(By Anthony Miller). It’s a thankless task picking the bones out of IBM’s numbers (see here) but it’s usually worth the effort. Overall, UK revenues for Q408 (at constant currency (ccy) were up 4%, ahead of France (+2% ccy) and Italy (-8% ccy) though behind Germany (+7% ccy). IBM’s services businesses grew 2% ccy overall, but this masked big variations under the covers. In particular, Business Transformation Outsourcing (BTO) revenues fell 11% ccy, in contrast to Strategic Outsourcing (+3% ccy) and Integrated Technology Services (+6% ccy). Maintenance revenues grew 1% ccy. I think these numbers show the ‘make do and mend’ vs ‘boldly going’ effect rather well.