Civica reaps rewards from first year of going private with £25m profit

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The Independent Online

Civica, the IT company that was taken private in 2008, will make £25m operating profit in 2009, up 13.6 per cent on its last year as a public company.

Civica's chief executive, Simon Downing, said that revenue for the 12 months to 30 September was expected to be £150m. In its last results to the Alternative Investment Market, the junior stock exchange, the company announced a £121.6m turnover.

Civica, which provides IT outsourcing and software services, was bought out by private equity giant 3i for £190m last year. Mr Downing said that private ownership had been beneficial as the company now had "a bit more freedom and flexibility, and can afford to make more long-term investments". He added: "We are now one of the top 10 UK-owned software and services groups. We are a British battler."

Civica is strong in the public sector, with 700 councils, 200 housing organisations and 1,500 libraries as clients.

Shares in 3i closed at 307p on Friday, valuing the buyout group at nearly £3bn.

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