Swedish ERP provider IFS defied the global economic gloom in the third quarter ended Sept. 30, reporting a 16% rise in sales to SKr 612 million and a 110% leap in EBIT profits to SKr 42 million.
Profits included charges for a restructuring program started in the second quarter.
IFS CEO Alastair Sorbie attributed the upbeat performance to the company’s continuing focus on defense and “project-oriented” industries. New wins included a contract with Lockheed Martin — the delayed closing of which had suppressed results in the second quarter.
The results mark a stark contrast to the warning sounded by larger ERP rival SAP two weeks ago, when it slashed its projected third-quarter growth to 16% to 17%, from 24% to 27%. SAP will report quarterly results later this month.