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November 28, 2005

Detica revenue up 35% on strong UK security business

IT consulting and security services provider Detica Plc has continued its strong growth in the first half of its fiscal year 2005, with revenue up by 35% compared to the year-ago figure.

By CBR Staff Writer

For the six months to the end of September, the Guildford, UK-based company made revenue of 43.5m pounds ($74.4m), generating net income up 45% at 4.0m pounds ($6.8m).

Its National Security business showed the strongest growth, up 48% at 25.2m pounds ($43.1m), benefiting from the UK government’s increased spending in counter-terrorism and prevention of organized crime. The company said it is now a credible bidder for major consulting and systems integration programs, citing an existing client which has selected Detica to build an information intelligence system worth several million pounds over the next three years.

Detica is attempting to replicate its UK success in national security in the US. In September it won the necessary approvals to bid for such contracts, and currently has six US-based employees, which it expects to increase to 20 by the end of the financial year.

CFO Mandy Gradden told Computer Business Review that she expects the US business to boost its overall revenue growth in the future, and although it has not yet recognized any revenue from the business, she said its sales pipeline is strong and it has already signed a small contract with the US government worth a few hundred thousand pounds which she hopes will make it easier for it to gain a foothold in what is a very competitive market.

The company also has big plans for its internet content security StreamShield product. Although it too has failed to realize any revenue as yet, Gradden said she expects it to do so before the end of the financial year. She said it is being trialed by four companies including a large tier-one European carrier, and is currently being tested for interoperability by Cisco, which Gradden said is unusual for a pre-revenue product. To underline its confidence in it, Detica has upped its investment in StreamShield this year to 4m pounds ($6.8m) from the 3m pounds ($5.1m) it had previously announced.

Detica also announced the acquisition of Evolution Consulting Group Plc for 8.5m pounds ($14.5m). The London, UK-based company specializes in consulting and systems integration services to the financial services industry, and its clients include UBS, Goldman Sachs, and Lehman Brothers. It has 105 employees, and for the year to the end of August 2005, it made revenue of 8.8m pounds ($15.1m), generating pre-tax profit of 600,000 pounds ($1.0m).

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