Cambridge Technology Partners reported third quarter earnings of $9.7 million yesterday, down from $10.5 million last year.
Revenues were up 31 per cent to $153.1 million, but were lower than forecast. Cambridge attributed the fall off to its rapid application development(RAD) business in north America.
It said that Year 2000 projects are taking priority over new developments and this affected US growth significantly, only 23 per cent compared to 53 per cent last quarter. The trend is expected to continue next year and Cambridge lowered its revenue expectations for 1999 from 50 per cent to 40 per cent.
James Sims, chief executive officer, acknowledged that results were mixed across various business lines, but he cited fresh growth in enterprise resource planning and consultancy, up by 40 per cent.
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