...Business Risk: Satisfactory Financial Risk: Modest + Broad and varied IT service offerings, geographically diversified revenues, with our forecast constant currency annual revenue growth at 6%-7%, following +8% in first-half (H1) 2018, driven by digital and cloud solutions and underpinned by a solid client base (bookings of 6.6 billion as of H1 2018, +8% versus 2017) and large recurring account business (large accounts increased by more than 2% above the group average in 2017) . + Increasing presence in the expanding digital and cloud services industry (45% of H1 2018 revenues, above 20% growth year on year), combined with an established presence in the more commoditized outsourcing segment. + Highly competitive and fragmented IT services industry, particularly on the more traditional outsourced services, which lack differentiation and suffer from pricing pressure. + Exposure to economic cycles and clients' IT budgets on traditional services. + Although improving year on year, operating...
