Final Results

29 September 2015

IBEX Global Solutions Plc

("IBEX", "IBEX Global, "the Company" or "the Group")

Final Results for the Year Ended 30 June 2015

IBEX Global Solutions Plc (AIM: IBEX), a leading provider of contact centre services and other business process outsourcing (BPO) solutions, is pleased to announce its final results for the year ended 30 June 2015.

Financial Highlights:

Operational Highlights:

*Adjusted for share based payment, exceptional items and other income

Muhammad Ziaullah Khan Chishti, Chairman of the Group, commented:

"I am pleased to announce this set of strong results, showing excellent progress in all key metrics across the Group as we continue to deliver efficiently against our growth strategy. Our financial performance reflects not only an expansion in our client base, but also a very encouraging growth in volumes with existing clients. This success has been delivered through a combination of continued investment in front line call centre agents and new facilities, as well as the hard work and dedication of all our employees.

"With new appointments to our Board and senior management during the period, IBEX is well positioned to continue on its successful path and deliver world-class services for clients, opportunity for employees and growing shareholder value and returns. We therefore look forward to the future with confidence."

For further information, please visit www.ibexglobal.com or contact:

IBEX GLOBAL SOLUTIONS PLC

Chairman's Statement

I am pleased to announce this set of strong results, showing excellent progress in all key metrics across the Group as we continue to deliver efficiently against our growth strategy. Our financial performance reflects not only an expansion in our client base, but also a very encouraging growth in volumes with existing clients. This success has been delivered through a combination of continued investment in front line call centre agents and new facilities, as well as the hard work and dedication of all our employees.

Financial Results

Revenues in the year to 30 June 2015 were $238.8 million, representing strong improvement compared with the previous year (2014: $184.0 million) and Adjusted EBITDA (excluding share based payment, exceptional items and other income) was $16.6 million (2014: $9.1 million), reflecting growth of 29.8% and 82.4%, respectively. Profit before tax was $7.2 million (2014: $0.7 million).

Operationally, previous investment in the Group's infrastructure continues to deliver improved efficiencies and capabilities which allow us to provide world-class services to our growing client base. To meet increased demand and volume expansion with an existing leading telecommunications client, a new contact centre facility was opened in the US. A further pleasing trend, now consistently represented across reporting periods, has been the winning of new blue chip clients. We believe this highlights IBEX's growing presence as the provider of choice amongst the most successful class of global businesses.

Dividend

The Board hereby indicates its intent to pay final dividend of $2.7 million, corresponding to 6.8 cents per share, representing a total dividend for the year of 13.6 cents per share. The final dividend will be declared ahead of the Annual General Meeting, and expected to be paid before the end of the calendar year.

Share Buyback

In accordance with the terms of the general authority to make market purchases of its own shares granted to it by shareholders of the Company on 21 November 2014, and the announcement made by the Company on 25 February 2015 to undertake purchases of its own shares over the next 6 months for a total up to $1.0 million, the Company acquired for cash in the market 16,807 ordinary shares in the capital of the Company for treasury from 19 March to 30 June 2015 at a price of 72 to 109 pence per share. Consequently on 24 August 2015, the Board authorised the extension of the period for making purchases of its own shares until such time as the Board shall choose to terminate the period or $1.0 million of shares have been bought back. IBEX will be making additional purchases of its own shares in line with the above general authority where the Board considers that it is appropriate to do so. The buyback affirms the Board's confidence in the Group's prospects and market position.

Management and Staff

I have been pleased to welcome Robert "Bob" Dechant as Chief Executive Officer, who joined the Company at the beginning of May and was appointed to the Board on 15 May 2015. The executive management team was bolstered further with the appointments of Gilbert Santa Maria as Chief Operating Officer, a newly created leadership position reporting to the Chief Executive Officer, and Eric Owen as Executive Vice President, client services. All additions to the Board and senior management add strong experience and expertise to the Group. Mohammedullah Khaishgi, previously Interim CEO, will remain on the IBEX Board as a Non-executive Director.

Given the nature of our business, IBEX's success depends on the continued dedication and hard work of its employees at all levels across the Group, from the Board to our contact centre workers who provide excellent service to our client's end customers. I would like to thank all IBEX employees for their continuing commitment to our ethos and congratulate them on their collective achievement as we continue to drive our business forward.

IBEX is well positioned to continue on its successful path and deliver world-class services for clients, opportunity for employees and growing shareholder value and returns. We look forward to the future with confidence.

Muhammad Ziaullah Khan Chishti

Chairman

Date: 28 September 2015

IBEX GLOBAL SOLUTIONS PLC

Chief Executive Officer's Review

Business and Financial Review

IBEX delivered very strong performance during the fiscal year 2015, achieving significant increases in both revenues and profitability. The Company's organic growth, consistently delivered over successive periods, has continued to outperform industry averages and reflects the advantages of our business model. As a Group we are focused on delivering superior services to our clients. We repay the confidence they show in us by helping them to better service their own end customers. This approach not only grows volumes with existing clients, but also provides the Group with a steady stream of new client wins.

Key Financial Performance Indicators (KPIs)

The principal KPIs used by the Board in measuring the performance of the Group continue to be Revenue, Cost of Sales, Selling, General & Administrative expenses (SG&A), Adjusted EBITDA and Net Income.

The Income Statement KPIs above are in line with the Board's expectations.

Revenue for the year grew 29.8% to $238.8 million (2014: $184.0 million). As with prior years, this was driven primarily by increasing business from our existing client base. Revenue growth during the year was primarily due to an increase in the recurring top line run rate. Another trend, continued from previous years, has been that a combination of seasonality and the timing of profitable project work for certain clients again made positive contributions.

Adjusted EBITDA was 82.4% ahead of last year at $16.6 million (2014: $9.1 million). This is due to the rapid rate of growth in revenue and the operating leverage inherent in the business which continues to increase margins with top line growth.

Profit before tax for the year grew substantially to $7.2 million (2014: $0.7 million). Earnings per share was significantly ahead of the prior year at 16.19 cents (2014: 2.02 cents). Net debt (third party borrowings less cash and cash equivalents of $3.0 million) at the end of the year was $18.6 million (2014: $26.9 million), the reduction primarily as a result of increased and accelerated collections of receivables including those favourably financed under an agreement with Citibank, N.A.

Operational Review

Strong revenue growth for the year was achieved as we continue to be awarded additional work by our existing client base, which we believe reflects their growing confidence in our capabilities. In addition to deepening these existing relationships, the Group has won a number of new clients which will support our growth and performance beyond the current reporting period.

The Group's increase in revenues during the year was primarily underpinned by three of its largest clients:

New contracts were signed with four new, large clients, spanning the insurance, home solutions and transportation services industries. These wins continue to highlight our value proposition for clients of delivering great performance for our clients across many different markets. We remain committed to our investment in new business development across a diversified set of verticals and we will look to grow our base of new clients in the coming quarters. New lines of business were also added during the period, with existing clients, most notably, the addition of customer care services to our existing customer acquisition work for a travel and hospitality provider.

IBEX Group's year results also reflect project revenues associated with one of our telecommunications clients as a result of an acquisition carried out by that client which generated significant project revenues for IBEX Group. We additionally were awarded significant increases in steady-state call volumes with this same client as a result of our superior balance of performance and price.

In comparison with 2014, where most of the Group's growth was a result of expansion with its top two clients, fiscal year 2015 reflects broader growth and volume increases beyond those two clients. The Group continues to invest in diversification in its delivery locations, and currently, nearly half of the Group's headcount are now based outside the US. The Group is still considering the addition of a "near shore" location to service growing US client demand for delivery from a low cost location that is closer to the US. The Group also continues to invest in business development activity in Europe, and leverage facilities both in the UK and its French-speaking facilities in Senegal to grow the geographical spread of the client base.

More widely, IBEX's remains committed to its business model - what we call the virtuous cycle. This is the sourcing of front line agents of unparalleled quality, delivering superior performance in our service offering and therefore growing the delivery volumes with the existing client base. IBEX also invests in an on-going, robust business development effort in order to win a regular stream of new clients and we aim to repeat this cycle, year-on-year.

IBEX also benefits from a lean, efficient operating structure. Our SG&A adjusted for depreciation is maintained at 12.2% of revenues, which is generally lower than the competitive marketplace. Consequently, IBEX has a strong operating leverage associated with its business model. This, coupled with a focus on the excellence of our operational execution, means that clients entrust greater portions of their outsourcing spend to IBEX.

Our Marketplace and Outlook

The customer contact management industry is highly fragmented. The size of the outsourced portion of the customer contact management industry worldwide was estimated at approximately $64 billion in 2014, according to International Data Corporation ("IDC"), an industry research firm. IDC also estimates that the outsourced portion of the customer contact industry is expected to grow to approximately $81 billion by 2018, a compound annual growth rate of 6.1% from 2014 to 2018. According to Ovum, an industry research firm, it is estimated that no single outsourcer has more than five percent of the total agent positions worldwide.

Over the last several years, IBEX has consistently achieved greater than market growth and we anticipate this year will provide further opportunities. Our core clients continue to deliver growing volumes and additional services to us and we remain confident that our sales and client teams will deliver new client wins which will diversify our revenue streams, in line with our strategy.

Additionally, IBEX Global is consistently increasing its profitability as we grow. We are confident that we will continue on that trajectory as we scale our business. As such, we believe investing into our growth will allow us to become a stronger player and enhance our reputation in the industry.

Our workforce continues to be our most critical asset in delivering outstanding results for our clients. Our success depends on our growing network of associates, which currently numbers more than 12,500 across the world, and we thank them all for their passion in delivering exceptional services. IBEX will continue to invest in the talents and skillsets of our world-class workforce and provide employees with the best opportunities to reach their ambitious professional goals. We believe that a commitment to our people is a commitment to our clients' experience.

We continue to trade in line with the Board's expectations and look forward to the future with confidence.

Robert Dechant

Chief Executive Officer

IBEX GLOBAL SOLUTIONS PLC

Consolidated Statement of Comprehensive Income

The accompanying notes are an integral part of these consolidated financial statements.

IBEX GLOBAL SOLUTIONS PLC

Consolidated Statement of Financial Position

The accompanying notes are an integral part of these consolidated financial statements.

IBEX GLOBAL SOLUTIONS PLC

Consolidated Statement of Changes in Equity

The accompanying notes are an integral part of these consolidated financial statements.

IBEX GLOBAL SOLUTIONS PLC

Consolidated Statement of Cash Flows

The accompanying notes are an integral part of these consolidated financial statements.

IBEX GLOBAL SOLUTIONS PLC

Notes to the Consolidated Financial Statements

(1) Nature of the business

IBEX Global Solutions Plc (the Holding Company or the Parent Company) was incorporated on 26 March 2013 as IBEX Global Solutions Limited and was re-registered as a public limited company on 4 June 2013. Its registered office is 3rd Floor, 5 Lloyds Avenue, London EC3N 3AE. The Holding Company was incorporated under the Companies Act 2006 with a fiscal year end of 30 June. On 28 June 2013, the Holding Company was admitted to trade on the Alternative Investment Market (AIM), a market operated by the London Stock Exchange Group Plc.

IBEX Global Solutions Plc and subsidiaries (IBEX, IBEX Global, IBEX Group or the Group) is a global portfolio of companies in the contact centre and related business process outsourcing (BPO) business, with operations in the United States, Philippines, the United Kingdom, Pakistan and Senegal. Service offerings include customer care support, business and consumer inbound and outbound telesales and technical support services. IBEX Group also offers enabling technology solutions including Interactive Voice Response (IVR).

The IBEX Group consists of:

(2) Basis of preparation

The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS), including International Accounting Standards (IAS), and International Financial Reporting Interpretations Committee (IFRIC) interpretations as adopted by the European Union (IFRS as adopted by the EU) and the Companies Act 2006 applicable to companies reporting under IFRS.

The consolidated financial statements have been prepared under the going concern assumption.

(3) Ultimate parent undertaking and controlling entity

The Ultimate Parent Company, The Resource Group International Limited (TRGI), is incorporated in Bermuda. The parent entity of the largest group to include the IBEX Group in its consolidated financial statements is TRGI, and its financial statements are not publicly available. The ultimate controlling party of the Group are the Directors of TRGI.

(4) Finance costs

(5) Exceptional items

5.1 Operating expense

Stephen M. Kezirian resigned as CEO and left his post as Executive Director effective 7 October 2014, and by agreement provided transition assistance through to 31 December 2014. The financial terms of the aforementioned agreement have been reflected in the disclosure above.

5.2 Other expense

In 2014, early termination fees were paid to Capital Source Bank (CSB) after one of the subsidiaries of the Holding Company signed a Revolving Credit and Security Agreement with PNC Bank, National Association (PNC) for a new revolving line of credit (RLOC) to replace the CSB RLOC on 8 November 2013 (see Note 14).

(6) Other intangible assets

Allocation of amortisation charge in the consolidated statement of comprehensive income is as follows:

In June 2014, one of the subsidiaries of the Parent Company entered into a financing arrangement with IBM Credit LLC to finance the purchase of software licenses from Microsoft Corporation (see Note 12).

(7) Property and equipment

Details of property and equipment held under finance lease are as follows:

(8) Other non-current assets

Other non-current assets consist of the following:

On 31 March 2013, the Holding Company entered into a contract of Standard Terms and Conditions with SATMAP Incorporated (SATMAP), subsequently amended on 31 March 2013 and April 2013 (the contract and the two amendments collectively, Agreement). Under the Agreement, the Holding Company (a) issued additional share capital of $1.0 million to TRGI, direct parent of the Holding Company and indirect parent of SATMAP; and (b) issued a note in the amount of $1.0 million payable to SATMAP. In exchange, the Holding Company received an asset of $2.0 million in dedicated data services (up to 2000 call-centre seats) from SATMAP to be amortised over 120 months. The asset represents an advance payment for the proprietary artificial intelligence and pattern recognition technology invented and developed by SATMAP (SATMAP Services). The SATMAP Services integrate with call-centre telephony and agent staffing to connect in real time customers with agents most likely to produce improved performance and service in call outcomes for such customers. As of 14 October 2013, the Holding Company (with the consent of SATMAP) assigned all of its rights and obligations under the Agreement and the note to TRG Customer Solutions, Inc. d/b/a IBEX Global Solutions, Inc. (IBEX US), which assumed all such rights and obligations. The assignment and assumption of the Agreement and the note enables IBEX US to use the SATMAP Services in its call centres. IBEX US deploys the SATMAP Services in its call centres to enhance performance and as a value-added differentiator for its clients, producing more revenue for both the clients and IBEX US. The total value (net of amortisation) of this asset as of 30 June 2015 is $1.6 million, of which $1.4 million is classified as a non-current asset (long-term prepayment), and $0.2 million is classified as a current asset. As of 30 June 2014, the total value of this asset (net of amortisation) was $1.8 million, of which $1.6 million was classified as a non-current asset ($0.8 million each in long-term prepayment and long-term deferred expenses) and $0.2 million was classified as a current asset.

(9) Trade and other receivables

Trade and other receivables, which are stated at fair value, consist of the following:

Provision for doubtful debts

(10) Cash and cash equivalents

Cash and cash equivalents consist of the following:

(11) Liabilities against assets subject to finance lease

Liabilities against assets subject to finance lease are secured by the related assets held under finance leases. Future minimum lease payments at 30 June 2015 and 2014 are as follows:

These lease arrangements have interest rates ranging from 5.0% to 10.0% and 6.0% to 18.0% for the years ended 30 June 2015 and 30 June 2014, respectively. At the end of the lease term, the ownership of the assets shall be transferred to the respective entities of the Group.

(12) Financing arrangements

In June 2014, the US subsidiary of the Holding Company (TRG Customer Solutions, Inc., TRG CS or IBEX US) entered into a $3.3 million three-year financing agreement (IBM Agreement) with IBM Credit LLC (IBM) to finance the purchase of software licenses (under a Select Agreement) from Microsoft Corporation (Microsoft). In June 2014, IBEX US also entered into a three-year Enterprise Agreement with Microsoft for the use of certain cloud software services for approximately $1.1 million in year one, with minimum service commitments of approximately $50,000 in each of years two and three. The monthly financing payments under the IBM Agreement are approximately $103,000 per month for 36 months which began in July 2014. The monthly payments under the Microsoft Enterprise Agreement during year one were approximately $100,000 per month which began in July 2014, with minimum monthly service commitments of approximately $4,000 in each of years two and three.

IBEX US acquired the Microsoft software licenses and cloud services to accommodate the needs of the IBEX Group and to facilitate the acquisition by the Holding Company's parent, TRGI, of software for TRGI and its non-IBEX subsidiaries. Consequently, TRGI, the Holding Company and IBEX US have entered into an agreement as of July 2014 under which the Holding Company has sub-licensed to TRGI the use, for a fixed monthly consideration (that includes a management fee / mark-up), of that portion of the software and services purchased that correspond to the requirements of TRGI and its non-IBEX subsidiaries. The management fee of $2.7 million for the year ended 30 June 2015 (2014: nil) was shown as Other Income ($1.3 million) and set-off against Cost of Sales ($1.2 million) and Finance Costs ($0.2 million) in the consolidated statement of comprehensive income.

In addition, IBEX US has financed the purchase of various property and equipment and software during the fiscal year 2015 and 2014 with CIT Finance LLC (CIT) and IBM. As of 30 June 2015 and 2014, IBEX US has financed $9.8 million and $1.1 million, respectively, of assets with CIT and IBM at the interest rates ranging from 6% to 8% per annum.

As of 30 June 2015 and 2014, the outstanding liabilities from these transactions are shown in the consolidated statement of financial position as follows:

Future minimum lease payments to IBM and CIT at 30 June 2015 and 2014 are as follows:

(13) Other non-current liabilities

(14) Working capital line of credit

On 8 November 2013, the Subsidiary signed a Revolving Credit and Security Agreement with PNC for a new $35.0 million Revolving Line Of Credit (RLOC) to replace the Capital Source Bank $20.0 million RLOC. The said agreement will mature on 7 November 2016 and promises an interest rate of LIBOR +2.50% and or the PNC Commercial Lending Rate (as publically announced) +0.25%. During the course of the fiscal year 2014, the Subsidiary entered into a waiver and an amendment (Amendment 1) whereby PNC waived the Borrowers technical non-compliance with a certain covenant cap. On 2 October 2014, the Subsidiary entered into an amendment (Amendment 2) whereby PNC increased the caps associated with certain covenants, increased indebtedness, and waived past technical covenant non-compliance events.

In this agreement, the Subsidiary derived value from the choice of interest rates, depending on the rate selected. This value changes in response to the changes in the various interest rates alternatives. Thus, a derivative is embedded within the loan commitment, i.e. the facility terms which are agreed for a fixed period until 2016. The part of the value associated with the loan commitment derivative (the embedded derivative part) is derived from the potential interest rate differential between the alternative rates, i.e. it creates economic characteristics that are different to a typical loan commitment.

The Subsidiary assessed that the derivative is considered to be closely related and is not separated as part of the loan commitment due to the following factors: (1) the instrument can be settled in a way that PNC would recover substantially all of its investment (the borrowed principal) since the derivative only impacts the choice in interest rate; and (2) PNC will not generate a rate of return that is at least twice that of the market return because no matter which rate is selected, each interest rate alternative available to the Subsidiary (each of the PNC, FFOR and 2 LIBOR rates) represents a market rate of interest and would be impacted in the same way by market factors.

During the course of the fiscal year 2015, the Subsidiary entered into an amendment (Amendment 3) whereby PNC increased caps associated with certain covenants. On 19 June 2015, the Subsidiary entered into an amendment (Amendment 4) whereby PNC consented to permit the Subsidiary to sell specific receivables to Citibank, N.A. On 26 June 2015, the Subsidiary entered into an amendment (Amendment 5) whereby PNC increased the RLOC to $40.0 million, with a potential increase of up to a total of $50.0 million (subject to PNC approval and conditions), included a $10.0 million non-revolving line of credit to finance capital expenditures, reduced the interest rate to LIBOR +1.75% and/or the PNC Commercial Lending Rate for domestic loans, extended the maturity date to May 2020, and included certain standard financial covenants.

(15) Trade and other payables

(16) Earnings per share

(a) Basic

Basic earnings per share is calculated by dividing the profit attributable to equity holders of the Holding Company by the weighted average number of ordinary shares in issue during the year.

(b) Diluted

Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares that could be issued from options outstanding for less than the average market price. As of 30 June 2015 and 2014, the reconciliation of the weighted average number of shares for the purposes of diluted earnings per share to the weighted average number of ordinary shares used in the calculation of basic earnings per share is as follows:

(17) Cash generated from operations

(18) Capital risk management

The Board's objective is to maintain a capital structure that supports the Group's strategic objectives and shareholders' value. The Group's capital consists of cash and cash equivalents, debt balances (working capital line of credit, long-term and short-term lease liabilities) and equity attributable to equity holders.

The following table summarises the Capital of the Group:

The Group leverages the Working Capital Revolving Line of Credit to fund its working capital cycle as necessary. These borrowings, together with cash generated through operations, may be loaned internally or contributed as equity to certain subsidiaries.

(19) Subsequent events

The management evaluated subsequent events and transactions that occurred from the end of the reporting period through 28 September 2015, the date at which the consolidated financial statements were available to be issued, and concluded that no subsequent events require adjustment to or disclosure in these consolidated financial statements.