Overview Key strengths Key risks Healthy revenue growth supported by resilient demand for IT services. Appetite for debt-funded growth, partially mitigated by net cash position. Good profitability, backed by high utilization rates and access to offshore resources. Wage inflation and continued digital investment requirements will constrain profitability improvement. Net cash position with strong cash generation, despite an increased commitment to shareholder distributions. This is supported by resilient transformation demand and the company's strong deal pipeline. We forecast global IT services will grow by about 4.3% in 2022, ahead of our global GDP growth expectations of around 3.2%. The industry has been a beneficiary of the COVID-19 pandemic with increased demand for cloud-based services, data analytics, and cybersecurity, as enterprises adopted
