Enables IT Group issues positive outlook following year of change

Enables IT Group reported a slight uptick in financial performance at its full year announcement, which was marked by its reverse takeover by Nexus Management.

Technology minnow Enables, which provides network and IT solutions, saw its turnover increase by £148,000 to £4.27m, and operating profits before exceptionals reach £352,000.

Commenting on the reverse takeover, Chief Executive Officer Michael Walliss said: "The integration of the two businesses has been a key focus in the last few months and I am delighted with the progress we have made.

"[...] We look forward to completing the integration phase and implementing our growth strategy, which subject to stable market conditions, should deliver strong improvements in the group's returns in 2013 and beyond."

The company attributed its financial performance for 2012 in part to restructuring costs. Ahead of the reverse takeover, the group decided to focus on core IT activities and disposed of subsidiary Resilience Technology Corporation.

Beyond the restructuring activities, which will be completed by the end of March, the group's operations "continued to trade in line with management expectations", confirmed Walliss: "As part of the reverse takeover strategy we are committed to not only growing our business organically, but through selective acquisitions both in the UK and US. The implementation of this strategy is already well advanced."

JF