StockMarketWire.com - After two warnings last year about weakening revenues the market reacted with relief today after Logica (LON:LOG), a provider of computer programming contractors, said its 2011 results were in line with guidance it issued in mid-December.
Shares in the the Anglo-Dutch firm were up nearly 9% in mid-morning trading.
Logica reported underlying adjusted operating profit of £247 million on revenue 4% higher at £3.95 billion.
The earnings were in line with a forecast of £240-250 million it gave in December, the second time it had downgraded its outlook. It said then that it would accelerate a restructuring programme and cut more than 1,300 jobs.
Chief Executive Andy Green said: "The revenue outlook remains uncertain but we are on track in implementing the actions we announced in December."
At 10:26am: (LON:LOG) LogicaCMG share price was +5.45p at 86.85p
Story provided by StockMarketWire.com
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