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LogicaCMG announces full year 2004 results
By siliconindia
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Thursday, 03 March 2005, 20:30 IST
BANGALORE: Anglo –Dutch software major LogicaCMG’s Indian subsidiary LogicaCMG has reported good profits for the year 2004.
LogicaCMGs strong full year book-to-bill ratio was 1.13:1 and it returned to organic revenue growth in second half while full year cash conversion was 104 percent. The IT services contributed 86 percent to the groupÂ’s revenues.
Even in Europe, where the company is based, it reported a good profit. Wireless Networks had a share of 14 percent in the group profits.
The company increased its revenues in second half and cost reduction program delivered small full year profit from continuing operations, a press release by the company said. Final dividend raised 2.9 percent to 3.8 percent.
Commenting on the results, Dr Martin Read, Group Chief Executive, said:
“We closed 2004 with a strong book-to-bill ratio and a return to organic growth during the second half. We began this year with a good pipeline and expect to further strengthen the order book in the first quarter.”
He added, “Nearly all territories returned to revenue growth in the second half of the year. These are encouraging milestones in returning the IT services business to sustained organic growth. They also underpin our recruitment plans, including our aim to double the size of our offshore facility in India again in the current year to more than 2,000 people. We have recently opened a new facility in Bangalore that provides our growing workforce with a state-of-the-art working environment.
“Overall, we expect to make significant progress in 2005, benefiting from the initiatives we have put in place during 2004.”