Phoenix IT Group's play in the managed services space continues the step away from unprofitable business with the firm successfully renewing several long-term customer relationships and securing a significant five year deal with South West Yorkshire Partnership NHS Foundation Trust.
In an update on the company's results for the six months ended 30 September 2014, Phoenix IT also reported that its net debt is £18.5m lower than the same time last year at £56.1m. Profit before tax increased by 238%.
Phoenix Chief Executive Steve Vaughan said: "We are six months in to the roll-out of our new strategy and 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."