U.S. News

LogicaCMG's First-Half Revenue Rose 36%


LogicaCMG, an information technology services business, said Wednesday that first-half revenue rose 36%. The company also named Chief Operating Officer Jim McKenna to be interim chief executive following Martin Read's retirement.

The company's shares climbed 5% to 156.75 pence ($3.19; 2.32 euros) on the London Stock Exchange.

Revenue for the six months through June 30 came to 1.52 billion pounds ($3.1 billion; 2.2 billion euros), LogicaCMG said in a statement.

In the U.K., revenue growth slipped 9% due to "anticipated weakness in the commercial sectors," the company said. "In line with our previous guidance, we expect sequential revenue growth in the second half, with full-year U.K. revenue slightly lower than 2006.

Read, who said on May 27 that he would retire, will leave the company's board on Sep. 21. Previously CEO of Logica, he became head of the combined company when Logica and CMG merged in 2002. McKenna has been a member of the board since 2002.

LogicaCMG provides services such as business consultancy and systems integration.