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ITNET PROFIT SURGES

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ITnet, a major local government outsourcing player, saw profits increase by a third last year, breaking through the...
ITnet, a major local government outsourcing player, saw profits increase by a third last year, breaking through the£10m mark.

The firm, whose clients include Birmingham City Council and Westminster City Council, saw turnover rise by 24% to nearly£131m in 1999.

ITnet signed new orders worth£187m over the year, notably a£60m IT outsourcing deal with Enfield LBC. Following the announcement of its results, the company revealed it had signed a partnership agreement with Infobank to develop an e-procurement service for local government.

ITnet wants to launch the service, designed to slash council purchasing costs by creating an 'e-hub' of suppliers and purchasers, later this year.

Financial highlights to 31 December 1999:

Turnover up 24% from£105.7m to£130.8m

Operating profit up 33% from£7.6m to£10.1m

Earnings per share up 55% from 6.94p to 10.76p

Forward order book in excess of£30m.

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