.

Serving FD Steve Clutton resigned from his position as the company, which provides hosting and business continuity services, revealed that revenues for the year ended 31 March fell to £264.6m to £271.6m while underlying pre-tax profits declined to £28.7m from £32m.

Former Infinis Group CFO Jane Aikman will succeed Clutton as group finance director with effect from 6 August.

Revenues and profits suffered in the group’s mid-market division, declining to £91.1m and £7.5m respectively, as the company pointed to a “challenging” business environment with “inflationary cost pressures”.

The problems at Phoenix, which is restructuring in the face of weak markets, have existed since mid-2011 when it installed David Courtley as chief executive.

Part of Courtley’s strategy has been to restructure the business into five verticals under a unified brand.

Before joining Infinis, Aikman was group FD of Wilson Bowden. She is also a non-executive director of Halma where she chairs the audit committee.

Phoenix shares fell 9.2% in morning trading.