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ICF Government Segment Books Double-Digit Revenue Growth in Q1; John Wasson on Company’s Exit From UK Service Line

ICF (Nasdaq: ICFI) posted a 16.3 percent growth in government segment revenue for the first quarter of 2023 to $363.3 million, with federal customers accounting for 55.4 percent of total sales.

The consulting and technology services company said Tuesday federal business revenue edged up 22.2 percent to $267.7 million for the period, while state and local government sales rose 13.3 percent to $74 million and international agencies brought in $20.7 million, compared to $27.4 million in the first quarter of 2022.

ICF’s total quarterly revenue climbed 16.9 percent year-over-year to $483.3 million. Net income was $16.4 million, compared to $17.9 million a year earlier, while total backlog came to $3.7 billion as of March-end.

During the January-March quarter, ICF decided to exit its non-core commercial U.K. events service line. John Wasson, chair and CEO of ICF, said the company expect to fully wind down operations of the service line by the end of June.

“The revenue and profit impacts of this action in 2023 are immaterial and thus do not affect our 2023 guidance,” the three-time Wash100 awardee added. 

Contract awards during the three-month period amounted to $410 million and trailing-12-month awards totaled $2.4 billion, reflecting a book-to-bill ratio of 1.3.

Government-related contracts awarded in the first quarter exceeded $300 million. 

ICF shares opened lower at $111.91 on Wednesday, compared to a previous close of $112.19.

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