The Espoo, Finland-based company has just announced positive full-year results, with 8% revenue growth to 1.37bn euros ($1.72bn) for the period ended December 31, 2003, with profit after tax coming in at 65.4m euros ($82.3m), up from 63.9m euros ($80.4m) in the previous year.
In a statement the company said that the expected ongoing improvement in market conditions will have a gradual impact in 2004, and that it expects first quarter sales to grow between 6% to 9% above the first quarter of 2003. Full-year sales growth is expected to exceed 8%.
Telecom and media was again Tietoeantor’s fastest growing sector over the quarter and full year, with full year revenue up 49% to 274m euros ($344.9m) representing 19% of total sales, and replacing banking and finance as the company’s second biggest vertical sector after processing and network clients. Revenue for the banking and finance sector shrunk 6% over the year to 189m euros ($238m).
Regarding the offshore trend seeping through the global IT services industry, Tietoenator stated that its main markets have been relatively slow to adopt offshore production, but that customers are more interested in discussing how to utilize low-cost production. TietoEnator began operating its low-cost development and testing center in Ostrava, Czech Republic in January 2004.
This article is based on material originally published by ComputerWire
