Public Joint Stock Company ARMADA reported audited consolidated earnings results for the year ended December 31, 2011. For the period, the company's revenue was RUB 4,656 million compared to RUB 3,656 million a year ago. EBITDA was RUB 566 million compare to RUB 410 million a year ago. Net profit was RUB 492 million compared to RUB 377 million a year ago. The key profitability growth driver is a change in the revenue mix where the high-margin Software development segment climbed up to 45% of the total group's revenue (37% in 2010). The second profitability growth driver is a decrease in the share of hardware revenues in the mix to 33% from 35% in 2010. The company's management team in 2012 will endeavor to achieve organic growth of the company's revenue at a rate of 25-30% and grow EBITDA margin to a level higher than 12.2% achieved in 2011. The efforts of the company's management team in 2012 will focus on purchasing controlling stakes in small software and service companies with revenues in the range of USD 5 million to USD 10 million, profitability over current one of ARMADA, leadership positions in their market segments congenial to the company's business. Priority market segments include transport, public utilities sector, corporate cloud services and other sectors.