FIRSTSOURCE Solutions, one of Northern Ireland’s largest private sector employers, has reported a revenue growth of 10 % to $134 million in its latest financial results for the quarter ending September 2013.
The global provider of business process outsourcing services (BPO) currently employs over 30,000 staff globally and 2,365 staff at four contact centres in Belfast and Derry/Londonderry.
The recent business growth reaffirms Firstsource’s position as one of the UK’s leading outsource contact centre providers and one of Northern Ireland’s top 20 companies.
Significant business wins have also contributed to bolstering Firstsource’s position within the marketplace.
Firstsource has also received industry recognition with two recent National Outsourcing Awards – for Business Process Outsourcing Project of the Year and Outsourcing Service Provider of the Year.
Sanjiv Goenka, Chairman, RP-Sanjiv Goenka Group and Firstsource, said: “I am delightedwith the progress that Firstsource has made over this quarter.
“The company’s focus on driving value and customer satisfaction is razor sharp and we are seeing results to this effect. I believe that Firstsource is well positioned for growth in the BPM industry.”
Firstsource offers a range of customer-facing services for leading brands in the telecom, media, banking & finance and healthcare industries. Services include customer acquisition, customer care, technical support, transaction processing and collections, web-chat, online forums and social media.
Highlights for the Quarter ended September 30, 2013:
• Revenues of $134 million, up 10.0% Q-o-Q compared to $122 million for the quarter ended June 2013 and up 10.2% Y-o-Y compared to $ 121 million for the quarter ended September 2012.
• Operating EBIT (earnings before interest and tax) of $11.7 million, up 10.7% compared to $ 10.6 million for the quarter ended June 2013 and up 52.9% Y-o-Y compared to $7.6 million for the quarter ended September 2012.
• PAT (profit after tax) of $7.6 million, up 9.0% Q-o-Q compared to $ 7.0 million for the quarter ended June 2013 and up 24.5% Y-o-Y compared to $6.1 million for the quarter ended September 2012.
• Cash position is at $ 24.2 million.
• Employee strength at 30,390 as of September 30, 2013.
• As of September 30, 2013, Firstsource derived 46% revenues from the US, 36% from UK and 18% from Rest of World, including India.
• As of September 30, 2013, Firstsource derived 45% revenues from Telecom & Media, 32% from Healthcare, 22% from BFSI and 1% from others.
Key Company Highlights during the quarter:
• Debt repayment: Firstsource Group USA, wholly owned subsidiary of Firstsource Solutions successfully made its second quarterly principal repayment of $11.25 million on its outstanding debt on Sept 30th
* New Appointment: Firstsource appointed Stephanie Wilson as Executive Vice President – Operations for Europe and US. Stephanie will be responsible for Client engagement and Operations for the Customer Management business.
• New Business:
– L.A. Care Health Plan – Added a new logo to the Healthcare Payer clientele list in US.
The company will provide Claims Adjudication support from the US.
– Won an additional contract with an existing client – a leading credit card issuer in the UK. The contract is for CPI (Card Protection) and IPA (Identity Protection) queries and will be managed from the UK center.
– Signed an additional contract with the Largest Pay TV Provider in the UK to provide a range of services such as Broadband support (Voice) and support for Billing & Technical queries for TV, BB & Telephony products (Web Chat). These will be delivered from Northern Ireland and India.
Financial Highlights for half-year ended September 2013:
• Revenues at $256 million for the half year ended September 2013, a growth of 8.4% over corresponding period of the previous year.
• Operating EBIT of $22.3 million for the half year ended September 2013, up 67.3% over corresponding period of the previous year.
• Profit after tax $14.5 million for the half year ended September 2013, up 32.2% over corresponding period of the previous year.