I.T. Services Ltd (ITS), a subsidiary of UK utility British Nuclear Fuels Plc (BNFL), has reported pre-tax profits down 37% at 1.04m pounds ($1.68m) for the year ended March 31, 1999 on revenue up 50% at 32.5m pounds ($52.5m).
The Warrington, Cheshire-based company’s pre-tax profits were severely impacted by changes in UK accountancy regulations, known as FRS12. These forced ITS to take a 898,000 pounds ($1.45m) charge for a number of outstanding provisions during the year. FRS12 has also meant that last year’s pre-tax profits have been restated, increasing them by 376,000 pounds ($600,000). Without these adjustments, ITS’ pre-tax profits increased 50%.
ITS’ portfolio encompasses managed services, network and technical infrastructure services and ‘e-solutions’, with growth being greatest in the first two, according to the company’s marketing manager, Eric Kerr. No figures were available, however.
While over 80% of revenue is currently accounted for by BNFL, this is likely to come down as its non-captive business increases. ITS’ main vertical interests are in healthcare and utilities although the company will enter into other sectors where it has the correct expertise. Recent accounts include the Cardiotheracic Centre in Liverpool, medical charity Age Concern and travel agency Thomas Cook, all in the UK.
