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September 9, 1997updated 03 Sep 2016 8:13pm

LOGICA RECORDS THIRD RECORD YEAR DESPITE US DOWNTURN

By CBR Staff Writer

For a third successive year, Logica Plc has reported record financial results despite a decline in revenues generated from its US operations. The company reported net profits of 19.3m pounds for the year to June 30, a 16.6% increase on the previous year, while revenue rose 18.8% to 338.5m pounds. Logica says revenues generated in the US dropped some 6.0% largely due to the recent weakness of the US dollar, but says revenues generated from its telecommunications activities, particularly in the mobile market grew rapidly. The year has been a busy one when it comes to acquisitions for Logica, with the company spending 18.4m pounds on loss making Paris, France-based systems house Axime Ingenerie SA, bringing with it 1,000 staff at offices in France, Belgium and Luxembourg. Logica says the purchase has greatly strengthened its European operations, which looks set to continue to grow after the company spent 51m pounds on Irish telecom systems and software specialist Aldiscon Ltd. The company then predicted its profits for the year would rise some 14%, and would appear to have beaten its own forecast. The company is clearly confident about its future, and is highlighting the results of its recent shopping sprees. Logica will pay an increased final dividend of 5.8 pence.

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