07 Aug 2009
IT services firm Logica reported a nearly doubled half-year profit increase, helped by cost savings and steady business flow from public sector and telecom clients.
Pre-tax profit in the six months to 30 June increased to £24m, up from £12.6m last year, while revenue was also up by six per cent to £1.88bn.
Logica credited the positive performance from its outsourcing services arm – now representing around half its UK revenue – as one of the contributors to the buoyant results.
Significant contracts won by the company in the first half of the year include the £75.6m deal to develop the Police National Database and a £12m contract to deliver outsourced support services to The Law Society.
“The resilience of our public sector and telecoms businesses has helped to underpin our performance. The significant steps we took in 2008 to bring costs under control helped us to improve our margins,” said Logica UK chief executive Joe Hemming.
"In addition, our strength in outsourcing services means a more predictable, long term revenue stream."
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