Full year pre-tax profit at IT services provider Phoenix IT Group has plunged 85% after the firm booked non-recurring costs of £14.9 million relating to its ongoing re-organisation programme and £8.1million relating to the end of the ICM brand. Sales declined 2.6% to £264.6 million.

Phoenix is currently attempting to take out costs of up to £4 million per annum out of its business and has already re-organised itself into a single integrated structure as of 1 April this year, focused around five key customer-facing business units. These business units are, Systems Integrators, providing desktop support and services to SIs and other outsourcers; Communications, providing network services to telcos and other firms with networking requirements; Hosting, which will deal with Phoenix's cloud propiosition; Managed Services, which will be focused primarily on the midmarket, and Business Continuity.

Source: Microscope