Logica reports revenue up 4% for the nine months to September

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Beleggingsadvies 02/11/2011 08:13
Headlines
Group orders up 10% for the nine months to September driven by continued strong growth in Outsourcing
Revenue for the nine months to September up 4%, with third quarter revenue up 2% on last year to £914 million
Outsourcing revenue growth still strong, up 10% on a year to date basis and up 8% in the quarter
Consulting and Professional Services broadly stable for the nine months to September despite third quarter revenue down 3% and mixed trends across our markets
Revenue up in all geographies except the Benelux on a year to date basis, with particularly strong third quarter growth in the UK
Revenue growth expected to be above 3% for the year, with adjusted operating margin now to be in the range of 6.5% to 7.0%
Year end net debt/EBITDA expected to be comfortably below 1.0x; strong second half cash conversion expected

Commenting on today’s announcement, Andy Green, CEO said:

“Logica has continued to respond to client needs and to win new orders, with Outsourcing orders up 22% so far this year and a solid book to bill in Consulting and Professional Services. This will continue to drive growth in revenue in the fourth quarter.

The pockets of softness that became apparent in September mean we now expect 2011 margin to be in the range of 6.5% and 7.0%, with the clear actions we are taking in the Benelux and Sweden expected to drive benefits over the medium term.”

For the three months and nine months ended 30 September 2011, results were as follows:

NINE MONTHS TO 30 SEPTEMBER
2011 actual Growth YTD ’11 on ‘10 pro forma better/ (worse)%*
Orders (£m) 3,267 10
Revenue (£m) 2,910 4

THREE MONTHS TO 30 SEPTEMBER
2011 actual 2010 pro forma* Growth ’11 on ‘10 pro forma better/ (worse) %* 2010 reported Growth ’11 on ‘10 reported better/ (worse)%
799 788 1 758 5
914 897 2 863 6

*Q3 2010 revenue adjusted to Q3 2011 exchange rates and including the impact of acquisitions and disposals

tijd 09.03
Logica EUR 0,982 -6,3ct



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