Fujitsu forced to pump £80m into UK arm as Horizon scandal hits orders [Yahoo! Finance]
FUJITSU LTD UNSP/ADR (FJTSY)
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Source: Yahoo! Finance
The Japanese IT giant Fujitsu has been forced to pump £80m into its UK business as it reels from the Post Office Horizon scandal Accounts for Fujitsu Services Limited, the company's British entity, show that its Japanese owner has put fresh funds into the business as its order pipeline shrinks. It comes after Fujitsu last year pledged not to bid for new government contracts amid public anger at its role in the Horizon scandal. Dozens of subpostmasters were prosecuted after faulty software developed by the company made it appear as if they were stealing. The IT giant is likely to foot part of the bill for compensating victims of the scandal. Fujitsu's UK accounts show that revenues fell 9.2pc in the year to March, tumbling from £1.2bn to £1.1bn. The company recovered from a loss in the previous year to make a £15m profit. However, its pipeline of future contracts fell by a fifth to £904.5m. b' This meant its book-to-bill ratio, a measure of upcoming deals compared to t
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