Half Yearly Report

24 February 2016

IBEX Global Solutions Plc

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

Interim Results for the Six Months ended 31 December 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 interim results for the six months ended 31 December 2015.

Financial Highlights:

· Total Group revenue up 1.1% to $124.4 million (H1'15: $123.0 million)

· Total Group revenue up 5.6% on H1'15 when adjusting for impact of profitable one-off project work in H1'15

· Adjusted gross profit margin of 19.2% (H1'15: 22.8%; or 19.4% when further adjusting for positive impact of profitable one-off work)

· Adjusted EBITDA* down 38.5% to $7.8 million (H1'15: $12.7 million); up 4.7% on H1'15 when further adjusting for positive impact of profitable one-off work in-period

· Adjusted EBITDA* margin of 6.3% (H1'15: 10.3%; or 6.3% when further adjusting for positive impact of profitable one-off work)

· Net income down 67.2% to $2.4 million (H1'15: $7.4 million; up 12.6% on H1'15 when adjusting for positive impact of profitable one-off work in-period)

· Fully diluted earnings per share of 6.1 cents per share (H1'15: 18.6 cents; or 5.4 cents when adjusting for positive impact of profitable one-off work)

· Strong momentum built from H2'15, with increased revenues (up 7.4%), adjusted gross profit (up 35.4%) and adjusted EBITDA (up 99.3%)

· Net assets of $25.4 million at H1'16 (FY15: $25.5 million)

· Net debt of $22.3 million at H1'16 (FY15: $18.6 million)

· Interim dividend of $2.0 million (5.1 cents per share), in line with policy of distributing a high proportion of net income (H1'15: 6.8 cents per share)

· Strong operational momentum into H2'16 reinforces Board's confidence in reaffirming FY16 expectations

Operational Highlights:

· Two new major blue chip client contracts were secured in the Financial Services and Consumer Electronics sectors

· Expanded into two new nearshore geographies: Nicaragua and Jamaica with enabling clients and with capacity expected to be reached in H2'16

· Launched into new markets with two of our largest existing clients via our Philippines operation and our newest nearshore market, Jamaica; full impact of existing client ramps taking place in H2'16

· Opened additional seats in Davao, Philippines and began work on a new site in Metro Manila

· Concluded a comprehensive Employee Satisfaction Survey to design improved incentivisation programmes and maintain best in class results for our clients

· SG&A adjusted for depreciation at 13.0% of revenue, compared to industry standards of 15-28%

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

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

"It gives me great pleasure to report to shareholders that IBEX has again delivered a strong set of results, set against a demanding prior year comparative, and maintaining the progress from prior reporting periods. We are showing gains from our efforts to drive profitability and we have expanded operations sensibly to meet demand. IBEX continued not only to deepen relationships with its existing client base, but has maintained our momentum by winning new remits with additional global blue chip clients."

"The IBEX business model has capacity to generate ongoing benefits for all clients, employees and shareholders alike and we will continue to do everything in our power to capitalise on the excellent prospects which lie ahead. We look forward to the future with enthusiasm and confidence."

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

Chairman's Statement

Overview

It gives me great pleasure to report to shareholders that IBEX has again delivered a strong set of results, maintaining the progress from prior reporting periods.

We are showing gains from our strategy to drive profitability and we have expanded operations sensibly to meet demand. IBEX continued not only to deepen relationships with its existing client base, but has maintained our momentum by winning new remits with additional global blue chip clients.

IBEX is cementing its growing reputation as a "Top quartile" Business Process Outsourcing (BPO) provider across the industry, evidenced by the number of satisfied customers we support and our growing market share.

Investment in our commercial proposition continues: we are growing our global operational base, opening sites in new nearshore geographies where necessary; maintaining our ongoing commitment to develop, incentivise and retain the most knowledgeable and responsive front-line staff in the industry; and we continue to invest in the systems and IT infrastructure needed for our agents to continue to operate efficiently and effectively on behalf of our clients.

Today, the BPO industry as a whole is approximately $65 billion and growing at a rate of 2-4% according to the leading analysts for the global services industry. The industry remains highly fragmented, as the number of multi-billion dollar competitors is small and the largest 10 players represent just 23% of the industry. As a result, IBEX has a unique opportunity to continue to capture significant market share to support its year over year growth projections.

Financial Results

IBEX delivered a solid set of results in the six-month period to 31 December 2015 with revenues up 1.1% to $124.4 million (H1'15: $123.0 million) and adjusted EBITDA was $7.8 million or 6.3% of revenue (H1'15: $12.7 million), a decline of 38.6%. Profit before tax was $2.9 million (H1'15: $8.1 million).

Revenues for the period would have been up 5.6% after adjusting for the approximately $5.2 million of revenue received in H1'15 from profitable one-off project work for a certain client.

Adjusting for this one-off project work, the adjusted EBITDA would have been up 4.7% on H1'15 and net income up 12.6% on H1'15. The H1'16 results also indicated significant operational momentum from the previous sequential half, with revenues up 7.4% and adjusted EBITDA up 99.3% from H2'15. With the currently ongoing ramps within two of our existing clients as well as from our new nearshore geographies, we expect this operational momentum to continue into H2'16.

Dividend 

In line with our policy of distributing a high proportion of net income to our shareholders, the Board has announced an interim dividend of $2.0 million, corresponding to 5.1 cents per share. The dividend will be paid on 28 March 2016 to shareholders registered on 4 March 2016. The ex-dividend date is 3 March 2016. The Company is targeting an annual dividend in line with market consensus for the full 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 20 November 2015, and the announcement made by the Company on 24 August 2015 to extend the period for making purchases of its own shares until such time as the Board shall choose to terminate for a total up to $1 million, the Company acquired for cash in the market 39,082 ordinary shares in the capital of the Company for treasury from 19 March 2015 to 31 December 2015 at a price of 72 to 130 pence per share. IBEX will continue to make 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.

Summary

The IBEX business model has capacity to generate ongoing benefits for all clients, employees and shareholders alike and we will continue to do everything in our power to capitalise on the excellent prospects which lie ahead.

We look forward to the future with enthusiasm and confidence.

Muhammad Ziaullah Khan Chishti

Chairman

23 February 2016

Chief Executive Officer's Review

Introduction

The last financial year saw the Group make significant progress, with rapid growth and record results. I am pleased to report that the momentum generated during the last year has been maintained in the first half of the 2016 financial year.

When I was appointed in April 2015, IBEX had established itself as a company with a growing pedigree and a track record of solid financial performance. It had developed excellent prospects, based on a world-class service offering and a capable and well-incentivised network of agents. IBEX enjoys strong client relationships with blue-chip corporates and has a growing reputation in the industry as the global BPO partner of choice for some of the largest, household-name, brands in the world.

As with all businesses, there were also aspects where further improvements needed to be made. Specifically in our case, we identified opportunities to further strengthen our business by:

• Reducing seasonality, by replacing non-recurring business with repeatable revenues

• Developing nearshore capabilities to augment our global footprint and improve margins

• Improving the financial performance of our Philippines business and our US operations by more effectively managing our agent productivity; and

• Building a stronger and more robust technology platform

Since my appointment, I have sought to capitalise on the strengths IBEX undoubtedly possesses and have begun the process of implementing the improvements outlined above to establish a clear, ambitious and achievable plan for sustainable growth in the future.

Strategic approach

Central to our strategy is to enhance IBEX's position as preferred BPO provider versus larger competitors. Our plan to achieve this involves three key pillars:

1. We will strive to outperform our competitors by delivering superior customer service, maintaining measurably higher levels of client satisfaction;

2. We will leverage our agility as a smaller, established player. We will be faster and more flexible than the competition in meeting clients' service requirements and innovating where required; and

3. We will provide clients with more cost effective solutions than competitors. Our ability to be price competitive whilst maintaining overall margin is underpinned by our lean SG&A figure, which consistently stands in a range of 12-14% versus an industry norm of 15-28%.

IBEX's leadership team believes that by taking this approach, we are well positioned to be a consistent "Top Quartile" BPO services provider, with even stronger client relationships and excellent growth prospects than exist already. Ultimately, this approach drives our ability to create long-term value for our shareholders, clients and employees.

Operational Review

During the period, IBEX has made great progress improving upon last year's operational achievements and the strategy that was set out since I joined last year. We believe we are growing faster than our market based on our proven ability to win market share and outperform our competitors. Several of our largest clients, including those new clients signed up during the period, have expanded with us into new markets for them that include the Philippines, Nicaragua and Jamaica. We believe that these growth opportunities are a result of the trust and confidence that our clients have in the IBEX brand and management team to deliver exceptional results for them.

We have a blue chip client base which continues to grow, allowing us to diversify our revenue streams. We believe we are achieving this because both existing and new clients value our highly productive workforce, a comprehensive suite of services including sales, customer care and technical support. During the period, we began the process of changing the mix of our seats with a greater weighting afforded to higher margin, nearshore and offshore capacity versus expansion of our onshore and offshore centres. This is a reflection both of client demand and ultimately our goal of enhancing the profitability of our business over time.

We have also made great strides at improving our agent productivity and utilisation with significant reductions in agent attrition and absenteeism, which have allowed us to run a more efficient business.

Client Development

We will continue to invest in our client relationships to ensure we are seen as a valued strategic partner, by delivering on contracts and bringing innovative services to our markets. We began the process of building on our already solid client services team under the leadership of Eric Owen, Executive Vice President, Client Services, in late 2015.

We will strive to be a "Top Quartile" provider for all of our clients as we grow our lines of business, services and geographies, enabling us to continue gaining market share. We will look to target new blue chip companies across key verticals such as media/communications, retail, travel, financial services and technology in which we already have an established reputation. Additionally, we will seek new work from rapidly growing verticals like healthcare and innovative companies that have the potential for significant growth, by leveraging our value proposition to win and deliver in new industries. We believe this will position us for continued above market organic growth in the months and years ahead.

During the period

In the first half of the financial year two new major blue chip client contracts were secured in the Financial Services and Consumer Electronics sectors. Based on the success of our initial engagement in our new operation in Nicaragua, one of these new clients has chosen us to support additionally in the Philippines, taking advantage of IBEX's global footprint and contributing to our goal of further diversification within our client base. We also expanded into new geographies with two of our largest existing clients, one of which enjoyed exceptional growth via our Philippines operation; the other expanded into the nearshore market. Based on the strength of these wins, we believe that the Company is positioned to enjoy a strong second half of the financial year.

Additionally, in the second half of the financial year and beyond, a key focus of the management team is to grow revenues from clients with which we have a relatively small proportion of their BPO spend. Achieving this will give us a more diversified and stable business mix in future years. We are well positioned to do so by offering them superior BPO performance under existing contracts and by demonstrating our ability to move quickly when implementing flexible solutions at a lower cost than that of the wider industry.

Our Markets

At the period end, IBEX had a network of more than 12,500 employees (up 3.2% on last year), working in 20 sites, spanning 7 countries. With the expansion into two nearshore markets during the period, we will have approximately 1,000 additional seats up and running by the end of March 2016. As a result of this investment, we now have a better balance of onshore, offshore and nearshore footprints to serve the U.S. market. The nearshore market has been growing at the rate of 35% per annum over the past 5 years. To exploit the opportunities this segment of the market clearly presents, we will continue to expand into new nearshore markets taking advantage of their proximity, time zone, U.S affinity and great English and bilingual capabilities.

Our Philippines footprint today consists of four sites comprising approximately 3,000 seats with 18% in provincial markets (e.g. Davao) and 82% in Metro Manila. We will continue to look to the provincial markets as locations to operate with lower costs and reduced competition for agents.

As we move into the second half of 2016 and beyond, we intend to bring our innovative solutions in Pakistan and Senegal to market as disruptive, untapped geographies with labour rates well below current industry equivalents and very limited competition. We expect to see accelerated organic growth with high profitability as we bring these solutions to the industry.

IBEX will carefully evaluate other new markets for expansion with the goal of broadening our global footprint to service our growing client base.

Our Sites

We will continue to drive our cost per seat capital expenditure requirement down to 'best in class' while building out premier facilities to create a great work environment for our agents. We reduced our cost per seat by 20% for our recent expansions in the Philippines and Nicaragua and we are confident we will be able to continue to drive these costs down as we scale our business, without compromising on the quality of service.

As we continue to grow we believe we will be able to operate with approximately 2.5% of our revenue invested in the maintenance and upkeep of our current centres, thus keeping them in great condition while preventing issues downstream. We will also continue to time the building-out of new sites in line with client demand, enabling us to be extremely efficient in managing our capital requirements in the future. Our seat utilisation rates during the period improved from approximately 80% to above 85% and we intend to continue growing utilisation going forward.

During the period

IBEX moved quickly into expansion in two new nearshore markets: Nicaragua, supporting bilingual requirements for both English and Spanish, and Jamaica, supporting high-volume English language services.

In addition to the nearshore expansion, we opened an additional capacity of 500 seats in Davao, Philippines and began work in December on a new site in Metro Manila consisting of 800 additional seats. We expect both new sites to be near to or at full capacity in Q4 of the financial year 2016.

More than 60% of IBEX's headcount is based outside of the US. Our total number of seats in December 2014 was approximately 8,000 and as at the period end was approximately 8,700.

People

Senior management function

Last year, IBEX made key appointments to senior management roles, providing experience and closer control over vital areas of responsibility. Gilbert Santa Maria was appointed Chief Operating Officer and Eric Owen as Executive Vice President, Client Services. Both continue to deliver great improvements in their respective fields.

These appointments, combined with the recent addition of Jim Ferrato as Chief Information Officer, mean that IBEX now has a strong and responsive leadership team with the track record and experience to achieve our goals.

Agents and front-line

In the BPO industry, front line agent retention is a key factor which influences success across the sector. Higher rates of retention deliver better client outcomes. Traditionally, companies in our space deploy time and capital to train call centre and other support staff, only to see those developing assets churn, meaning the process has to begin again.

IBEX takes a different approach from many of its competitors. Our ongoing goal is to be a great employer and attract and retain elite industry talent. To do this, there is a need to provide a competitive balance of remuneration, benefits, training and development as well as other perks such as healthy meal options and a pleasant work environment. This approach is working and is extending the tenure of our agents, reducing future costs in training and development, and enabling us to consistently deliver results for our clients.

During the period

By applying our differentiated approach to our workforce, we improved key metrics in agent attrition and absenteeism compared with the prior year and industry norms. IBEX also concluded a comprehensive Employee Satisfaction Survey which had an extremely high participation rate of 74% and an overall satisfaction rating of 92%. This has allowed us to design even better incentivisation programmes and further understand how to achieve increased results for our clients. These improvements have begun to make the desired impact, delivering significant gross margin improvements in the Philippines and in the US operations.

We will continue to measure our employees' satisfaction to ensure that our people's interests are closely aligned with our own. This will allow us to attract and more importantly, retain extremely talented employees, reduce our costs to backfill agents and create a further competitive advantage.

Infrastructure and IT

Investment in IBEX's IT infrastructure is another key factor in our being able to provide clients with highly efficient and effective services. We will continue to build our technology infrastructure to ensure we meet the expected industrial standard and provide high levels of reliability, redundancy, resilience and security. We will also continue to leverage our back office IT operations in low cost labour markets such as Pakistan and the Philippines, which is one of the factors which supports our efforts to keep overheads low.

During the period

Development of infrastructure is ongoing for IBEX and during the period we made several important investments in our technology to ensure we remain ahead of the curve. The management believes this level of investment is appropriate and expects to retain a policy of investment at similar levels in future years. Key improvements have been made in our overall technology uptime.

Financial Review

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, Net Income and Net Debt.

*Reclassification has been made to conform with the presentation of an exceptional item and other income in the audited financial statements for the fiscal year 2015.

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

Revenue for the period has increased 1.1% to $124.4 million (H1'15: $123.0 million) and increased 7.4% from H2'15 ($115.8 million). Revenue growth was driven primarily by increased business from our existing client base. While revenue growth year-on-year during the period was primarily due to an increase in the recurring top line run rate, H1'15 revenue was impacted by profitable one-off project work for a certain client.

Total Group revenue for the period increased 5.6% on H1'15 when adjusting for positive impact of profitable one-off project work in H1'15, while the adjusted EBITDA would have been up 4.7% and net income up 12.6% on H1'15. The H1'16 results also indicated significant operational momentum from H2'15 with revenues up 7.4% and adjusted EBITDA up 99.3%.

Adjusted cost of sales for the period has increased 5.8% to $100.5 million (H1'15: $95.0 million) and increased 2.4% from H2'15 ($98.1 million). The increase in the cost of sales is mainly driven by revenue growth.

Gross profit on an adjusted reported basis has declined by 14.6% to $23.9 million (H1'15: $28.0 million), yielding a margin of 19.2% vs. 22.8% in H1'15 and an increase of 35.4% from H2'15 ($17.7 million). Adjusted gross profit margin in H1'15 was 19.4% when further adjusting for positive impact of profitable one-off work.

Adjusted SG&A for the period has increased 5.0% to $16.2 million (H1'15: $15.4 million) and increased 17.4% from H2'15 ($13.8 million). The increase in SG&A was attributed mainly to the Company's commitment towards investing in itself to better support its business.

Adjusted EBITDA on a reported basis has declined by 38.5% to $7.8 million (H1'15: $12.7 million), yielding a margin of 6.3% vs. 10.3% in H1'15 and an increase of 99.3% from H2'15 ($3.9 million). Adjusted EBITDA margin in H1'15 was 6.3% when further adjusting for positive impact of profitable one-off work in-period.

Net income for the period has decreased 67.2% to $2.4 million (H1'15: $7.4 million) and increased from H2'15 (net loss of $0.9 million). Net income in H1'15 was $2.1 million when adjusting for positive impact of profitable one-off work in-period. Basic/diluted earnings per share were 6.1 cents (H1'15: 18.6 cents; H2'15: loss per share of 2.4 cents). Basic/diluted earnings per share in H1'15 was 5.4 cents when adjusting for positive impact of profitable one-off work.

Current assets as at 31 December 2015 are $52.3 million (as of 30 June 2015: $42.8 million). The increase was driven by the change in timing of collection of trade receivables. Non-current assets as of 31 December 2015 were $33.5 million (as of 30 June 2015: $36.2 million).

Current liabilities as of 31 December 2015 were $50.3 million (as at 30 June 2015: $39.6 million); the increase was primarily driven by the change in timing of collection of trade receivables which resulted in increased short-term borrowing. Non-current liabilities as at 31 December 2015 were $10.1 million (as at 30 June 2015: $13.9 million); the decrease was primarily driven by financing decisions and lease payments.

Net debt (third party borrowings less cash and cash equivalents) at the end of the period was $22.3 million (31 December 2014: $26.1 million; 30 June 2015: $18.6 million). The reduction against the comparable period was primarily driven by net cash generated from operating activities of $18.4 million netted with the capital expenditure of $9.8 million and dividend payment of $5.3 million in the period from 1 January 2015 to 31 December 2015.

Summary and Outlook

This financial year has started well and we are pleased that our strategy for growth is bearing fruit. We have won major new contracts, deepened existing relationships, identified significant new opportunities and expect to see the revenue growth associated with these wins reflected during the second half of the financial year as we continue to grow our market share.

IBEX has built a strong, healthy pipeline of sales opportunities and generated positive momentum in our business. This, together with the visibility provided by our recent client wins gives us confidence that we will continue to deliver strong revenue growth coupled with improving profitability.

Given our strong momentum into the second half of the fiscal year, we are confident in reinforcing market expectations for FY16.

On behalf of the Board and senior management at IBEX, I would like to once again thank our dedicated and passionate employees across the Group and look forward to our future successes together.

Robert Dechant 

Chief Executive Officer

Independent review report to the members of IBEX Global Solutions Plc

Introduction

We have reviewed the condensed set of financial statements in the half-yearly financial report of IBEX Global Solutions Plc for the six months ended 31 December 2015 which comprises the condensed consolidated statement of comprehensive income, the condensed consolidated statement of financial position, the condensed consolidated statement of changes in equity, the condensed consolidated cash flows and the related Notes 1 to 22. We have read the other information contained in the half yearly financial report which comprises only the interim results announcement, chairman's statement and chief executive officer's review and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements.

This report is made solely to the company's members, as a body, in accordance with International Standard on Review Engagements (UK and Ireland) 2410, 'Review of Interim Financial Information performed by the Independent Auditor of the Entity'. Our review work has been undertaken so that we might state to the company's members those matters we are required to state to them in an independent review report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our review work, for this report, or for the conclusion we have formed.

Directors' responsibilities

The half-yearly financial report is the responsibility of, and has been approved by, the Directors. The AIM rules of the London Stock Exchange require that the accounting policies and presentation applied to the financial information in the half-yearly financial report are consistent with those which will be adopted in the annual accounts having regard to the accounting standards applicable for such accounts.

As disclosed in Note 4, the annual financial statements of the Group are prepared in accordance with International Financial Reporting Standards as adopted by the European Union.

The financial information in the half-yearly financial report has been prepared in accordance with the basis of preparation in Note 2.

Our responsibility

Our responsibility is to express to the Company a conclusion on the condensed set of financial statements in the half-yearly financial report based on our review.

Scope of review

We conducted our review in accordance with ISRE (UK and Ireland) 2410, 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity', issued by the Auditing Practices Board for use in the United Kingdom. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the financial information in the half-yearly financial report for the six months ended 31 December 2015 is not prepared, in all material respects, in accordance with the basis of accounting described in Note 2.

GRANT THORNTON UK LLPAUDITOR

LONDON23 February 2016

Condensed Consolidated Statement of Comprehensive Income

Condensed Consolidated Statement of Financial Position

Condensed Consolidated Statement of Changes in Equity

Condensed Consolidated Statement of Cash Flows

Notes to the Condensed Consolidated Financial Information

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, Senegal, Nicaragua and Jamaica. 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 interim condensed consolidated financial information is for the six months ended 31 December 2015. This interim condensed consolidated financial information does not constitute statutory financial statements as defined in the Companies Act 2006. These half yearly financial statements have been prepared on a consistent basis and format with the Group's annual consolidated financial statements for the year ended 30 June 2015. These half yearly financial statements have been prepared under the going concern assumption.

3. Ultimate parent undertaking and controlling entity

The Ultimate Parent Company, TRGI, is incorporated in Bermuda. The parent company of the largest group to include the IBEX Group in its consolidated financial statements is TRGI and its financial statements are not publically available. The Directors of TRGI ultimately control the Group.

4. Accounting policies

The interim condensed consolidated financial information has been prepared in accordance with the accounting policies applied in the Group's annual consolidated financial statements as of and for the year ended 30 June 2015. The Group financial statements for the year ended 30 June 2015 were prepared under International Financial Reporting Standards as adopted by European Union.

The policies have been consistently applied to all the periods presented, unless otherwise stated.

5. Operating segments

These consolidated financial statements have been prepared on the basis of a single operating segment. Whilst the Group operates in different locations, there are no multiple products or lines of business upon which the results reported to the Chief Operating Decision Maker are segregated and analysed.

94.7%, 94.9% and 93.6% of the total revenue was earned from customers in the United States of America for the periods ended 31 December 2015 and 31 December 2014 and for the year ended 30 June 2015, respectively.

The following table summarises those non-related party customers with revenue or accounts receivable in excess of 5.0% total revenue or total receivables for the periods ended 31 December 2015 and 2014 and for the year ended 30 June 2015. The revenue analysis below does not form part of the Group's segmental reporting but is provided voluntarily.

Above clients are Fortune 100 and/or Fortune 500 companies.

Revenues are attributed to geographical areas based upon the location in which the sale originated. The Holding Company is domiciled in the United Kingdom.

Non-current assets located outside of the United Kingdom comprises majority of assets of TRG Customer Solutions Inc., IBEX Philippines Inc. and IBEX Global Solutions (Philippines) Inc. The non-current assets outside of the UK as at 31 December 2015 and 2014 and 30 June 2015 are as follows:

6. Finance costs