Logica releases 2007 Financial Results
Date: 27-02-2008
Source: www.Logica.com
The Headlines:
- Revenue up 3% on a pro forma basis
- Strong revenue growth across major European countries and in the UK Public Sector offset by weakness in the UK commercial sectors
- Solid underlying profit performance in major geographies outside the UK
- Weaker operating profit offset by lower tax rate at EPS level
- Strong cashflow with cash conversion of 126%
- Net debt of £483.2 million, after £130m share buyback completed in Q4 2007
- Continued growth in dividend, up 4% to 5.8p
- New CEO (Andy Green) in place since 1 January; outcome of review to be communicated by the beginning of May
- Logica name adopted across the group from today; important step in wider integration of the business
For the year ended 31 December 2007, results were as follows:
Commenting on today’s announcement, Andy Green, CEO, said:
“Everyone at Logica understands the need to improve on our 2007 performance. We are committed to delivering value to shareholders and customers alike.
“In my first few weeks, I have heard from our customers that they see us as open, flexible and local. The launch of the Logica brand creates a real opportunity to add to these strengths, with innovative services from across the group backed by best-in-class blended delivery from around the world. We will set out how we expect this to create value for our shareholders by the beginning of May.”
There is a separate press release regarding the Logica name change.
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