Network and iCommerce services group Dimension Data has announced its results for H1 2002. Over the last six months, turnover fell from £822.9 million to £740.5 million. DiData's bottom line losses also widened considerably, from £27.5 million to £475.4 million. Commenting on the results, DiData said its performance in the first half had been severely affected by the global economic downturn, which has forced companies to cut or delay spending on IT.
Chairman Jeremy Ord said: Customers continue to focus on cost reductions and optimising their existing IT investments. There is little demand for new IT projects so buying cycles are long and pricing pressure intense.
In the UK, which accounts for 10% of revenues, turnover was flat although the group said it had secured key contracts including a three-year deal with HSBC to provide infrastructure technologies.
