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Wednesday 11 July 2018

TCS UK growing at over 17%

TCSTCS banked another impressive set of quarterly results that saw global revenues for Q1 increase 10% to a fraction over $5bn. Net profit was also up 17.2% YoY with operating margin at 25%.

As we reported from the recent TCS Innovation Forum roadshow, TCS is positioning itself as the ‘glue’ that binds digital technologies to clients’ operations and strategies. TCS saw strong demand in Q1 for digital contributing 25% to total revenue and growing 44.8% YoY. 

Having breached the £2bn revenue barrier in the UK last year, TCS UK has now delivered its biggest quarter by revenue to date. We estimate that UK revenues for the quarter were up 17.3% YoY to £584m buoyed no doubt by the strong sales achieved in the last financial year.

Last year’s sales momentum has continued into the new financial year. The stand out UK deal for Q1 was an expansion of TCS’s existing partnership with M&G Prudential to deliver services for its UK savings and retirement customers, bringing the total number of policies managed by TCS to 5.8 million. The expansion so early in the relationship, is a strong vote of confidence in TCS’s transformational capabilities and represents the transfer of operations that were previously managed in-house effectively doubling the value of the Prudential relationship to TCS.

Other UK deals for the quarter included a digital transformation contract with a major retailer, an IoT and analytics deal with a major port and a cloud services deal with a leading airline.

Whilst many peers struggle in the current environment TCS continues on its impressive growth path, most notably here in the UK.

Posted by Marc Hardwick at '09:18' - Tagged: results   offshore  

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