HI-TECH firm Intrinsic Technology sustained its rapid growth rate last year with turnover up by 36% to £17.6m.

Revenue has accelerated since sales of £3.5m in 2004 at the Haydock-based communications specialist, according to its latest accounts filed at Companies House.

It's a striking rate of growth, given that the IT sector has suffered as much as anyone in the downturn.

Intrinsic, which has been around for 10 years, provides modern communication networks for public and private sector organisations.

Its latest deal has been agreed with St Helens Council for the provision of internet telephony services. The initial project to design and install a new telephone system for six of the council’s buildings has already begun.

In the year to November 30, the company made pre-tax profits of £1.1m following a loss of £240,000 the previous year due to exceptional items.

Managing director Allan Gauld said: “2008 has been an exciting and demanding year, in which we have seen operating profits up by more than 100% compared with 2007. Equally importantly, and in complete contrast with some views of the ICT market situation, Intrinsic Technology not only has no borrowing, but is in a positive cash position.

“Overall business performance is excellent, and stable growth has been underpinned through the signing of a number of long- term contracts with our customers. This, together with important partnerships we have established, will provide the stable platform of our growth in the years ahead.

“The continued expansion we have seen over previous years is set to continue throughout 2009, and, overall, our business shows a very healthy spread between public and blue- chip private sector customers.

“With an expanding market share in both public and private sectors, customers maintained their trust in us with renewed support and service contracts.”

BARRY TURNBULL