The UK is once again the primary revenue source for India-headquartered IT services firm Mastek, after a quarter which saw US revenues decline by 8% vs a 10% gain in the UK.
At the headline level, Mastek’s operating revenues for the quarter to 31st Dec. were essentially flat compared to the prior quarter, at Rs2.25bn ($41m), though 30% higher yoy (+22% in USD terms). The UK now comprises precisely half of Mastek’s revenues, with the US at 43%.
The UK is also far more profitable, with operating margins of 19.6% compared to 8.1% for the US. This puts Mastek’s group operating margin at 13.1%, way behind that of major – and indeed minor – peers. Mastek UK is led by Barry Yard – well done him!