Strong start to 2020 for IFS
IFS has reported a strong start to the 2020 financial year, recording a 25 percent increase in net revenue to $173.16m in its Q1 results. It has seen consistent growth across the board, with a 25 percent increase in maintenance revenue year over year to $54.75m, licence revenue up by 39 percent to $40.16m, a 14 percent increase in consulting revenue to $57.19m and adjusted EBITDA up by 23 percent to $31.20m.
“Despite the economic headwinds presented by the COVID-19 pandemic, licence revenue grew 39 percent compared to Q1 2019,” said Darren Roos, IFS CEO. “Recurring revenues were also steady as customers depend on their IFS solutions to run their most mission critical business processes. On the back of this strong revenue development in Q1, EBITDA remains stable and is underpinned by ongoing initiatives to improve the IFS cost base.”