Dublin firm Aldiscon, which develops software for the mobile phone industry, continues to be the "star performer" in parent Logica's group, according to a report published this week by Morgan Stanley Dean Witter.
The report, by technology analyst William Farrell, said Logica's results for the six months ending December 31st beat expectations on three fronts - revenue growth, operating profit growth, and earnings per share, with Aldiscon making up about 10 per cent of the £292 million sterling (€424 million) revenue.
The report described last week's announcement as a "solid set of results", with 35 per cent year on year revenue growth and £24.6 million reported operating profit, representing 65 per cent growth on the previous year.
Earnings per share were 4.9p, beating the projected value of 4.0p.
The report said Aldiscon grew by 56 per cent year on year, continued to improve margins, and increased its headcount by 26 per cent.
Morgan Stanley Dean Witter has raised its 1999 estimates to take account of eight businesses Logica acquired during the last year. It predicts fiscal revenue for June of £650 million up from the previous estimate of £600 million pounds.
The earnings per share estimate has gone from 12p to 11p. Revenue estimates for 2000 are up to £800 million pounds from £722 million pounds, with earnings per share remaining at 14p.
However, the stock price is still rated neutral, based on its current valuation.
In 1997 British-based Logica bought Aldiscon for £57 million.
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