LogicaCMG shows cautious optimism

LogicaCMG shows cautious optimism

The company said it has seen no ill effects from sub-prime mortgage crisis

LogicaCMG's third-quarter revenue was up four per cent to £710.5m, with a strong performance in France undermined by weaker results in the UK.

The company has also revised its predicted full-year sales forecast to show growth of three per cent year-on-year.

It is hoped UK performance will improve next year, said interim chief executive Jim McKenna.

“In the UK, we remain focused on improving operational performance in our commercial business and were pleased with the return to growth in the energy and utilities sector in the third quarter," he said.

LogicaCMG said it was cautiously optimistic that growth in demand for IT services in Europe next year would remain at the four to six per cent range seen in 2007.

The company is to rename itself as simply Logica in 2008, when former BT Global Services' chief Andy Green takes over as chief executive.