|IFS reports improved EBIT and continued profitable growth|
(2/9/2011 | Press Release | Financial Information | Linköping)
IFS improved EBIT margin by 14%, saw growth in target markets and delivered new, innovative products in 2010. Strong increase in cash flow supports stronger pace of acquisitions going forward. For 2011, IFS expects good organic growth, stronger license sales and a continued improvement in EBIT.
The world economy is forecast to continue to improve in 2011 and 2012. IT Industry analysts expect growth for the software market in general, and the enterprise application market in particular. According to Gartner, the growth will be in the region of 5–6%.
─ IFS is well positioned to benefit from this upturn thanks to its market strategy and world-class customers, providing a full order book of active projects. Acquisitions will continue to be a high priority for IFS in 2011 and are expected to become an increasingly more significant activity within the business. The long-term target to achieve an EBIT margin of 15% in 2013 remains in place, Alastair Sorbie, IFS CEO said.
The acquisition of 360 Scheduling, a market-leading complementary product that further strengthens IFS’s Service Management offering, was a clear demonstration of IFS executing on its growth strategy. Thanks to IFS’s international sales coverage, this product now gets a far wider reach, attracting interest from both customers and prospects. IFS will increase the pace of acquisitions in 2011, supported in this goal by the strong increase in net cash flow.
2010 financial highlights:
2010 major agreements:
For more contract news, please visit www.ifsworld.com/news
2010 product development highlights:
─ In 2011, we will finalize the next generation of IFS Applications, starting implementations at early adopter customers now. We are confident that this, combined with our agile methodology allowing more regular delivery of new products, will enable higher product revenue for the company going forward. We also acknowledge the importance of building a strong culture consisting of highly competent and committed employees, and were pleased to see Great Place to Work® Institute Sweden named IFS one of the 10 best companies to work for, Alastair Sorbie said.
Note to editors: *EPCI= Engineering, Procurement, Construction, Installation
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