Logica's UK sales fall 5%
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Government spending freeze knocks IT services supplier's UK business, but £157m SOCA deal signals "great start" to 2011, it says
The UK division of IT services supplier Logica saw revenue fall by 5% to £709 million in 2010, thanks in part to the government's IT spending.
The company's UK CEO Craig Boundy insists, however, that 2011 has got off to a "great start", pointing to the £157 million deal with the Serious Organised Crime Agency, on which Logica is the lead contractor.
Overall, Logica nudged revenues up by 1% year-on-year to £3.7 billion for the financial year on a pro forma basis (i.e. applying 2010's exchange rates to 2009's revenue). Profit before tax rose by 150% from £40 million to £193 million.
Logica's 2010 figures contrast with the previous year, when UK revenues grew 6% and all geographies fell. This year, as UK sales declined, the company's France and Northern and Central Europe divisions both grew by 7%. Benelux sales fell in both years, however.
