Computer services company, MDIS Group Plc, reported mixed results for 1998, and warned of an ?unpredictable and uncertain? year ahead for the IT industry in general.
Turnover for the year ending 31 December 1998 rose 13.8 per cent, up from to #116.9 million to #133 million, with operating profits rising to #3.97 million in operating profits compared to last year?s #221,000. Restructuring charges of #3.8 million were covered by a #4 million extraordinary gain and interest charges fell to #388,000 from #1.65 million.
MDIS issued a warning last month that Glovia, its ERP joint venture with Fujitsu, would report a loss, but performance did improve with revenues up by 40 per cent to #34.1 million and the division reduced losses, down to #2.3 million from #3.6 million.
MDIS said that a number of orders were not secured at the close of 1998 leading to a shortfall against expectations, but notwithstanding, the company is recognising #4 million of the #8.1 million gain from July 1997 when Fujitsu acquired a stake in Glovia.
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