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Mastek Expects Post-Brexit U.K. To Drive Revenue Growth In FY21
Political stability in the U.K. is going to give a lot of confidence for discretionary spending among clients, Mastek CEO says.
29 Jan 2020, 09:49 AM IST 
A British Union flag flies from a flagpole with a European Union flag outside the offices of the U.K. Permanent Representation to the EU in Brussels, Belgium. (Photo: Bloomberg)
WATCH | Mastek CEO John Owen On The Company’s Q3 Results
Software services firm Mastek Ltd. expects the tailwinds of political clarity after Brexit to drive revenue growth in the financial year ending March 2021.
“Political stability in the U.K. is going to give a lot of confidence back to discretionary spends (among clients),” John Owen, chief executive officer at Mastek, said during an interaction with BloombergQuint. “The market didn’t spend in 2019 and I expect that held-back spending to come through in 2020.”
The U.K. elections weighed on the company’s December quarter performance, he said. Nearly three-fourths of the company’s revenue comes from the U.K.
Mastek Q3 Results: Key Highlights (YoY)
- Revenue flat at Rs 243.7 crore
- Net profit rose 5 percent to Rs 26 crore
- EBIT rose 11.2 percent to Rs 27.8 crore
- Operating margin at 1.4 percent versus 10.3 percent