Feeds

Logica reports revenue slump

Looking for new CEO

Beginner's guide to SSL certificates

Computer services firm LogicaCMG reported a decline in its first half revenues, ended 30 June 2007, but expects the full year to be back on track.

Revenues in the UK fell nine per cent due to "anticipated weakness" in the commerical sector - half this was due to the loss of one contract.

The Anglo-Dutch firm had issued a profit warning in May predicting the UK revenue fall.

Logica said in a statement: "In line with our previous guidance, we expect sequential revenue growth in the second half, with full year UK revenue slightly lower than 2006."

Elsewhere in Europe, the firm said organic revenue growth continued to be strong - both Germany and France saw revenue grow by 10 per cent.

It expects to see European revenue growth of between four and six per cent in the second half of this year.

On the international front, which includes the Asian market, Logica said revenue remained the same as 2006 on a pro forma basis.

CEO Martin Read said in May that he planned to retire from the firm. Logica has now confirmed he will stand down on 21 September.

Jim McKenna, who is currently chief operating officer, will assume the role of interim chief executive while the firm continues its search for a replacement.

David Tyler has also joined the board as non-executive deputy chairman.

Logica said: "The board remains focused on appointing the best candidate to run the business and deliver value to shareholders."

Logica's headcount grew by two per cent in the period to 38,496 people.

The firm's interim results will be announced on 29 August. ®

Secure remote control for conventional and virtual desktops

More from The Register

next story
Crouching tiger, FAST ASLEEP dragon: Smugglers can't shift iPhone 6s
China's grey market reports 'sluggish' sales of Apple mobe
Sea-Me-We 5 construction starts
New sub cable to go live 2016
EE coughs to BROKEN data usage metrics BLUNDER that short-changes customers
Carrier apologises for 'inflated' measurements cockup
Comcast: Help, help, FCC. Netflix and pals are EXTORTIONISTS
The others guys are being mean so therefore ... monopoly all good, yeah?
Surprise: if you work from home you need the Internet
Buffer-rage sends Aussies out to experience road rage
EE buys 58 Phones 4u stores for £2.5m after picking over carcass
Operator says it will safeguard 359 jobs, plans lick of paint
MOST iPhone strokers SPURN iOS 8: iOS 7 'un-updatening' in 5...4...
Guess they don't like our battery-draining update?
prev story

Whitepapers

Providing a secure and efficient Helpdesk
A single remote control platform for user support is be key to providing an efficient helpdesk. Retain full control over the way in which screen and keystroke data is transmitted.
Intelligent flash storage arrays
Tegile Intelligent Storage Arrays with IntelliFlash helps IT boost storage utilization and effciency while delivering unmatched storage savings and performance.
Beginner's guide to SSL certificates
De-mystify the technology involved and give you the information you need to make the best decision when considering your online security options.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.
Secure remote control for conventional and virtual desktops
Balancing user privacy and privileged access, in accordance with compliance frameworks and legislation. Evaluating any potential remote control choice.