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By | John Oates 28th February 2007 12:22

Logica sees profit growth

But shares follow market downwards

Logica CMG says profits grew by 30 per cent in 2006 and revenues were up 45.3 per cent.

Total revenues were £2.67bn and profit before tax grew to £129.4m from £104.8m in 2005.

Revenue from IT services, which makes up 91 per cent of the total, grew by five per cent on a pro forma basis. Margins for the IT services business were maintained or grew in all territories.

Revenues in the Netherlands grew by 10 per cent but UK growth was just 1.9 per cent.

Logica chief exec Dr Martin Read welcomed the results and said the year had also seen good progress in integrating recent acquistions - Unilog and WM Data. The company said it would be returning the £130m raised from the sale of its telecoms business to shareholders.

Logica shares were down slightly, 1.5 per cent, in a falling market despite comments from Read that the shares were undervalued and the markets failed to understand how the company has changed. ®

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