LogicaCMG shares down

Profits warning for firm's UK business takes nine per cent off company value

Firm blames slow commercial sector

Shares in services company LogicaCMG closed nine per cent down yesterday after the firm's profit warning for its UK business.

Revenues for the first quarter were down 4.1 per cent at £174.6m, lower than the same time last year, said yesterday's statement.

LogicaCMG blamed slow private sector business in the UK, and a specific project overrun that is expected to cost the company between £10m and £15m.

Overall revenue growth was 4.3 per cent, lower than the five per cent forecast, but still totaling £767.8m for the three month period.