[September 12, 2011] IBS Group Reports Operating Results for First Quarter of 2011 Tweet Sep 12, 2011 (Close-Up Media via COMTEX) -- IBS Group Holding announced its preliminary unaudited operating results for the first quarter of 2011 (April 1, 2011 - June 30, 2011). In a September 5 release, IBS Group reported that headcount for the company reached 7,631 employees, an increase of 20.6 percent year-over-year and a 3.7 percent over the previous quarter. Most of the personnel growth was due to the expansion of the Software Development segment, where number of employees increased by 39.3 percent, to 4,560 from 3,273 a year ago, a reflection of strong demand for services provided by Luxoft. Total debt increased by 11.7 percent during the first quarter. Net debt increased by 25.2 percent to US$39.7 million, while long-term debt has decreased by 10.4 percent. Debt financing is used by IBS Group primarily to cover short-term cash requirements. Due to seasonality of revenues in the IT Services segment, where a large share of the contracts is paid for in the third and fourth calendar quarters, IBS Group has to periodically borrow funds to finance its working capital requirements. That was the main reason for the increase in the short-term debt in the first quarter. Management of IBS Group expects consolidated revenues for the year ending March 31, 2012 to be in the range of US$805-$820 million, compared to US$656.0 million in the previous year. IBS Group is a software development and IT services provider in Eastern Europe. Through its two principal subsidiaries, Luxoft and IBS IT Services, it offers a variety of information technology services, such as software development, IT outsourcing, business and IT consulting, business applications implementation. ((Comments on this story may be sent to [email protected])) [ Back To TMCnet.com's Homepage ]