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.