PracticeConsultingCap Gemini results disappoint

Cap Gemini results disappoint

IT consultancy Cap Gemini Ernst & Young, which replaces EDS as the IT contractor to the Inland Revenue later this year, has released poor annual results.

Link: Inland Revenue dumps EDS

CGEY reported 2003 group turnover of €5.75bn (£3.83bn), down from €7.05bn a year ago, a 12.5% slide, or 18%, when taking into account the deterioration of the US dollar.

Outsourcing provided the only growth, and it is likely to grow again in 2004 when CGEY takes on the £3bn, 10-year Revenue contract later in the year, in partnership with Fujitisu.

Yesterday, shares in the firm dropped 9%, falling €3.13 to €33.79.

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