(By Anthony Miller) As presaged in its October trading update (see Crisis? What crisis?), Capgemini had a reasonable Q3 with like-for-like revenue growth up just over 6%. Adverse currency movements brought the reported growth almost flat. There’s little data in the trading update (see here) but more should be revealed in this afternoon’s concall. However, at constant currency, UK grew 4%, which was ahead of the US’ 1% but way behind Benelux (14%) and France (6%). Nonetheless, only UK and Benelux showed sequential growth, albeit marginal for the UK. Cap’s outsourcing business grew 9%, outstripping Consulting (2%) and Technology Services (3%). But it was Cap’s body-shopping operations that soared, with 10% growth. However all business lines showed sequential growth decline. Management reiterated its 4-5% FY revenue growth target and still expects 8.5% margins. It's hard to say whether Cap's results bode well for Logica, which gives its trading update tomorrow. On the one hand, the stellar Benelux (a key market for Logica) and body-shopping growth could be great news if it reflects regional market trends. On the other hand, it could mean Cap is winning massive share, and that would be quite a different story.