MOSCOW, October 19, 2010 /PRNewswire-FirstCall/ -- On October 8, 2010, the Directors of the IBS Group Holding Limited ("IBS Group" or "the Company"), have recommended a dividend of US$0.15 per share to be paid for the financial year ended March 31, 2010 in order to further allow Company's shareholders to participate in its strong financial performance.
The distribution is subject to approval by shareholders at the Annual General Meeting on November 2, 2010. Based on the Group's net income of US$13.9 million for FY'2009, the payout ratio should amount to 24.8%. The record date for dividends is October 22, 2010.
This is the first dividend announcement by the Company since FY'2006.
Anatoly Karachinsky, President & CEO of IBS Group commented: "Our re-established dividend payment follows steady recovery and improved profitability of our business in 2009-2010 and confirms once again our commitment to the best corporate governance practices. IBS Group remains the only public Russian IT company to pay dividends, and we expect to continue with regular distributions going forward subject to stable business conditions".
About IBS Group
IBS Group is the leading Russian IT company. Through two principal subsidiaries, IBS IT Services and Luxoft, it provides a wide variety of information technology services, such as business and IT consulting, business applications implementation, IT outsourcing and software development. IBS Group is headquartered in Russia and has business operations in Russia, Canada, Germany, Romania, Poland, Switzerland, the UK, Ukraine, the USA, Vietnam and Singapore. IBS Group employs more than 6,000 people worldwide. In 2009 financial year, IBS Group reported US GAAP revenues of $505,1m.
IBS Group's Global Depositary Receipts (GDRs) are listed on the Open Market at the Frankfurt Stock Exchange (Bloomberg: IBSG:GR; Reuters: IBSGq.DE). IBS Group is majority-owned by management; institutional investors hold 34% of the Group's share capital.
For more information about IBS Group: Please visit http://www.ibsgr.com Please contact: Gamid Kostoev Director, Corporate Communications Tel. +7(495)967-8080 Mobile +7(903)720-6078 Fax +7(495)967-8081 E-mail email@example.com Dmitry Ivanov Director, Investor Relations Tel. +7(495)967-8087 Mobile +7(916)618-4034 Fax +7(495)967-8099 E-mail firstname.lastname@example.org
SOURCE IBS Group Holding Ltd