Electronic Data Processing Share News (EDP)

IT solutions firm Electronic Data Processing said it remains cautious about the outlook for the rest of the year. "However, with our strong recurring revenues and carefully managed cost base, we are well positioned for the current economic situation and for the eventual recovery in the markets we address," it said.The group said it has recently strengthened its new business sales force to address the challenges it faces converting interest in the Group's software products into orders. "However, we continue to find the sales cycle to be significantly longer than normal," it said.Actions taken in April to reduce its headcount and cost base have proved effective, it said. The one-off cost of the exercise was £200,000 which achieves annualised savings of £400,000.