Strong Performance for Polk's New Owner, IHS

US firm IHS, the new owner of automotive researcher R.L. Polk, has reported results for the quarter ended February 28th 2014, with revenue up 37 percent to $524m, including organic revenue growth of around 5 percent.

Adjusted EBITDA was up 32 percent to $156m and adjust EPS up 19 percent to $1.28. The results are similar to those for the previous quarter. Subscription business, which is the lion's share of revenue, grew at 5% while other business grew a more modest 3%.

Growth in the Americas was boosted by the Polk acquisition, but also grew 5% in organic terms, to $350m; in EMEA subscription business showed organic growth of 7 percent, while total revenue was up 16 percent to $127m. In APAC, growth was a little slower, 3% in organic terms, and revenue reached $47m.

For the year ending November 30th 2014, IHS says it expects revenue in the range of $2.17bn to $2.23bn, including 6-7 percent organic growth on the subscription basel and adjusted EBITDA of between $675m and $705m.

President and CEO Scott Key commented: 'We began the year with solid performance that developed as we expected. In particular and as projected, our non-recurring business showed stability and delivered positive results.'

Polk was sold to HIS last June for $1.4bn or $2,675 per share. Following the acquisition, a group of investors launched a putative class action in October 2013 claiming that the company's controlling shareholders gave them insufficient information at the time of a 2011 share buyback program.

IHS is headquartered in Englewood, Colorado and employs more than 8,000 people in 31 countries. Web site: www.ihs.com .

All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas, 2024- by Nick Thomas, unless otherwise stated.

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