Despite signs of a slowdown in technology
investment, and with the rest of the banking world in turmoil,
TietoEnator has reported sound results for Q3 2008.
Compared with the same period in 2007, net
sales grew by 5 per cent to €425.3 million (2007: €404.7
million).

Operating profits increased to €36.7 million from €20.7 million
in 2007, representing an operating margin of 8.6 percent – compared
with the 2007 figure of 5.1 percent.

Hannu Syrjala, TietoEnator’s president and chief executive, said
that the effects of the economic downturn on technology investment
are varying by customer segment.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

As the finance sector is in the core of the turmoil, the banking
sector is expected to be the most affected by the current
slowdown.

“The impact on the manufacturing industry,” he added, “is
expected to be less negative.

“Since the continuity of technology systems is of utmost
importance in these industries, demand for application and
information and communication technology infrastructure management
is not expected to change.

“Rationalisation measures have been ongoing for a long time in
some areas, such as public sector, government, health care and
welfare, and we expect that steady demand in these will
continue.”