Anglo-Dutch computer services company CMG has comfortably exceeded profit forecasts made when it floated last November.
The company recorded #20.1 million pre-tax profits for 1995 compared with the #19.5 million it made at the time of the float. Sales increased to #196.5 million, compared with #146.3 million in 1994.
The UK and the Netherlands provided the engine for CMG's growth, but the company also claimed progress in Germany, where it acquired Pecom, and broke even for the first time in five years.
CMG chairman Cor Stutterheim said the acquisition gave critical mass in Germany's finance sector. But he acknowledged disappointing results in the manufacturing sector, which accounts for 30 per cent of CMG's sales in Germany.
CMG's turnover in the UK increased by 14 per cent to #49.2 million with profts up to #1.8 million.
Flotation on the London and Amsterdam stock exchanges cost the company #2.1 million, of which #1.6 million was written off against the profit and loss account, and the balance was written off against the share dividend account.
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