(By Anthony Miller – Wednesday, 29th April 2009 11:30am). It’s hard to find any rays of sunshine in Unisys’ Q109 results, though the boost in cash flow from the latest restructuring programme is welcome news. Nonetheless, revenues fell again in the quarter, down 5% constant currency (ccy) to $1.1bn. Services revenues, almost 90% of the total, fell 2% ccy, but services margins rose 40bps yoy to 2.7% as cost reductions kicked in. Services orders were badly hit by the same decline in outsourcing megadeals noted by sourcing advisors TPI and indeed by many players (e.g. see HCL update), leaving Unisys’ services order backlog down 6% to $5.7bn. When I met Unisys UK MD, Duncan Tait earlier in the year (see Unisys UK sees silver lining on banking clouds) it appeared to me that the UK business was in relatively better shape given its skew towards outsourcing, BPO and public sector. I’ll see if I can glean any new insights as to how it’s all going.
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