With growing success in the development of software for use in the automative industry, and expansion in the US, UK and Germany, Luxoft is increasing its original revenue guidance. It now expects to reach at least $486.0m, an increase of at least 22.0% year over year, compared to a previous target of $478.0m. 
With growing success in the development of software for use in the automative industry, and expansion in the US, UK and Germany, Luxoft is increasing its original revenue guidance. It now expects to reach at least $486.0m, an increase of at least 22.0% year over year, compared to a previous target of $478.0m.
Revenue for the three months ended June 30, 2014 increased to $112.3m, up 34% from $83.8m for the same period a year ago. EBITDA adjusted for stock based compensation and for change in fair value of contingent consideration was $19.1m and corresponding EBITDA margin was 17%, as compared to $14.4m and 17.1%, respectively, in the year-ago quarter.
“We have been enjoying a strong operational and financial momentum, which, in our view, underlines resilience of our business model,” said Roman Yakushkin, Chief Financial Officer. “We believe that the Company continues to grow substantially faster than the overall custom application and software development segment as our clients focus on bringing essential innovation to market in the shortest possible time. They also increasingly prefer executing complex engagements in a fixed price, managed delivery format.”
“We experienced strong demand for our services, substantial portion of which was driven by Luxoft's award-winning solutions, especially among financial services and automotive clients,” said Dmitry Loschinin, President and Chief Executive Officer.
“We have great brands [as customers] across all verticals, including new High Potential Accounts in Financial Services and Automotive. We are also very excited about our most recent acquisition Populus Suite, which solidified our HMI offering for the automotive OEMs and our overall positioning in that segment. Finally, our Global Upgrade Program, which was launched early in the quarter, is progressing smoothly. During the first quarter we grew our presence in EU locations, opened a new delivery centre in Detroit, Michigan, and made progress in rebalancing the locations of our critical staff.”