IFS has announced its financial results for the full year ending 31 December 2021, reporting a fourth consecutive year of double-digit growth and total sales of $984m.
Despite COVID-19 headwinds, the company saw a 22 percent growth in software revenue with cloud revenue increasing 105 percent, recurring revenue up 30 percent and service management up 76 percent in comparison to 2020 figures. Overall, IFS grew its headline revenue by 14 percent year on year. The total revenue figure of $984m, which includes the contribution from WorkWave, increases the group’s performance by 32 percent compared to last year.
IFS stayed true to its commitment to accelerate its customers’ time to value, and its firm industry focus has continued to deliver solutions that meet customers’ needs as they navigate their new business normal and enable them to proactively plan and transform for the medium and longer term.
Darren Roos, CEO of IFS, said: “Four consecutive years of double-digit growth is something the entire organisation is hugely proud of, particularly in view of the challenging circumstances we’ve experienced since 2020. In 2021, our goal to help companies deliver their greatest Moments of Service also became a reality through our M&A strategy. We successfully integrated two companies into IFS and, since our acquisiton of Axios Systems in June, we have increased subscription bookings for IFS assyst by 236 percent compared to the same period in 2020. The numbers paint the picture of a strong and healthy business and I am delighted that we are not compromising on any other metrics to achieve this level of sustained growth.”
Constance Minc, CFO at IFS, commented: “The 2021 results are very important because they cement IFS’s impressive performance trajectory with another year of double-digit software revenue growth while continuing to expand our margins. Our commitment to lead the industry in customer satisfaction, growth and profitability is unchanged.”