Feeds

Logica ups profits on falling revenues

German jobs to go...

  • alert
  • submit to reddit

Eight steps to building an HP BladeSystem

Logica managed to increase profits despite seeing revenues fall just over five per cent in the first half of the year.

For the six months ended 30 June 2004 LogicaCMG brought in revenues of £809.2m, down 5.1 per cent on the same period last year. Statutory operating profit was £34.2m compared to a loss of £52.7m for the first half of 2003. Interim dividends are unchanged at 2.3p per share.

The UK contributed 42 per cent of group revenues and saw good growth particularly in outsourcing and government. Benelux countries, 23 per cent of revenues, returned to growth and improved margins. Logica's German business faces restructuring and the loss of 300 jobs to return it to profitability in 2005.

Dr Martin Read, LogicaCMG's chief executive, said: "Both the order intake and the prospect pipeline continue to strengthen. We are pleased to report that the strong performance of the UK has been maintained and the Benelux has returned to growth with an accompanying margin improvement.

In IT services we achieved the highest book to bill ratio since the merger, providing us with a good platform for the second half. We anticipate that margins in the second half will be ahead of those acheived in the first half half despite the impact of poor performance in Germany and ahead of 8 per cent for the year as a whole. The actions we are taking in Germany will benefit the second half..."

More detail here. ®

Related stories

Logica warns on wireless profits
IBM, Logica spar for £80m MoD deal
Logica to bring MMS to land lines

Mobile application security vulnerability report

More from The Register

next story
BBC goes offline in MASSIVE COCKUP: Stephen Fry partly muzzled
Auntie tight-lipped as major outage rolls on
iPad? More like iFAD: We reveal why Apple fell into IBM's arms
But never fear fanbois, you're still lapping up iPhones, Macs
White? Male? You work in tech? Let us guess ... Twitter? We KNEW it!
Grim diversity numbers dumped alongside Facebook earnings
HP, Microsoft prove it again: Big Business doesn't create jobs
SMEs get lip service - what they need is dinner at the Club
Bose says today is F*** With Dre Day: Beats sued in patent battle
Music gear giant seeks some of that sweet, sweet Apple pie
Amazon Reveals One Weird Trick: A Loss On Almost $20bn In Sales
Investors really hate it: Share price plunge as growth SLOWS in key AWS division
Dude, you're getting a Dell – with BITCOIN: IT giant slurps cryptocash
1. Buy PC with Bitcoin. 2. Mine more coins. 3. Goto step 1
There's NOTHING on TV in Europe – American video DOMINATES
Even France's mega subsidies don't stop US content onslaught
You! Pirate! Stop pirating, or we shall admonish you politely. Repeatedly, if necessary
And we shall go about telling people you smell. No, not really
prev story

Whitepapers

Top three mobile application threats
Prevent sensitive data leakage over insecure channels or stolen mobile devices.
Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Boost IT visibility and business value
How building a great service catalog relieves pressure points and demonstrates the value of IT service management.
Designing a Defense for Mobile Applications
Learn about the various considerations for defending mobile applications - from the application architecture itself to the myriad testing technologies.
Build a business case: developing custom apps
Learn how to maximize the value of custom applications by accelerating and simplifying their development.