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Phoenix files latest accounts

Added on the 14th Jul 2017 at 6:00 am
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Phoenix Business Solutions has filed its 2015-2016 financial results, which show that revenue is up by 11.5% to £14.1m but profit is down by £93,699 and net cashflow down by £1.2m to £117,502 as the company pursues global and strategic expansion.

The 2015-16 period saw Phoenix open a new office in Frankfurt and take on around 13 new members of staff. Instead of taking on debt, it funded the expansion through its own funds but expects to look for external investment in the next year or so to accelerate its growth plans.

Speaking to Legal IT Insider, CEO Jason Petrucci said: “Our revenue for the period ending July 2016 was up by 11% and we continue to grow year-on-year. That growth is attributable to strong sales performance particularly in the US, UK and our new office in Germany.

“We opened a new office in Frankfurt in January 2016, as part of our global expansion plans, and we are delighted with its progress. This investment has been entirely funded from our own resources and working capital.”

He added: “The working capital position (net current assets) has actually improved YOY and our cash/ receivables now exceed our payables which, after a year of investment, confirms the underlying strength of our financial performance.”

Phoenix, which traditionally has focussed almost exclusively on enterprise content management, is in the process of diversifying its business and this year launched a new cybersecurity division, which we revealed has welcomed misaddressed email prevention solution CheckRecipient as its first client.

“The focus over the next couple of years is on growing the business more and diversifying,” said Petrucci. “At some point, we will probably look for external investment to accelerate our growth plans and global market share. We’re working on a number of initiatives and will continue to look at the investment opportunities and associated funding requirements.”

This article first appeared in the June Legal IT Insider Newsletter, sign up for your free monthly copy here: https://www.legaltechnology.com/latest-newsletter/

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