Sapient Corporation, the US-based digital marketing and technology consultancy, has made a substantial recovery from its depressed performance of 2007 by earning a post-tax profit of $62.5 million in 2008.
Revenues increased by 21.1% and its operating profit margin recovered from a meagre 3.7% in 2007 to 10.2% in 2008, both stated before goodwill amortisation charges.
Anticipating the hardening economic climate, Sapient has cut its workforce by 8% since the year end and will bear a $2.6 million restructuring charge in the first quarter of 2009 as a consequence. The company has a strong balance with which to face the economic downturn. Cash balances at 31 December were $169 million and its current assets exceeded current liabilities by a ratio of 2.5:1.
© Fintellect Ltd
BOB WILLOTT
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