Intrinsic smashes 2008 revenue forecasts

Bullish VAR Intrinsic Technology is set to smash its £18m revenue target weeks before the end of its financial year and is aiming for £30m turnover in 2009.

The Merseyside-based integrator has won several new contracts this year including Conwy Council, BDP, Honda and FFW. It was also listed in the 2008 Sunday Times Tech Track 100.

Allan Gauld, managing director of Intrinsic, said despite recent reports that a quarter of UK resellers are losing money, this is “not the case with Intrinsic.”

“With our revenue growth in 2008 bucking the economic trend, we are looking forward to even more success in our 10th anniversary year where we estimate to hit revenue targets of between £28 and £30m.

“Intrinsic’s success is amply demonstrated in company’s sustained revenue growth, running at 55 per cent a year from £3.5m in 2004 to £12.9m in 2007, and as we near the end of our 2008 financial year, the forecast of £18m has already been achieved,” he said.

Gauld said that the firm is in a strong cash position.

“In complete contrast with some views of the IT market situation, Intrinsic not only has no borrowing, but is in a positive cash position.”

Alistair Johnston, financial director at Intrinsic Technology, said: "You have to look really hard to find any weakness in our results this year. Although margins are tightening in the sector - partially a kneejerk reaction to talk of the slowdown, the affect on Intrinsic has been minimal. We expect some traction in the commercial markets where IT budgets aren't as set in stone as the public sector, but of course our strategy for next year will take this into consideration."