Update: Adjusting for more volatile times
PSI’s first half saw a contraction in order book and revenues. Underlying earnings moved ahead, but were affected by adjustments and restructuring charges in logistics. A recovery in order intake and growth is expected in H2, but geopolitical risk is increasing. Hence we trim our earnings estimates for FY14 by 15% (2% underlying) and for FY15 by 11%.PSI AG fuer Produkte und Systeme der Informationstechnologie is engaged in the development and selling of sofware products. Co. is divided into three main business segments: energy management, which developes solutions for electricity, gas, oil and water utilities; production management, which provides software products and customized solutions for production planning, other production controls and efficient logistics; and infrastructure management, which provides control solutions for monitoring and effective operations in the areas of traffic, public safety, environmental protection and disaster prevention.
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