Anglo-Dutch IT services company CMG Plc saw its net profit rise 53% last year, to 37.4m pounds, on revenues that grew 46% to 443.8m pounds. In announcing the results, chairman Cor Stutterheim said the company’s view of the future remained largely unchanged, adding that sector and country strategies are sound. In other words, CMG will continue on what others might consider a relatively conservative path of consolidating its position as a regional player in services to the insurance and banking sectors, with no ambitions, at least for the time being, to expand further afield to markets such as the US.
From its joint home bases of the UK and Holland, the company is actively engaged in regional expansion, having carried out six acquisitions last year, three in France, two in the UK and one in Germany (CI No 3,596). In every case, the company acquired was a small one, with the collective revenues represented by all six coming to no more than 9m pounds. The market showed moderate enthusiasm for the announced results, with CMGÆs stock closing up 3.54% at 62 pence.
