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Monday 15 April 2019

TCS breaks through the $20bn a year mark

TCSTCS’s FY 19 results were published right at the end of last week and show the company breaking through the symbolic $20bn a year global revenue mark for the first time.

TCS posted FY 19 revenue of $20.9bn ($19.1bn FY18) up 9.6% Y-o-Y (+11.4% in constant currency). FY 19 Operating Margin was a very healthy 25.6% (up 79 bps Y-o-Y) whilst revenues from digital services grew almost 51% and now account for around 29% of total revenue.

The UK was again the star performing geography with revenue here growing by 22% in constant currency during the year. We now estimate that the UK business is worth around £2.5bn a year to TCS. 

TCS has added a string of mega deals over the last couple of years particularly in the Life and Pensions space boosted further by November’s expansion of its deal with Phoenix. But even more encouraging is the variety of UK wins referenced in the results. New UK contracts recently added include: transformation deals with Ageas Insurance and Seadrill (a deep water drilling company), a major UK telecoms provider, a British Pharma company and a major British retailer.

Globally TCS now has an impressive 44 clients (38 in FY 18) each worth over $100m a year in revenue to the company. The scale of new orders and the number of client additions has set TCS up nicely for the coming year and we expect to see the growth momentum continuing. 

Finally, having made two acquisitions last year (including UK digital agency W12) TCS announced that it remains “hungry" for further buys and is scouting for assets that will either bring in IP or widen market reach.

Posted by Marc Hardwick at '09:01' - Tagged: results  

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