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.

To continue reading, register today

to enjoy limited access to the following:

  • Daily trading news
  • Funds coverage
  • Features on big investment themes
  • Comprehensive companies coverage
  • Economic analysis
Subscribe to Investors Chronicle

Related topics

Subscribe today

Full access for just £3.37 a week:

• Tips and recommendations - to beat the market 
• Portfolio clinic & Mr Bearbull - build a well-planned portfolio 
• Expert tools - track and manage investments effortlessly
• Plus free delivery to your home or office

Subscribe Now