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EPAM continues growth

Currency affected earnings in first quarter, especially as US business is increasingly important

US-listed eastern European integrator EPAM Systems has reported Q1 revenues up to $200m, up 24.7% over the same period last year and up 33.7% in constant currency year over year. While income was up, there were some currency issues.

“We are pleased with our strong financial results for the first quarter of 2015. Our revenue growth is on target with our projections and we continue to see broad-based gains across multiple dimensions of our business. Despite the currency headwinds, we are maintaining our market momentum and remain focused on further differentiating our capabilities and enhancing our offerings.” said Arkadiy Dobkin (below), CEO and President of EPAM.

Based on current conditions, EPAM expects year-over-year revenue growth to be between 21% and 23%. For the second quarter of 2015, EPAM expects revenues between $213m and $215m, representing a growth rate of 22% to 23% over second quarter 2014 revenues.