IT Services cont...

12.04.10 - 24.04.10

Engineering Ordina

EDB Bus. Partner

Ementor Asseco

Comarch

Price

% month change

4.19 2.43 1 -2

Mkt cap 4m

206 222 14

Game Group down

P/E ratio

be the turn around would come somewhere around this time, it hasn’t arrived yet.”

14.43 25.91 0 -2 1176 206 12 24

The chief executive of video games retailer Game Group has stepped down following a 28% fall in profits at the group. Lisa Morgan will be replaced by Chris Bell - the former boss of Ladbrokes - as interim chief executive, Game said, as it announced its full-year results. The firm’s UK chief operating officer Terry Scicluna has also resigned. Pre-tax profits for last year were £84.2m, down from the £117.4m reported 12 months ago. Game blamed the wider fall in video game sales for its decline in profits.

Novabase 4.3 0 135 10 Indra Acando (B) Cybercom HiQ IBS LBI Mandator Sigma Crealogix Anite (£) Misys (£) Northgate (£) 15,26 1.48 3.31 3.36 3.3 1.46 0.31 0.16 42.57 0.35 2.85 2.35 -1 3 -8 -9 -2 8 0 2 -3 -8 1 6 2504 113 119 173 23 90 52 8 46 105 1565 312 17 4 18 11 23 10 16 17

EMC started the year with solid results in Q1 with revenues of $3.9bn up 23% from Q1 ’09, non-GAAP EPS of $0.06 up 63% and free cash flow of $1.1 billion also up 63%. IT spending looks to be on track with what it has been expecting, up around 3% to 5% this year, it says and in Q1 the mid-tier storage product revenues, in particular were $800m and grew a very robust 32% year on year. The relationship with Dell strengthened in the quarter and EMC expanded the partnership to include additional mid-tier products.

Accenture ACS Ciber Cognizant CSC Hewlett-Packard IBM ($) Sapient Unisys 33.02 0.87 3.11 40.36 0.10 40.10 95.77 7.85 28.46 4 2 -1 4 13 1 1 7 1 21034 3 216 12085 121 93989 124410 1045 1210 19 1 19 30 9 16 12 31 8

Finally, the last of the Indian companies in Europe has reported. Wipro did well: IT services revenue in constant currency was $1,180m, with a sequential increase of 4.7%. On a YoY basis, the constant currency revenue increase was 7.8%. Total revenues were $1.55bn, representing an increase of 8% over the same period last year. Net income was $269m on a GAAP basis, representing an increase of 21% over the same period last year.

OUR ANALYSIS

Please note that for consistency, we are now showing all companies with their share prices converted to Euros unless indicated

Source: Thomson Financial Datastream

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The results from IBM and the fast-growing group of Indian outsourcers including Wipro and TCS show just how far confidence has returned to the enterprise IT sector. The tough bit now is guessing the shape of the industry in future; who is attracting skilled resources and where? The long term investment is always going to be in people and building a strong in- company culture.

30 APR 2010

Stonesoft Corporation’s operating result for the first quarter improved, though is still a loss at €-0.2m. This is €0.9m better than during the corresponding period in the previous year. Product sales grew to €3.3m, a growth of 38% from the previous year. Total net sales were €6.2m, which is 21% higher than in the corresponding period in the previous year.

“Channel partners including Dell are extremely important to our ongoing success in the mid-tier and we’re very focused on expanding these partnerships,” it says. “Channels were a big contributor to our mid-tier business at approximately 75% of our mid-tier product revenues in Q1.” In the coming year, the first and largest opportunity is help CIOs transform their data centers into private clouds. The attribute of a private clouds that this will give CIOs the ability to offer their internal and external customers IT as a service, where application workloads are truly policy and service level driven.

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Preliminary figures suggest that Bechtle’s revenue and earnings in the first quarter of FY 2010 are significantly above the market expectations. Between January and March, consolidated revenues climbed to around €350m, some 10% above the previous year (Q1 2009: €319m). Earnings before taxes are at around €10.2m, up more than 67% compared to the previous year’s quarter (€6.1m). The interim report for the first three months of 2010, which includes the final figures, will be published on 12 May 2010. Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32