Synstar PLC
12 September 2002
12 September 2002
Synstar Plc
Synstar signs new £120m five-year contract with CSC
Synstar, the pan-European business availability services provider, has signed a
new five-year contract with Computer Sciences Corporation (NYSE: CSC), one of
the world's leading providers of outsourcing, consultancy and IT services.
Worth approximately £120m over the next five years, this is Synstar's largest
ever-single contract.
Synstar has been CSC's preferred supplier of computer maintenance services
across Europe since 1994. From September 2002, this service offering will now
increase to include support to CSC's Field Services organisation.
This will result in substantial further committed revenues of around £7m in a
full year, and approximately £4.3m in the financial year, to September 2003.
This is in addition to the £20m annual revenue that the group currently receives
from CSC. The deal includes a new desktop services contract for the Department
of Health across all its UK locations.
The increased revenues will fully absorb start up costs and a new pricing regime
in the first year, and in subsequent years will produce enhanced profits.
The new contract secures an important revenue stream for Synstar, whilst
providing the opportunity to grow the services it provides to CSC.
According to Synstar's CEO, Steve Vaughan; 'Extending our relationship with CSC
is excellent news. One of our most important clients has retained us for
another five years and trusts us to provide a wider range of services. This is
a strong endorsement of the quality of the maintenance service we have provided
over the last eight years.'
Keith Wilman CSC's UK Chief Operating Officer said: 'This new contract with
Synstar builds on the existing successful relationship between our two
companies. We regard Synstar as an important supplier to CSC and are very
pleased to be working with them on a number of our clients across Europe.'
Ends
For more information, please contact:
Roger Leboff/Geoff Callow at GCI Financial - Tel: 020 7072 4296
Or
Christine Jones at Synstar Plc - Tel: 01344 662744
This information is provided by RNS
The company news service from the London Stock Exchange
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