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IT SERVICES SUPPLIER ANNOUNCES INTERIM RESULTS

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ITNET's interim results for the six months to 30 June 2000 released today show a 24 per cent increase in turnover a...
ITNET's interim results for the six months to 30 June 2000 released today show a 24 per cent increase in turnover and 22 per cent increase in operating profit.

Turnover is up 24 per cent to£75.7m including£8.8m from French Thornton and Easams both acquired this year. The underlying growth reflects industry trends at 10 per cent. Operating profit is up 22 per cent to£4.9m.

Public sector revenue has grown by 12 per cent to£38.2m. ITNET

maintained its excellent record on customer renewals with contracts for Westminster, Bexley and Kensington & Chelsea LBCs. New contracts have been signed with the London Pension Fund Association, Slough BC and Croydon LBC.

Highlights of the results include:

- Turnover up 24 per cent from£61.0m to£75.7m

- Operating profit up 22 per cent from£4.0m to£4.9m

- Earnings per share up 12 per cent from 4.2p to 4.7p

- E-business services revenues doubled

- Forward order book of£285m

Other announcements being made today include:

- Partnership agreement signed with Siebel Systems to provide a

leading CRM solution to local authorities

- First customer for OneGov, the range of services launched by ITNET for local government

ITNET chief executive Bridget Blow said: 'We have continued to grow across our principal markets. The market is recovering from Y2K, which is reflected in the number of recent new business wins including several e-business projects.

'Our continued strategy is to develop long-term IT contracts with higher margin, project-related consultancy, applications and e-business services.

'Looking forward, we expect further increases in revenue from e-business and indeed the growth to accelerate due to ongoing support of e-business projects.'

For the full set of ITNET's interim results see.

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