28 Nov 2014 09:45

Luxoft aims to double revenue to $1 bln in 2019

MOSCOW. Nov 28 (Interfax) - Luxoft, a Russian IT company, plans to increase revenue to $1 billion in 2019 from $398 million in 2013, and boost its market capitalization to $3 billion, company materials show. Luxoft is anticipating revenue of $520 million for 2014.

Luxoft reckons that in order to achieve its goals it needs to maintain average annual revenue growth at 20% and EBITDA growth of 17-19%. This will require expanding the company's product portfolio, increasing the number of clients and carrying out successful M&A deals resulting in synergies.

In 2015, Luxoft expect to increase revenue to $661 million and EBITDA to $123 million, and raise net profit to $81 million from $51 million in 2013.