It looks like Sir Tony Cleaver is well out of it as IBM UK reported truly appalling figures late on Friday. The group’s pre-tax loss for the year ended December 31, 1991 was UKP124m compared with a UKP420m profit in the year before. Loss after taxation was UKP75m – a decline of UKP266m over the year. The group took a UKP184m knock for restructuring, but even without that charge pre-tax profits slumped 86%. Turnover for the year was UKP3,798m down 8% from UKP4,324m a year ago: home revenue declined 14% to UKP1,700m, while revenue from the export of goods and services dropped 3% to UKP2,278m. Over the year 2,639 jobs were cut and the IBM UK workforce now totals 14,909. Cleaver blamed the UK economy, increased competition and restructuring for the group’s financial disaster. Bright spots are said to be services, IBM Financial Services Ltd and operating expenses that were down 10%.
