Logica today announced its results for the half year ended 30 June 2006
- Demand for IT Services continues to improve
- Book to bill ratio 1.15:1
- Revenue £1,243.1 million (2005: £891.7 million), growth of 39.4%
- Pro forma revenue growth for the group was 5.2%, with particularly strong performances in the Netherlands and France
- Operating profit (including restructuring costs and amortisation of acquisition related intangibles) was £42.0 million (2005: £40.8 million, growth of 2.9%)
- 22.0% increase in adjusted operating profit (excluding restructuring costs and amortisation of acquisition related intangibles) on a pro forma basis, up to £77.1 million (2005: £40.8 million, up 89.0%)
- Adjusted operating margins maintained or improved in all regions
- Unilog integration proceeding well, with encouraging initial revenue synergies
- First half dividend raised to 2.20p from 2.11p, an increase of 4.3%
- Basic earnings per share (including restructuring costs and amortisation of acquisition related intangibles) were 0.7p (2005: 2.7p restated for the bonus element of the rights issue)
- Adjusted basic earnings per share (excluding restructuring costs and amortisation of acquisition related intangibles) were 3.7p, up from 2.4p in H1 2005 (restated for the bonus element of the rights issue)
Commenting on the results, Dr Martin Read, Chief Executive, said:
"It has been a good first half, with 22% underlying growth in adjusted operating profit on a pro forma basis. The Unilog integration and cost savings are proceeding well and we have seen encouraging initial revenue synergies. We recently announced the acquisition of WM-data which will give us a leading position in the Nordics, the fourth largest IT services market in Western Europe. This acquisition will deliver strong returns over the coming years."
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