ERP outfit IFS unveils 94 per cent leap in profits

Dave Bailey, Computing, Thursday 22 July 2010 at 10:41:00

Revenue increases only 2.2 per cent

Swedish enterprise resource planning (ERP) outfit
IFS's
second quarter results show a 94 per cent increase in profit on increased
revenue of just 2.2 per cent.

IFS revenue for the second quarter increased to �58.1m up from �56.8m in the
same quarter last year, while profits soared from �2.9m to �5.7m.

IFS boasted of a number of contract deals in the second quarter, with the
biggest being an unnamed leader in project management and engineering for the
oil and gas industry. This deal was worth between �8.4m and �12.6m.

The other big deal was with well-known distillers William Grant & Sons,
worth over ?3.6m (�3.0m).

Licence revenue increased 26 per cent from �6.2m to �8.3m for the second
quarter 2010 on the same quarter last year, while there was a 20 per cent
increase in IFS's consulting arm.

Maintenance and support revenues registered a fall of 1.6 per cent owing to
currency fluctuations.

In the company's second quarter financial performance summary, IFS chief
executive Alastair Sorbie said: "The outlook for the full year remains
unchanged; we [still] expect moderate growth excluding the effects of
acquisitions."

Full story at http://www.computing.co.uk/computing/news/2266813/erp-outfit-ifs-unveils-94-per