LogicaCMG has posted a 7.7% decline in financial services revenue to £124.9 million for the half-year ending June 2004.
Across the group, financial services revenue fell by 19.3% to £26 million in the UK, by 15.4% to £14.8 million in Germany, by 14.6% to £15.2 million in France, and by 24.7% to £6.4 million in other mainland European operations. Only Benelux in Europe reported a return to revenue growth at 3.6%.
For the rest of the world, financial services revenue was up 14.5% to £11.1 million.
Noting a slowing in revenue decline and a return to sequential growth in Benelux and the rest of the Europe, LogicaCMG says that issues of regulation and compliance are beginning to generate IT investment, while banks and insurers continue to seek operational efficiencies from their payments, billing and other back office systems.
States the vendor: "In a number of cases, procurement has moved from a local to a regional or even global basis, allowing LogicaCMG to bid for larger contracts, albeit with longer lead times."