Logica profits slump but 2012 'a touch better' Profits at the Anglo-Dutch company slumped from £192.9m to £32.7m last year, after it chalked up more than £100m of losses in Benelux and Sweden, largely driven by public sector cuts. Logica finished the year by cutting 1,300 jobs and downgrading its growth forecasts, after pockets of weakness seen in September widened considerably in the fourth quarter. However, Andy Green, chief executive, said that the company is now on a more even keel: "I would say things feel a little bit better, just a touch better, now than they did in December. But the key is the huge uncertainty. Revenues are likely to be broadly flat in 2012, while margins are expected to recover from 6.2pc to 6.5pc. Mr Green has come under fire for not cutting jobs earlier, but said on Wednesday that he was not able to tell any earlier how badly the downturn would hit Logica. We deliberately did not take action on restructuring in the belief that the market would recover... with hindsight, you are always too late with a decision like that. Logica's group revenues rose 4pc to £3.95bn. In the UK, turnover grew 2pc to £735m as a surge in spending by energy and utilities companies helped to offset public sector cuts. The value of orders booked during the period more than doubled after Logica signed deals with Shell and the Serious Organised Crime Agency. However, margins tightened considerably from 8.5pc to 2.2pc. Shares in Logica have fallen more than 40pc over the past year, but on Wednesday closed up 5¼ at 86.65p.