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February 23, 2010

Logica FY09 revenue up 3% to £3.7bn

Outsourcing services revenue up 9% on year ago

By CBR Staff Writer

IT services firm Logica has reported an increase of 3% in revenue to £3.7bn for the full year 2009, compared to £3.58bn of its prior year. On a proforma-basis, revenue was down 3%.

The adjusted operating margin was maintained at 7.4%, with a 0.1% decline from 7.5% for FY08. The company reported an operating profit of £66m, compared to £86m in 2008.

For the year ended 31 December 2009, the company reported a pre-tax profit of £42.6m, compared to £43.8m in 2008. Net profit increased to £40.1m from £38.9m in 2008.

Revenues from outsourcing services grew by 9% to £1.38bn, accounting for 37% of the total group revenue. Consulting and professional services revenue was up by 10% to £2.32bn, accounting for 67% of the total revenue.

Geographically, revenue from the nordics region has increased to £1.03bn from £1bn in 2008. Revenues from France rose to £791m from £721m and revenues from UK and Benelux also increased to £750m and £555m, respectively.

Andy Green, CEO of Logica, said: “In 2009, we grew orders, protected margin and converted profits to cash by executing on our plan in a tough market. As we enter 2010, Logica is a more integrated, confident company with a clear focus on delivering value. Building on our strengths in our key markets, our deep long lasting client relationships and our European roots, we are positioned to deliver sustainable results for our clients, people and shareholders.”

The company expects group revenue to decline modestly in the first half, with full year revenue expected to be at similar level to 2009, on a constant currency basis. It expects the margins to be in a stable revenue environment in 2010.

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