Phoenix hopes to rise from ashes

Shares in Phoenix IT Group, the cloud computing firm, rose seven per cent yesterday despite bigger losses, as executive chairman Peter Bertram said it could recover from a difficult year. Phoenix was struck by £14m of “accounting irregularities” and sacked boss David Courtley last year. In the year to April losses reached £58.8m but Bertram said Phoenix was poised for growth in the new financial year.