Feeds

Y2K bug meets match in service sector

Two services giants make upbeat statements regarding date change slow down

  • alert
  • submit to reddit

SANS - Survey on application security programs

Bullish trading statements from top UK services houses Sema and CMG over the last two days saw both companies say they would breeze through the year 2000 with barely a financial blip. The news -- coupled with strong results from both firms -- raised optimism in the city that the impact of the millennium bug spending freeze would have a limited impact on the supplier market. Shares prices across the IT services sector rose, where a heavy sell-off leading to a series of sudden mergers was feared. Declaring Sema's half yearly results yesterday, chief executive Pierre Bonelli said: "We are confident we will not suffer any expected downturn due to Y2K uncertainties." CMG told the same story only the day before at its half year results. Chairman Cor Stutterheim, told a briefing: "We don't expect to be particularly affected. Impacts will be very slight if at all." The smaller CMG posted excellent results with turnover up 50 per cent to £290.5 million and gross profit up 51 per cent to £36.8 million. Sema's ongoing turnover was up a quarter to £668.5 million with profit up 35 per cent to £38.5 million. The figures left analysts much more optimistic -- about the larger suppliers at least. Ian Spence, senior analyst at WestLB Panmure, said: "Crisis what crisis?" but added: "It's proving much harder for smaller firms; the big boys are eating their lunch." George O'Connor, an analyst at Granville, added: "The fourth quarter will still be difficult. But it will be brief and not serious." ®

Combat fraud and increase customer satisfaction

More from The Register

next story
Audio fans, prepare yourself for the Second Coming ... of Blu-ray
High Fidelity Pure Audio – is this what your ears have been waiting for?
Record labels sue Pandora over vintage song royalties
Companies want payout on recordings made before 1972
Zucker punched: Google gobbles Facebook-wooed Titan Aerospace
Up, up and away in my beautiful balloon flying broadband-bot
Apple DOMINATES the Valley, rakes in more profit than Google, HP, Intel, Cisco COMBINED
Cook & Co. also pay more taxes than those four worthies PLUS eBay and Oracle
Intel sees 'signs of improvement in the PC business' but earnings remain 'Meh...'
Prospects for the future, however, please Wall Street money men
What's a right pain in the ASCII for IBM? Its own leech-like hardware biz
Keep your eyes on our cloud while we remove this pesky thing, say execs
prev story

Whitepapers

Mainstay ROI - Does application security pay?
In this whitepaper learn how you and your enterprise might benefit from better software security.
Combat fraud and increase customer satisfaction
Based on their experience using HP ArcSight Enterprise Security Manager for IT security operations, Finansbank moved to HP ArcSight ESM for fraud management.
The benefits of software based PBX
Why you should break free from your proprietary PBX and how to leverage your existing server hardware.
Top three mobile application threats
Learn about three of the top mobile application security threats facing businesses today and recommendations on how to mitigate the risk.
3 Big data security analytics techniques
Applying these Big Data security analytics techniques can help you make your business safer by detecting attacks early, before significant damage is done.