Shares in Logica were down on the FTSE 250 in morning trading despite the IT company quadrupling its pre-tax profit in the full year 2010.

Group revenue was reported as being up one per cent to £3.7 billion, while pre-tax profit surged from £43 million to £193 million. However on an adjusted basis pre-tax profit was flat at £272 million.

Logica said that the second half of the year had seen a sharp recovery in its Financial Services operations. In addition the group said that throughout the year Outsourcing Services had seen revenue rise 10 per cent, however its Professional Services arm reported a decline in revenue of five per cent.

Net debt at the company was reported as falling slightly during the year from £291 million to £280 million.

Logica said it would be recommending a full year dividend of 4.2 pence per share, up 27 per cent from the previous year.

Andy Green, CEO of Logica, said, "We finished 2010 in a strong position. The client and people focused strategy that we established at Logica three years ago has helped us to weather the downturn well. The well balanced nature of our business across geographies and industry sectors continues to bring us benefits, with a particularly strong performance in territories like France and the Nordics and a sharp recovery in Financial Services.

"I am delighted with the significant contract wins of recent weeks with the Serious Organised Crime Agency (SOCA) in the UK, an important client in the Netherlands and Shell for commercial fleet fuel cards. These wins demonstrate our ability to compete successfully on some of the largest deals awarded so far in 2011.

"Our good performance and strong order backlog allow us to look to the future with confidence. We are well positioned for revenue growth and modest margin improvement as the market recovers through 2011. We continue to invest in ensuring we are competitive and responsive to changing client needs, providing our people with the opportunity to build sustainable careers at Logica and delivering improving returns to our shareholders."

By 10:50 shares in Logica were down 2.48 per cent on the FTSE 250 to 141.70 pence per share.

FTSE