However, the Paris, France-based company said that because of the strength of the pound and the dollar against the euro, revenue actually fell 17%. The one bright spot was the fact that first-quarter bookings were up 20% at 2.07bn euros ($2.36bn).
At the end of the period, Cap had reduced its headcount to 50,402 employees, down from 52,683 at the end of December 2002. In a statement it said: In what is still a very tense and very competitive market offering little visibility, the group’s priority is to continue to improve its cost structure in order to preserve its potential for margin improvement. This is likely to involve further restructuring and job cuts to come in 2003.
Source: Computerwire
