In 2003, overall market conditions in the IT services sector were lackluster, as companies continued to scale back IT investments from the previous year. However, the second half of the year saw recovery in corporate performance and steady growth in capital expenditures, as well as improved business sentiment, setting the stage for a gradual recovery heading into 2004.

Nevertheless, in 2003, the CAC Group achieved record sales. Sales increased by 29.6% year on year to US$452 Million. Driving sales sharply higher in 2003 were new orders from the pharmaceuticals and food sectors, key areas of expertise, and larger sales contributions from consolidated subsidiaries. These increases were partly offset by a weak showing in the financial services sector, and the loss of opportunities to win orders due to several unprofitable project proposals.