LONDON, May 2, 2024 /PRNewswire/ -- IFS, the global cloud enterprise software company, today announced its financial results for the first quarter ending March 31, 2024. The results reflect the best start to the year in company history – an early victory for new CEO Mark Moffat, who was appointed on January 9th, 2024.
Summary of Q1 results:      
A steadfast customer focus positions IFS as the demonstrable leader in all of the segments it serves. A position reinforced thanks to recent industry analyst reports recognizing IFS as the #1 vendor in terms of market share for Enterprise Asset Management (EAM) and Service Management.
IFS CEO Mark Moffat commented: "In my first 100 days as CEO, I have met with over 100 customers around the world, and they consistently tell me that our customer-centric approach is a key differentiator, especially in a world where we see our competitors peddling their own agenda over that of their customers'.
"Our Q1 results are the continuation of our relentless focus on what makes us successful: listening to and delivering value to our customers. It's also what enables us to outperform the market quarter after quarter. Our customer focus is not only ingrained in our culture, but it also extends across our partner ecosystem and the work they deliver alongside us."
Moffat added: "Industrial AI is a huge opportunity for our customers, and we are uniquely positioned to help them harness its potential. We have been developing industry-specific AI solutions that integrate seamlessly with our existing products and leverage the data we have to deliver game-changing outcomes." Moffat concluded: "IFS has an edge because we have been having these conversations with our customers for years, and that has informed how we shape our technology and services. The results of the first quarter show that we are on the right track, and that our vision resonates
The results of the first quarter show that we are on the right track, and that our vision resonates
Key factors supporting IFS's expansion:        
IFS Chief Financial Officer, Matthias Heiden, added, "Market conditions in 2024 are still volatile which puts our performance trajectory into context. 26 percent ARR increase year-on-year combined with strong subscriptions renewals is setting us up for continued steady growth in 2024." Heiden continued: "This means we are able to prioritize investment in people and in technology bringing even more innovation into our bi-annual releases." Heiden concluded: "We have worked hard to get to this point, and we are seeing financial benefits deep into our business with all the metrics continuing to accelerate in the right direction
" Heiden concluded: "We have worked hard to get to this point, and we are seeing financial benefits deep into our business with all the metrics continuing to accelerate in the right direction
Investments in key markets such as the US, Europe, and Japan are slated to continue through 2024, bolstering regional performance by driving increased demand for IFS.ai. In Q1 the company also launched a significant brand campaign across the US, including out-of-home advertising at the largest airports in North America, becoming the Big Ten Conference's Official Technology Partner, and a Patron of MIT's Center for Information Systems Research.
IFS is also pleased to today publish the 2023 IFS Sustainability Report, which details the company's strategy, approach and achievements delivering on its own sustainability targets as well as supporting customers to achieve their ESG goals. The report, alongside an ESG Fact Sheet, is available here: https://www.ifs.com/assets/all-products/ifs-sustainability-report-2023
Financial Highlights for Q1 FY2024:      
For more information about IFS's historical financial performance, please visit: https://www.ifs.com/about/financial-information.
Contact information.
EUROPE / MEA / APJ: Adam GillbeIFS, Director of Corporate & Executive CommunicationsEmail: https://www.ifs.com/about/financial-information.Phone: +44 7775 114 856NORTH AMERICA / LATAM: Mairi MorganFS, Director of Corporate & Executive CommunicationsEmail: https://www.ifs.com/about/financial-information.Phone: +44 7018 607 299
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