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December 24, 2008updated 12 Apr 2017 4:41pm

Banking turmoil fails to suppress TietoEnator

Despite signs of a slowdown in technology investment, and with the rest of the banking world in turmoil, TietoEnator has reported sound results for Q3 2008.

By Brian Rogerson

Despite signs of a slowdown in technology investment, and with the rest of the banking world in turmoil, TietoEnator has reported sound results for Q3 2008.
Compared with the same period in 2007, net sales grew by 5 per cent to €425.3 million (2007: €404.7 million).

Operating profits increased to €36.7 million from €20.7 million in 2007, representing an operating margin of 8.6 percent – compared with the 2007 figure of 5.1 percent.

Hannu Syrjala, TietoEnator’s president and chief executive, said that the effects of the economic downturn on technology investment are varying by customer segment.

As the finance sector is in the core of the turmoil, the banking sector is expected to be the most affected by the current slowdown.

“The impact on the manufacturing industry,” he added, “is expected to be less negative.

“Since the continuity of technology systems is of utmost importance in these industries, demand for application and information and communication technology infrastructure management is not expected to change.

“Rationalisation measures have been ongoing for a long time in some areas, such as public sector, government, health care and welfare, and we expect that steady demand in these will continue.”

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