Tieto : A mixed Q1 2019 performance. Weak growth but solid margins
>Q1 2019 organic growth is disappointing - On Thursday 25 April, before the market close, Tieto reported Q1 2019 sales of € 408m, up 1.0% y-o-y and a shade below expectations (vs ODDO BHF: € 412m, consensus: € 415m). Organic growth also undershot expectations at +2.2% y-o-y, reflecting a deceleration vs the preceding quarter (Q4 2018: +3.1% y-o-y on an organic basis), due to IT services. IT services posted a disappointing performance overall on an organic basis (...Tieto is an IT services company in the Nordics providing full lifecycle IT services. The reportable operating segments in service line dimension are Managed Services, which is an IT infrastructure and cloud provider that provides enterprise platform services and end user solutions; Consulting and System Integration, which provides consulting and system integration services, application management and transformation consulting; Industry Products, which provides industry-specific software products and productized solutions; and Product Development Services, which provides services in the field of communications and embedded technologies for a global customer base.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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