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ITNET PROFITS UP BY A THIRD

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ITNET has celebrated its first full-year after flotation with turnover up 24% to£130m and operating profit ahead b...
ITNET has celebrated its first full-year after flotation with turnover up 24% to£130m and operating profit ahead by one third to£10.1m.

The Birmingham Post (27 Feb, p17) reported that the IT outsourcing group is now looking to expand in Europe while growing its commercial client base in the financial services and telecoms sectors at home and extending its public sector reach into government agencies and businesses.

Bridget Blow, chief executive, said: 'We have a number of customers in the commercial sector who are already doing business in Europe. Last year we worked in eight European countries and to expand this role we need a permanent presence there.'

The firm's links with local authorities were further cemented last week with the announcement of a deal with InfoBank to help local authorities with their procurement policies, enabling them to buy over the internet, reduce costs and make efficiency savings.

Ms Blow said: 'E-commerce is changing the nature of life. It is permeating all the things we do. The demand for IT and related services remains very strong - it is set to grow by 35% next year and we expect to build on the improvement in operating margin that we achieved in 1999.'

- see LGCnet 29/2/00 'IT SERVICES SUPPLIER ANNOUNCES RECORD RESULTS'

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