ICF Reports 14% Growth in Q2 Government Segment Revenue; John Wasson Quoted

ICF (Nasdaq: ICFI) saw its revenue from government clients for the second quarter of fiscal year 2022 increase 13.9 percent to $316.4 million.

The Fairfax, Virginia-based consulting and technology services company said Friday its Q2 federal government revenue was $225.2 million, representing 53 percent of total revenue.

Sales from U.S. state and local government customers reached $64.1 million during the quarter and accounted for 15 percent of total revenue.

“Similar to the first quarter, year-on-year growth was led by our government client category, in which revenue from federal and state and local government clients increased 24% and 10%, respectively,” said John Wasson, chair and CEO of ICF.

“This strong performance was underpinned by the continued growth of our work in IT modernization/digital transformation, public health and disaster management,” added Wasson, a two-time Wash100 Award winner.

Contract awards during the quarter were $346 million and trailing-12-month contract awards hit $1.96 billion, reflecting a book-to-bill ratio of 1.21.

Government contracts awarded in the second quarter reached more than $280 million.

The company said Q2 sales totaled $423.1 million, up 7.8 percent from the prior-year period, and its total backlog was $3.2 billion, of which $1.5 billion was funded.

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