ITNET has announced strong preliminary results for the year ended 31 December 2001. Turnover was up 11% to £176.4 million, while profits surged to £12.7 million, up from £400,000 the previous year.
The company achieved particular success in the Public Sector, where it secured 16 contract wins over the year. These wins, all with local Councils, resulted in Public Sector revenue growth of 14% to £86.0 million (2000: £75.7 million). Underlying growth, excluding the London Borough of Hackney increased by 29% to £82.4 million.
Commercial sector revenue growth of 9% to £90.4 million (2000: £83.2 million) was assisted by a significant revenue contribution from the company’s largest financial services customer, Equitas.
ITNET’s high-level consultancy French Thornton, acquired in early 2000, achieved revenue growth of approximately 27%.