ICF has released an update on Tuesday, concerning the current impact of COVID-19 on its business, stating that the company will implement new protocols to protect employees and prevent further health afflictions.
John Wasson, ICF president, chief executive officer and 2020 Wash100 Award recipient, stated, "It is too early to say with any certainty what the specific impacts on ICF may be from this unprecedented health crisis. We have implemented work from home protocols across the company to protect our staff, give them the flexibility to deal with the closure of schools and daycare facilities, and comply with shelter in place requirements in certain localities.”
ICF has postponed events and some project work requiring international travel, but its overall government business will continue. Of the remaining 35 percent of the company’s total revenue, the vast majority was generated from commercial energy markets and commercial marketing services, each of which represented roughly half of the total.
In ICF’s commercial energy division, the company reported similar trends as in the federal government, although there are some aspects of energy efficiency programs that have been put on hold as they involve direct interaction with consumers.
In commercial marketing services, the company reported that it has long-term implementation contracts, and will prioritize staying engaged with its customers. The other parts of commercial marketing services, including public relations and marketing technology, will likely be impacted and therefore ICF will continue to monitor the business area closely.
The company will continue to support the Centers for Disease Control and Prevention (CDC) on two small projects to provide public health messaging related to COVID-19. ICF additionally announced that it has expanded our modest syndromic surveillance activities under CDC's BioSense program to include tracking the spread of COVID-19 that is expected to allow CDC to better coordinate responses.
ICF will also support the Department of Health and Human Services (HHS) with its preparedness and response activities to COVID-19 through a project for its Technical Resources, Assistance Center, and Information Exchange (TRACIE).
"While we expect challenges ahead, we believe that ICF will weather this storm relatively well in the medium to long term. We are carefully monitoring short-term impacts that we will report on in our first quarter 2020 earnings communications in early May," Wasson concluded.
About ICF
ICF (NASDAQ: ICFI) is a global consulting services company with over 7,000 full- and part-time employees, but we are not your typical consultants. At ICF, business analysts and policy specialists work together with digital strategists, data scientists and creatives. We combine unmatched industry expertise with cutting-edge engagement capabilities to help organizations solve their most complex challenges. Since 1969, public and private sector clients have worked with ICF to navigate change and shape the future.
