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11/02/2010
IBS Group Announces its Unaudited Results for the 9 Months of FY'2009
IBS Group announces its unaudited results for the 9 months of FY'2009 (April 1 – December 31, 2009).
Consolidated revenue of the Group for the 9 months of FY'2009 totalled $402.5 million, a 29% decrease from the same period in FY'2008 ($566.9 million) (both numbers are exclusive of DEPO Computers, which was divested in September 2009).- According to IDC, the global research firm, the IT services market in Russia fell by approx. 49 per cent in calendar year 2009.
- In the 9 months of FY'2007, EBITDA margin of IBS Group was at 11.5%. Thus, EBITDA margin at IBS Group came close to the pre-crisis level.
$ million, US GAAP
|
9m FY'2009 |
9m FY'2008 |
Change | |
|
Revenue of the Group* (unaudited) |
402.5 |
566.9 |
- 29% |
|
EBITDA |
42.4 |
30.7 |
+38% |
|
EBITDA margin |
10.5% |
5.4% |
|
Note: The Revenue of the Group for the 9 mo. periods of FY'2008 and FY'2009 is exclusive of DEPO Computers (divested in September 2009).
IBS Group substantially reduced its debt load over the reporting period:
- The total debt load fell to $44.7 million, a nearly threefold reduction since December 31, 2008.
In his comments on the results of operations for the 9 months of FY'2009, Anatoly Karachinsky, President and CEO of IBS Group said:
"We are happy with the performance of our management team over the 9 months of this financial year.
Our revenue was decreasing at a notably lower rate compared with the rest of the market.
In this period we attracted a good number of new customers across our business segments and tapped into new markets.
Top Russian and international research firms have yet again acknowledged leadership of our companies in their respective markets.
A comprehensive range of cost control efforts secured substantial EBITDA growth and improved our profit margins.
We feel the incipient recovery of both Russian and global markets and hope that this trend will continue."
About IBS Group:
IBS Group is a leading player in the global and Russian IT services markets with strong positions in consulting, business applications, IT outsourcing and software development. The principle business segments include IT services (IBS IT Services) and software development (Luxoft).
IBS Group has business operations in Russia, the CIS, Europe, USA and Canada.
The total headcount approximates 6,000 employees.
