Logica full-year revenues and profits up

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Logica full-year revenues and profits up

Karl Flinders

Logica reported flat sales and strong profit growth in 2010 after a late surge in contract wins boosted last year's results.

In 2010 sales were almost the same as 2009 at £3.7bn, while profits hit £211m compared to £66m the year before.

The company said that 2010 ended strongly in the French and Nordic regions as well as the financial services sector.

This strength continues into 2011 with £475m of contracts signed in the first two months. Logica recently announced a €300m contract with Shell to manage its commercial fleet fuel card scheme as well as a £157m contract with the Serious Organised Crime Agency (SOCA).

Craig Boundy, UK CEO at Logica, says is "cautiously optimistic" about the year ahead with three areas of business showing signs of growth for the business.

These are sustainability, including smart metering; counter terrorism security technology; as well as asset optimisation including cloud computing. Logica recently signed an agreement with Microsoft to collaborate on cloud computing.

There were bright spots last year, says Boundy. "Financial services was a good sector for us in 2010 and we are seeing a good start to 2011."

He says areas such as risk and regulation have driven business in this sector.

He says the public sector was challenging last year, but believes technology will play an important role in 2011. "It was a very difficult year in the public sector with the build-up to the election and the change of government. But I think the present government is committed to use technology to drive some of the savings."


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