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Ashen Phoenix IT

Accounting irregularities and falling profits are undermining the chances of a near-term recovery at Phoenix IT (PNX), a managed IT services supplier. In September, the company flagged up a £14m black hole in its accounts relating to its Servo subsidiary. These results, however, show the irregularity is greater than first thought, with cumulative profits after tax being overstated by £17.3m.

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