Feeds

Logica reports revenue slump

Looking for new CEO

Eight steps to building an HP BladeSystem

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. ®

The Power of One Brief: Top reasons to choose HP BladeSystem

More from The Register

next story
GoTenna: How does this 'magic' work?
An ideal product if you believe the Earth is flat
Google Nest, ARM, Samsung pull out Thread to strangle ZigBee
But there's a flaw in Google's IP-based IoT system
Orange spent weekend spamming customers with TXTs
Zero, not infinity, is the Magic Number customers want
Want to beat Verizon's slow Netflix? Get a VPN
Exec finds stream speed climbs when smuggled out
US freemium mobile network eyes up Europe
FreedomPop touts 'free' calls, texts and data
'Two-speed internet' storm turns FCC.gov into zero-speed website
Deadline for comments on net neutrality shake-up extended to Friday
NBN Co execs: No FTTN product until 2015
Faster? Not yet. Cheaper? No data
prev story

Whitepapers

Reducing security risks from open source software
Follow a few strategies and your organization can gain the full benefits of open source and the cloud without compromising the security of your applications.
Consolidation: The Foundation for IT Business Transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.
Application security programs and practises
Follow a few strategies and your organization can gain the full benefits of open source and the cloud without compromising the security of your applications.
Boost IT visibility and business value
How building a great service catalog relieves pressure points and demonstrates the value of IT service management.
Consolidation: the foundation for IT and business transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.