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Logica helps CGI to 148 percent revenue growth in first quarter

Michael Roach

Montreal: CGI, the Canadian IT services group that acquired Logica last year, posted148% revenue growth in first quarter of its 2013 financial year.

Q1-F2013 year-over-year highlights

  • Revenue of $2.53 billion, up 147.5% on a constant currency basis;
  • Bookings of $2.85 billion, or 112.3% of revenue;
  • Backlog of $18.3 billion, up 34.8%;
  • Net earnings of $137.8 million excluding Logica integration costs;
  • Net earnings of $22.4 million including integration costs;
  • Debt reduced by $107.1 million during the quarter;
  • Return on invested capital of 10.9%.

CGI Group Inc. reported fiscal 2013 first quarter revenue of $2.53 billion, up 147.5% on a constant currency basis compared with the same period last year and up 55.4% sequentially. Q1-F2013 marks the first full quarter impact of the August 20, 2012 Logica plc acquisition.

Excluding integration costs, net earnings were $137.8 million, compared with $106.5 million in Q1-F2012. Including the $153.4 million integration costs, net earnings were $22.4 million.

During the quarter, the company booked $2.8 billion in new contract wins, extensions and renewals, bringing the last twelve months total bookings to $6.6 billion, or 106% of revenue. At the end of December 2012, its backlog of signed orders stood at $18.3 billion, up $4.7 billion compared with the same period last year.

"I am very pleased with our overall performance and with the progress we made with respect to executing our Logica integration plan, which is designed to create incremental and long-term value for all stakeholders," said Michael Roach, President and Chief Executive Officer.

"Our clients continue to respond in a positive manner to the expanded scale and scope of our offerings and operations following our merger."

During the quarter, net debt was reduced by $140.6 million for a net debt of $2.96 billion, representing a net debt to capitalization of 44.7% at the end of December 2012. At the end of Q1-2013, the Company had approximately $1.1 billion in available cash and unused credit facilities.

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