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Friday 09 November 2018

Unisys revenue improves again in Q3

Unisys logoFigures published overnight from Unisys show total company revenue for the three months ended 30 September 2018 grew 3.3% (5.8% in constant-currency) to $688m (Q3 2017: $666m). This means the company has now achieved four consecutive quarters of revenue growth. Operating profit was $55.8m (margin of 8.1%), compared to a loss of $2.9m in Q3 2017. Adjusted EBITDA improved by 6.5% to $96m (Q3 2017: $90m).

Services revenue (88% of total revenue in the quarter) improved by 5.2% (7.6% in constant-currency) to $606m (Q3 2017: $576m). Technology revenue fell 8.9% (5.3% in constant-currency) to $83m (Q3 2017: $91m), however, this was 2.5% up on Q2 2018 and ahead of company expectations.  

With the exception of Latin America, all regions saw year-over-year revenue growth. Latin America fell 37% (25% in constant-currency), largely due to exchange rates and technology renewals in Brazil; US and Canada improved by 1% (1% in constant-currency) and Asia Pacific was up 37% (42% in constant-currency). Revenue for the EMEA region, which represented 28% of total Q3 revenue, was up 12% (13% in constant-currency) to c.$193m—flat compared to Q2 2018 revenue (see Unisys revenues down in EMEA).

The selection of its Elevate platform by Monmouthshire Building Society was highlighted as a key Q3 contract signing. The building society will use the platform for provide new current account services, including a digital wallet, for its customers.

It’s a solid set of results for the business and the outlook for the rest of the year looks positive. It has strong contract signings with Total Contract Value up 46% year-over-year for the quarter and 93 percent year to date. Backlog in the Services division grew 33% year-over-year to the end of Q3, which the company indicates is the highest year-over-year growth since Q4 1999. And it continues to build on its security propositions, with Stealth revenue up 90% year-over-year. The company remains on track to hit full year expectations.

Posted by Dale Peters at '09:12' - Tagged: results   services   security  

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