LogicaCMG reports ist first results after ther merger between Logica and CMG. According to Martin Read, group chief executive of LogicaCMG, the results are in line with the expectations. Operating profit was EUR 85.8 million, down 6 percent on the previous six months. Revenue was 882.5 million pounds, 7% less as the first six months of 2002. Net debt stood at 107.1 million pounds at 31 December 2002. LogicaCMG also confirmed that the integration process is progressing well and to plan. Profit before interest and tax* was £59.1 million on revenues of £882.5 million which declined 7% from the previous six months and 17% from the same period in the previous year. Cash flow from operating activities* for the period was £59.8 million, representing a cash conversion of 101%. LogicaCMG plans to further reduce staff. To date 1725 people around the world were discharged. The final figure will be around 2200, representing some 9.5% of the workforce, most of them will leave our operations during the current financial year.
