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MARKET REPORT - PUBLIC MAKES UP ITNET'S LOSSES

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ITNet has announced a drop in turnover of 2% in its interim results up to the end of June, but business is bolstere...
ITNet has announced a drop in turnover of 2% in its interim results up to the end of June, but business is bolstered by public service contracts.

Public sector revenues increased 16% to offset a 17% drop in sales in its commercial business.

A statement from the firm said: 'There has been an increase in both the public sector order book of 45% on the same period last year and orders to be invoiced by the year end worth£33.1m.

'In addition, we continue to win one out of every two contracts bid for in this sector.'

Commercial business in information technology has suffered as firms, particularly in the finance sector, cut spending.

ITNet has seen an increase of 22% in its forward order book, taking it to£304m and chief executive Bridget Blow expects around£87m of this to fall into next year.

She added: 'The strength of our order book demonstrates the sustainable nature of our business model over the long term.'

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