Revenue Sitronics IT flew up for 200%

"Sitronics Information Technologies" (Sitronics IT), the fifth in value player in IT market based on 2010, announced the consolidated financial results according to the US GAAP standards for the first quarter 2011.

According to the report, revenue of the company grew in comparison with the same period of last year more than three times (by 208%) and made $103.2 million. At the same time 66.5% of revenue whereas on projects on system integration and support services – 20.7% of revenue, and for projects on business consulting – 12.8% were the share of delivery of the hardware.

Vladimir Yasinsky, the president of the company, explained that the main share in structure of revenue according to the results of the first quarter 2011 is the share of the project activity begun last year. "We could lay the reliable foundation for development of large infrastructure projects and also a number of implementations of CRM, ERP, BI", - he commented.

According to him, Sitronics IT still stakes on increase in a share of external projects and expansion of a portfolio of the IT services focused on financial, telecommunication and state sectors. Since the beginning of year it also develops the direction, new to the company, – the solution for energy industry.

Thus, the record growth of revenue in comparison with the same period of last year in the company is explained with works on support and development IT infratruktury the biggest customers of the company within the existing service contracts. These deliveries were initially planned for the second half of year therefore such shift of terms promoted significant growth of sales in the first quarter.

OIBDA indicator on a segment, thus, doubled in comparison with the same period of last year, however OIBDA margin in this period decreased in comparison with the first quarter 2010 that is caused by decrease in profitability under the above-named contracts.

Among the largest projects "Sitronics IT" in the financial sector it is possible to note projects for Sberbank and IBRD. In particular, the third stage of the large-scale project on process automation of customer relationship management for Sberbank using a CRM system on 21 thousand users was completed. In IBRD the management system for IT services was implemented. The project for IBRD was complete in record time – in 4.5 months – and became the first project of such scale in the Russian banking sector.

As for telecommunications, in February the company signed the contract with MTS for creation of mobile communication hubs in zones of fringe reception of MTS in 2011 and 2012. In May implementation of the complex Business Intelligence platform based on the SAP solution for MGTS was complete. At the beginning of 2011 Sitronics IT completed the project on upgrade of an enterprise management system (ERP) for MTS Ukraine.

Also Sitronics IT realizt projects based on SAP solutions. It was implemented the SAP ERP platform for JSC Ufaneftekhim, subsidiary company JSC ANC Bashneft. In the future the company is going to implement the SAP ERP platform for other subsidiary companies JSC Novoil, Ufa Oil Refinery and JSC Ufaorgsintez.

From the moment of the declaration of financial results of the fourth quarter 2010 on April 21, 2011 the company signs a number of new contracts for the amount of $58.1 million, and since the beginning of 2010 – for the amount of $361.8 million. According to the results of the first quarter 2011 Sitronics IT remains most profitable "daughter" as a part of the Sitronics group, said in the financial statement. According to Cnews Analytics, based on 2010 Sitronics became the fifth in value Russian IT company of 35.4 billion rubles.