Logica shares fell to a three-year low as the company announced a drop in its forecast and 1,300 job cuts.

Logica cut its 2011 forecast for the second time in just over a month, expecting around three per cent growth – down from above three per cent in November’s prediction and five per cent earlier in the year.

The group put this down to the economic slump and said it intended to respond by speeding up the restructuring that would otherwise be spread over two years.

More than1,300 jobs will be cut, and the firm will take one-off charges of around £93m