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May 7, 2009

Logica Q1 boosted by strong outsourcing services growth

UK revenue grew 4% to $268m

By CBR Staff Writer

IT services company Logica has reported an 11% increase in revenue to GBP954m ($1.4 billion) for the first quarter 2009, compared to GBP856m ($1.25 billion) last year.

During the quarter revenue from outsourcing services grew 9%, while consulting and professional services revenue declined 4%.

Revenue from the Nordics region grew 12% to GBP264m ($388.5m), while the UK revenue grew 4% to GBP182m ($268m). France revenue grew 23% to GBP209m ($307.6m) and Benelux revenue increased 7% to GBP163m ($240m). International revenue grew 11% to GBP136m ($200.1m), with rest of Europe up 7% at GBP89m ($131m) and rest of world up 21% at GBP47m ($69.1m).

During the quarter the company sold its training subsidiary Integrata to German buy-in managers Ingmar J Rath, Dr Andreas Dahmen, and Gerhard Wachter, and private equity company Cornerstone Capital. The company also appointed Wilbert Kieboom as chief executive of its Benelux operations.

Andy Green, chief executive at Logica, said: I am pleased that we maintained revenues for the first quarter at last year’s level. Order performance remained strong, boosted by outsourcing wins with TeliaSonera and the UK’s National Policing Improvement Agency. We are executing against our Programme for Growth, which we expect will deliver margins at least in line with 2008 despite difficult market conditions.

Looking ahead, the company expects to deliver full-year adjusted operating margin in line with last year.

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