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IBS 2011 Earnings Up 24%

Revenue at information-technology company IBS Group climbed 24 percent in fiscal year 2011, the company said.

Reporting preliminary nonaudited results, IBS said Tuesday that it earned $816 million in revenue for the fiscal year ending March 31, including about $477 million from IT services and about $271 million from software development. Respectively, those figures are 22 percent and 37 percent higher than last year's.

Much of the software-engineering demand came from existing customers, IBS said. The company's revenue from European projects rose 44 percent year on year to $188 million, and its debt dropped from $58.2 million to $44.5 million.

(MT)

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