Computer Task Group (CTG), a leading provider of information technology solutions and services in North America and Western Europe, today announced its financial results for the fourth quarter and full year ended 31 December 2017.

The CTG financial results for the fourth quarter of 2017 revealed that the company’s revenue was $74.6 million, above the midpoint of guidance. Moreover, the revenue excluding three largest staffing clients increased 11.3% year-over-year, whilst revenue in Europe alone increased 18.9% year-over-year, excluding favourable currency translation.

In addition, CTG has made progress on its three-year strategic plan to foster growth, profitability and increase shareholder value as the guidance for 2018 includes revenue ranging from $340 to $360 million, GAAP diluted earnings per share (EPS) ranging from $0.25 to $0.37, and non-GAAP diluted EPS ranging from $0.30 to $0.42. The plan, announced in early 2017, established financial performance targets to be reached by year-end 2019, including an annual revenue of $400 million, an operating margin ranging from 3.0% to 3.5% and diluted EPS between $0.45 and $0.55.

The company also added several key executives last year to bolster its business development team and enhance its effectiveness across the organisation as part of its focus on expanding solutions offerings. This also involved the expansion of selling and delivery of existing solutions across all lines of business and maintaining disciplined cost management and limiting or reducing fixed costs over the last year, including the optimisation of certain underutilised resources in selective areas, the consolidation of CTG’s chief financial officer and treasurer positions into a single role, and the consolidation of all Buffalo-based employees into a single building.

Finally, the direct costs in the fourth quarter of 2017 were $59.5 million, or 79.7% of revenue, compared with $61.0 million, or 82.4% of revenue, in the third quarter and $62.6 million, or 80.8% of revenue, in the fourth quarter of 2016. Direct costs in the third quarter of 2017 included $1.2 million in additional and unexpected costs associated with the company’s self-insured medical plan.

CTG’s Luxembourg branch is located in Bertrange.