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Fujitsu Services posts record financial results

June 12, 2007
  • Revenue and profit have grown steadily
  • Secured significant orders across all sectors and geographies
  • Order book is at a record high of £6.6bn
  • Investment in industrialisation of services is playing a key part in new contract wins
  • Profit before tax has increased by 11.5 per cent to £172.0m, over the level originally reported for 2005/6, before the restatement for IFRIC 42²
  • Total revenue has grown by 7.5 per cent to £2,465.2 million, over the level originally reported for 2005/6, before the restatement for IFRIC 42²
  • Total equity has increased by 83 per cent

David Courtley, chief executive, commented:

The last year has been a great success for the company. We’ve progressed our European expansion ambitions and we’ve driven significant organic growth through our major clients such as HM Government and the Financial Services Authority in the UK, KLM in Holland and Servicio Andaluz de Salud in Spain. All in all our order book has increased to £6.6 billion – a figure that will support our 2007/08 plans and ensures we can continue on our current strong revenue growth path.

Table of financial results (2005/06 results restated for IFRIC 4)² :

2006/07 2005/06 (restated) 2005/06 (originally reported)
Revenue 2,465.2 2,347.1 2,293.7
Group operating profit 163.2 145.7 140.8
Profit before tax 172.0 163.7 154.3
Total equity 287.5 157.0 148.0
Cash and cash equivalents (net of loans and overdrafts) 104.2 84.3 84.3
Order book 6.6bn 6.5bn 6.5bn

¹ This press release is not the full financial statements of Fujitsu Services Holdings PLC. The table of financial results contained in this release is an extract from the full financial statements for the year ended 31 March 2007. The report of the auditors on those financial statements was unqualified. The financial statements for the year ended 31 March 2007 will be delivered to the Registrar of Companies and copies will be available from The Company Secretary, 22 Baker Street, London, W1U 3BW.

² For this financial year Fujitsu Services adopted International Financial Reporting Interpretations Committee Interpretation 4 (IFRIC 4) – Determining whether an Arrangement contains a Lease, for the first time. IFRIC 4 requires entities to consider whether service provision contracts contain embedded leases in respect of capital items supplied to a customer, the costs of which are recovered through the ongoing service charge over the life of the contract.

When certain criteria are met an embedded lease is identified. Where the lease is determined to be a finance lease, the economic substance of the transaction is an up-front sale of the items under a financing arrangement. Revenue is recognised on customer acceptance of the items as part of the service delivery and finance income recognised over the term of the lease. The treatment before IFRIC 4 would have been to recognise revenue over the life of contract as the service was delivered to the customer.

In complying with the requirements of IFRIC 4, the Group’s balance sheets at 31 March 2005 and 31 March 2006, and the Group’s results for the year ended 31 March 2006 have been restated. The effects of these restatements are set out in full in the Financial Statements of Fujitsu Services Holdings PLC.

About Fujitsu Services

Fujitsu Services is one of the leading IT services companies in Europe, Middle East and Africa . It has an annual turnover of £1.74 billion, (€2.58 billion) employs 14,500 people and operates in over 20 countries. It designs, builds and operates IT systems and services for customers in the financial services, telecom, retail, utilities and government markets. Its core strength is the delivery of IT infrastructure management and outsourcing across desktop, networking and data centre environments, together with a full range of related services, from consulting through integration and deployment. Headquartered in London , Fujitsu Services is the European-centred IT services arm of the Fujitsu Group. The Fujitsu Group is a US$45 billion (€37 billion) leader in customer-focused IT systems and services for the global marketplace.

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Company:Fujitsu Services

Date: 12 June, 2007