Logica has bought Irish telecomms Var Aldiscon for 56.9 million Irish punts (#51 million) and is looking for a German takeover target after posting improved 1997 results.
Chief executive Martin Read said Logica has been trying to find a suitable acquisition in Germany since February. "Acquisitions are very much on the counter," he said. "If a German opportunity came on to the table we would be very interested."
Aldiscon sells networking solutions and services to the telecomms market and the acquisition improves Logica?s presence in Europe and the telecomms sector. Read said the Aldiscon buy will be financed by a #52.5 million one-for-seven rights issue and fits Logica?s growth strategy.
Logica bought Axime Ingenierie of France in December 1996 and Read admitted further takeovers are likely during calendar 1997.
The company made #28.1 million profit in its 1997 full year to 30 June, up 14 per cent from #24.7 million last year. Read said the strong pound and problems in finding UK staff pushed Logica?s results down by roughly #1 million.
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