Logica first quarter results

05 May 2010


At its Annual General Meeting being held today, Logica will comment on trading for the first quarter of 2010. The following is the interim management statement based on unaudited results for the first quarter ended 31 March 2010.

Headlines 1

  • Improving trend with revenue down 2% compared to an average 4% decline in the previous three quarters, benefiting from strong order bookings in 2009
  • Continued strong growth in Outsourcing Services revenue, up 11%
  • Consulting and Professional Services revenue down 8%, compared to an average decline of 11% in the previous three quarters
  • Revenue stable or growing in all regions except Sweden and the Benelux, with the most significant decline as expected in the Benelux
  • Orders of £1,093 million, resulting in a book to bill of 116%; book to bill was 123% in Outsourcing Services and 112% in Consulting and Professional Services
  • Guidance remains unchanged for 2010
  • Net debt/EBITDA expected to be in the region of 1.0x at the end of June 2010; additional €56 million private placement facility in place

1 Unless otherwise stated, all headline numbers relate to pro forma numbers as defined on page 5 of the attached PDF document.