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(Professional Services Close – Up Via Acquire Media NewsEdge) IBS Group Holding Limited announced its audited consolidated financial results for the year ended 31 March 2011 (FY’2010).
In a release on July 29, the company noted earnings details: Software Development segment, represented by Luxoft, has become the key business for the Group. In FY’2010, Luxoft continued to position itself as the provider of choice in the complex international software outsourcing market thanks to its ability to combine expertise in delivering services with strict cost control discipline.
Luxoft’s growth was propelled by the major secular trends of (1) continued shift into cloud computing; (2) decline of dominant incumbents in operating systems and spread of new OSs; (3) growth in internet-enabled merchandise. Luxoft’s differentiating competence of geographic diversity was reinforced in 2010 through the opening of new development centres in Poland, Singapore, and the United Kingdom. In the Russian IT Services segment, represented by IBS IT Services, the Group’s management successfully capitalised on major 2010 trends: (1) the Russian IT services market recovery; (2) rapid restoration of demand from numerous Russian customers; (3) improved visibility going forward. These trends have further fuelled an investment case for the Russian IT services sector as a growth and a value story, in which IBS Group’s IT services segment is strongly positioned to capture the benefits.
In 2010, IBS IT Services position in the Russian market was yet again acknowledged by the industry experts through several awards, including “the largest consulting company in Russia” (Expert RA) and “the largest IT services company in Russia” (IDC). In November 2010 IBS Group successfully completed an upgrade of its GDR listing designation and became the first Russian company whose GDRs are listed on the Regulated Market of the Frankfurt Stock Exchange. Furthermore, in August 2010 the Group obtained a US$20 million convertible loan from the European Bank for Reconstruction and Development as part of its efforts to diversify instruments and sources of financing and reduce borrowing costs. Both of these developments signify ongoing steps in management’s efforts to increase transparency and underline importance of corporate governance within the Group. Sustainable profitable growth of IBS Group in the financial year 2010 was underpinned by four main pillars in services delivery: continued enhancement of value for our customers, ongoing quality management, geographic expansion, and leverage of our sales and distribution network world-wide. Diligence, ingenuity, and extraordinary commitment of our employees provided a foundation for the Group’s business success. Our solid revenue generation pipeline for this year allows IBS Group to look into the 2011 with confidence and enthusiasm.
IBS Group is a software development and IT services provider in Eastern Europe. Through its two principal subsidiaries, Luxoft and IBS IT Services, it offers a variety of information technology services, such as software development, IT outsourcing, business and IT consulting, business applications implementation. IBS Group is headquartered in Russia and has business operations in Russia, Canada, Germany, Romania, Poland, Switzerland, the UK, Ukraine, the USA, Vietnam and Singapore.