IBS Group Reports Operating Results for Q4 and 2011
OREANDA-NEWS. June 13, 2012. IBS Group Holding Limited (IBSG:GR; IBSGq.DE), a leading IT services provider in Central and Eastern Europe, has announced its preliminary unaudited operating results for the fourth quarter (1 January – 31 March 2012) and the full year (1 April 2011 – 31 March 2012) of Fiscal Year (FY2011), reported the press-centre of IBS Group.
Full year FY2011 consolidated revenues rose by 24% y-o-y to US\\$816.1mn. Revenues were driven up by the fast growth in both of our business segments – IT Services and Software Development.
IT Services segment’s full year FY2011 revenues increased by 22% y-o-y to USD 476.5mn on the back of continuing expansion in the Russian IT market.
Software Development segment revenues were up 37% y-o-y in FY2011, totaling USD 271.1mn as we saw healthy demand for our services driven predominantly by existing clients.
We witnessed the most rapid progress in our operations in Europe, where our FY2011 revenues swelled by 44% y-o-y. In Russia we observed revenues growth of 20%, in line with the increase of revenues in the IT segment for FY2011.
The total Group headcount reached 8,225 when we added 870 employees on a net basis in FY2011.
The Group gradually followed its risk averse policy of debt reduction, as we end FY2011 with a total debt of USD 44.5mn, down USD 13.7mn y-o-y, and net debt of USD 24.2mn, down another USD 7.5mn y-o-y.
Comment from President
Anatoly Karachinsky, President of IBS Group said, “In our view, IBS Group’s performance remained strong throughout 2011, with a healthy increase of EBITDA margin from 7.2% in FY2010 to high single digits, and both of the Group’s business segments growing confidently. Capitalizing on its vibrant technological growth over the year, the Group broadened the range of innovative products and solutions available. Successful large projects in some of the Group’s core activities for a variety of domestic industries underpinned the strong growth in the IT Services segment. In the Software Development segment, revenues rose 37% y-o-y, boosted by the expanded business with existing clients in financial services, automotive, aviation and telecommunications sectors in Europe and the US. We note, that in the first months of 2012 both segments of the Group continue to grow, albeit at slightly lower rates than those experienced throughout the previous year. “