Luxoft financials

Main article about the company: Luxoft

2021: Revenue growth in Russia by 24.5% to 10,449 million rubles

At the end of 2021, Luxoft's revenue in Russia amounted to 10,449 million rubles, an increase of 24.5% compared to 2020, which allowed it to take 51st place in the ranking of TAdviser100: The largest IT companies in Russia 2022. The revenue of Luxoft Professional LLC from the financial statements for 2020-2021 is indicated. Excluding VAT. On April 20, 2022, the Cypriot Luxoft International transferred 100% of Luxoft Professional LLC to IBS It Services LLC and IBS LLC.

2020: Revenue growth in Russia by 8.8% to RUB 8,395 billion

At the end of 2020, Luxoft's revenue amounted to 8,395 billion rubles, an increase of 8.8% compared to 2019, which allowed it to take 51st place in the ranking of TAdviser100: The largest IT companies in Russia 2021. The revenue of Luxoft Professional LLC is taken from the accounting statements for 2019-2020 contained in the database Kontur.Focus

2019: Revenue growth in Russia by 13% to RUB 7.8 billion

At the end of 2019, the company Luxoft (Luxoft Professional LLC) took 25th place in. The Ranking TAdviser: 50 most profitable representative offices of foreign IT companies in Russia company's revenue Russia in 2019 amounted to 7,827,619 thousand rubles, which is 13% higher than in 2018. This indicator includes the revenue of legal entities LLC Luxoft Professional and Luxoft Dubna.

2018: Revenue in Russia - 6.9 billion rubles.

Revenue Luxoft in (Russia LLC Luxoft Professional and Luxoft Dubna) in 2018 amounted to 6,904,564 thousand rubles.

2017: Revenues in Russia and their share in revenue continue to grow

For the reporting year, the end of which fell on March 31, 2018 calendar, Luxoft's revenue amounted to $906.8 million, an increase of 15.4% compared to a year ago. Net profit decreased during this time by 9%, to $57 million.

Luxoft's revenues in Russia continue to grow, as well as the market share in total turnover. Thus, the company's annual revenue from activities in the Russian Federation increased from $36.9 to $52.2 million. The business began to bring the vendor 5.8% of revenues against 4.7% a year earlier.

Luxoft financials (click to zoom in

Luxoft earns the most in the North American market - 34.1% in the 12-month period that ended at the end of March 2018. For the previous year, the indicator was measured at 33.9%.

The share of revenues in the European market (excluding British) increased from 30% to 32.6%, and in Britain the company received 22.1% of revenue. Judging by the financial report, Russia ranks fourth in regional revenues of Luxoft, ahead of the Asia-Pacific region (4.7%).

If we talk about customers, then Luxoft identifies three groups in the report: financial services, digital companies (Digital Enterprise) and the automotive sector. At the first of these groups, the software manufacturer earned $514.3 million for the year, which corresponds to 56.7% in total turnover. The auto industry provided Luxoft with revenue in the amount of $158.4 million, or 17.5% of the total. Moreover, for the first time, three representatives of the automotive industry entered the top ten largest customers of Luxoft. The share of digital companies amounted to 25.8%, and revenues from their orders - $234 million.

The company points to a decrease in the concentration of revenue from the largest customers. By the end of fiscal 2018, the top ten customers had generated about 56.3% of revenue for Luxoft - down 6 percentage points from the previous year.

Together with the publication of financial results, Luxoft announced a $60 million share buyback program.^[1]

2016

Return to revenue growth in Russia

In May 2017, Luxoft published business indicators for the fiscal year ended March 31, 2017 calendar. The company's revenue in Russia returned to growth.

Luxoft's annual revenue reached $785.6 million, which is 20.7% more than a year ago. Excluding currency fluctuations, the company's turnover increased by 22%. Net income at the same time decreased from 70.3 to 62.6 million dollars. The company's average revenue per developer increased 2.5% to $78,265 .

Luxoft head Dmitry Loshchinin

According to Dmitry Loshchinin, CEO and President of Luxoft, the financial results reflect "significant fundamental improvements in the dynamics and structure of customers' businesses, including strong growth in the number of customers with high potential [bring the company 30% of revenue - note TAdviser based on Luxoft's financial report], a significant decrease in customer and vertical concentration, as well as diversification of the customer base."

We are successfully implementing several transformative initiatives, consistently investing in becoming a more efficient and flexible global company capable of fighting for large contracts and serving a wider range of customers in various markets - in Australia and Southeast Asia, in particular, - said Loshchinin.

Luxoft's revenue in Russia in the fiscal year reached $36.9 million against $32.7 million a year earlier, when the company experienced a decline in revenues in our country. However, the share of Russian business in the manufacturer's revenue ON decreased from 5% to 4.7%.

The most profitable market remains. American There, Luxoft earned $261.4 million for the reporting year, which corresponds to one third in total turnover. Great Britain Germany and are among the three largest regions of the company's presence with shares of 27.2% and 14.7%. Russia ranks fourth Switzerland , fifth, Poland sixth, Romania seventh, Singapore eighth.

The lion's share of Luxoft's revenue is generated by financial sector customers, which accounted for 61.6% of the vendor's annual revenues. The automotive and transport industries brought the company 14.1% of revenue, telecom - 8.9%. The shares of IT, healthcare and power are 6.2%, 3.6% and 1.7%, respectively.

Luxoft CFO Evgeny Fetisov called the reporting year difficult, but positive for the company. According to him, Luxoft was able to successfully transfer the growth in revenues from existing customers to new ones, as a result of which revenue from customers with high potential jumped immediately by 100%.^[2]

Revenue forecast $1 billion in 2018

In November 2016, Luxoft announced the estimated timing of an increase in annual revenue of $1 billion. The forecast was made as part of the publication of the results of work in the second financial quarter.

Luxoft expects to earn $1 billion in the fiscal year, which will come to an end on March 31, 2018 calendar. For comparison, for the 12-month period ended March 31, 2016, the company recorded consolidated sales of $650.8 million, which is 25% more than a year earlier.

Luxoft set sales target of $1 billion in 2018

Commenting on the financial statements, Dmitry Loshchinin, CEO and President of Luxoft, noted that the company recorded strong revenue growth despite the extremely unstable economic situation and uncertainty in the market. Luxoft decided to concentrate less on the largest customers and vertical markets and expand premium services and consulting opportunities, the head of the company said.

The main markets for Luxoft remain the United Kingdom (29.1% of the company's total revenue in July-September 2016), the United States (33.7%) and Germany (13.6%). The share of Russia in the company's revenue continues to decline and at the end of the reporting period amounted to 4.1% against 4.7% a year earlier.^[3]

2015:9% drop in revenue in Russia

May 12, 2016 Luxoft published the financial results of the past reporting year. Sales of the company in Russia continue to decline, as well as the share of this market in the vendor's revenue.

For the 12-month period ended March 31, 2016, Luxoft received consolidated revenue of $650.8 million, which is 25% more than a year earlier. Net profit rose from $63.1 million to $70.3 million. Operating profit decreased slightly - from $79.6 million to $78.4 million. EBITDA (earnings before taxes, interest, depreciation and amortization) increased by 17.5% to $106.1 million.

Luxoft sales in Russia continue to decline, as well as the share of this market in the vendor's revenue

Strong growth in revenue and profitability has been observed in our country for 16 years in a row, - says Roman Yakushkin, CFO of Luxoft. - We are pleased with the business indicators supported by the growing demand for our services and solutions from global customers. The key topics were issues of regulation, compatibility and standardization in the financial sector and various breakthrough technologies in the automotive and telecommunications sectors, as well as in the field of embedded development.

Projects in the financial market brought Luxoft revenue of $446.1 million for the fiscal year closed on March 31, 2016 calendar. Compared to the previous year, there was a 28% increase in income. The three most profitable markets included the auto industry and IT, which provided the software manufacturer with revenues of $78.7 million and $42.4 million, respectively.

Luxoft's largest regional market was British, where the company earned 34.4% of revenue. In second place are the United States (31.2%), in third - Germany (13.3%).

Luxoft sales in Russia for the reporting year decreased by 9%, amounting to $32.7 million. The share of the Russian market in total turnover decreased to 5% from 6.9% and 9% a year and two years earlier.^[4]

2014: Business share in Russia decreases

On May 13, 2015, Luxoft Holding published a financial statement in which the company reported its results for the period from April 1, 2014 to March 31, 2015. The software manufacturer's revenue grew by almost a third, and the share of Russian business continues to decline.

According to the results of the fiscal year, which came to an end on March 31, 2015, Luxoft sales amounted to $520.5 million, which is 30.7% more than a year earlier. Excluding currency fluctuations, the company's revenue rose 37.3%. The vendor's net profit for the same period increased to $63.1 million from $51.2 million. The average income per employee increased by 7% to a record $73.7 thousand.

Luxoft sales in Russia are growing, but their share in revenue is declining

Commenting on the results, Luxoft President and CEO Dmitry Loshchinin noted that the company was able to fulfill all the planned corporate initiatives and obligations despite the negative impact of geopolitical and macroeconomic factors.

"We have taken a number of significant steps towards becoming a real global company that now employs over 9 thousand people, and business covers North America, Europe, Asia, Africa and Australia," added the head of Luxoft.

Luxoft earned the most in the United States - $204.5 million for the fiscal year, which corresponds to 39.3% of the company's total revenue. A year earlier, this share was measured at 41.9%.

The second largest market for Luxoft is the British, where the annual income of the software manufacturer amounted to $159.9 million or 30.7% of the total against 27.9% for the reporting year ended March 31, 2014.

Luxoft's revenue in Russia for the period from April 1, 2014 to March 31, 2015 reached $36 million, a slight increase on an annualized basis. However, the share of Russian business in consolidated sales decreased over the year - from 9% to 6.9%. In January-March 2015, this share fell to 5.3%, although the company's quarterly revenues in Russia rose by almost $1 million to $7.3 million.

At the end of the fiscal year, which will last until the end of March 2016, Luxoft expects revenue of $625 million, which will surpass the one-year-old figure by 20^[5]

2011: Revenue growth of 37%

In fiscal year 2011 (ended March 31, 2012), custom software development became the second most profitable business area in IBS Group ($271.1 million) and the first in terms of growth (+ 37% compared to 2010, while the revenue of the entire group increased by 24%).

2007: Revenue - $97.4 million, EBITDA - $10.1 million

Fiscal year 2007 ended at the end of March 2008: Revenue - $97.4 million, EBITDA - $10.1 million.

Notes