07.11.2013
GFT Technologies AG DE0005800601
DGAP-News: GFT Technologies AG: GFT posts accelerated growth. Revenue up 22 percent in third quarter of 2013
DGAP-News: GFT Technologies AG / Key word(s): Quarter Results
GFT Technologies AG: GFT posts accelerated growth. Revenue up 22
percent in third quarter of 2013
07.11.2013 / 07:09
---------------------------------------------------------------------
GFT posts accelerated growth. Revenue up 22 percent in third quarter of
2013
- GFT Solutions division grows by 30 percent in the first three quarters
- Pre-tax earnings after nine months up 44 percent on previous year
- Full-year guidance for pre-tax earnings raised to around EUR 16 million
Stuttgart, 7 November 2013 - Following a planned development of revenue in
the first half of 2013, the GFT Group stepped up the pace of growth
significantly in the third quarter. Thanks to dynamic organic growth in the
GFT Solutions division and the initial consolidation of the newly acquired
Sempla S.r.l., consolidated revenue in the third quarter grew by 22 percent
to EUR 71.25 million (prev. year: EUR 58.23 million). After the first nine
months, the GFT Group posted revenue growth of 6 percent to EUR 185.44
million (prev. year: EUR 174.61 million). Pre-tax earnings (EBT) improved
over the same period by 44 percent to EUR 11.21 million (prev. year: EUR
7.80 million). The company has upgraded its full-year guidance for pre-tax
earnings issued in August to around EUR 16 million (formerly at least EUR
15 million) and expects revenue for the full year to increase to at least
EUR 260 million (prev. year: EUR 230.69 million) with an EBITDA result of
around EUR 19 million (prev. year: EUR 13.35 million).
'We are delighted with the good performance of the GFT Solutions division,
which has grown steadily stronger over the course of the year. The
successful integration of Sempla has strengthened our range of solutions.
We look forward with confidence to the fourth quarter and the continuation
of our growth trajectory,' states GFT's CEO Ulrich Dietz.
GFT Solutions grows by 30 percent in the first nine months
Dedicated to delivering IT solutions for the finance sector, the GFT
Solutions division posted revenue growth of 30 percent to EUR 117.82
million in the first nine months (prev. year: EUR 90.48 million), of which
EUR 10.20 million was contributed by the newly integrated Sempla S.r.l.
Adjusted for this revenue contribution, GFT Solutions posted growth of 19
percent. This strong organic growth was helped by rising demand for
outsourcing services and investment banking solutions, especially in the UK
and Germany. Segment earnings rose by 62 percent to EUR 12.85 million
(prev. year: EUR 7.93 million).
With its consultancy services for the staffing of technology projects, the
emagine division posted revenue of EUR 67.61 million - 20 percent down on
the previous year (EUR 84.13 million). This decline in revenue resulted
mainly from the planned discontinuation of its low-margin Third Party
Management (TPM) business. As a result, the TPM business contributed just
EUR 2.33 million (prev. year: EUR 16.55 million) to segment revenue.
GFT Group improves pre-tax earnings by 44 percent
Earnings before interest, taxes, depreciation and amortisation (EBITDA) of
the GFT Group rose by 48 percent to EUR 13.05 million in the first nine
months (prev. year: EUR 8.81 million). The newly consolidated Sempla S.r.l.
contributed income of EUR 0.93 million to EBITDA. The EBITDA result
includes tax-free income of EUR 1.73 million from an adjustment to the
expected purchase price for Asymo AG, acquired in 2011, as well as costs
for the CODE_n innovation drive and CeBIT fair presence amounting to EUR
0.97 million (prev. year: EUR 1.35 million).
Earnings before interest and taxes (EBIT) improved by 47 percent to EUR
11.27 million (prev. year: EUR 7.65 million). In the first nine months of
2013, earnings before taxes (EBT) amounted to EUR 11.21 million and were
thus 44 percent up on the previous year (EUR 7.80 million). The operating
margin before taxes improved by 1.5 percentage points, from 4.5 percent in
the previous year to 6.0 percent.
In the reporting period, the GFT Group generated net income of EUR 8.38
million, corresponding to growth of 64 percent over the prior-year figure
(EUR 5.10 million). The calculated tax ratio amounted to 25 percent,
compared to 35 percent in the previous year.
Earnings of GFT Solutions up 62 percent
The earnings contribution of the GFT Solutions segment rose by 62 percent
to EUR 12.85 million in the first nine months (prev. year: EUR 7.93
million), corresponding to an improvement in the operating margin to 10.9
percent (prev. year: 8.8 percent). This disproportionately strong increase
in earnings, compared to revenue, resulted mainly from a higher utilisation
rate and the adjustment of the remaining purchase price for Asymo AG.
Segment earnings of the emagine division were burdened by expenses involved
with the division's realignment, especially in the first six months.
Following an upturn in the third quarter, segment earnings for the first
nine months amounted to EUR 0.41 million (prev. year: EUR 1.59 million).
Headcount grows to over 2,000
Due to the positive development of business and high utilisation of
capacity in the GFT Solutions division, headcount at the Spanish
development centres was increased by 19 percent to over 1,000 during the
reporting period. All in all, the number of full-time staff employed by GFT
increased to 2,029 as of 30 September 2013 (prev. year: 1,371).
Outlook: full-year guidance for pre-tax earnings raised
Following a first six months in line with expectations and a strong third
quarter, the GFT Group expects business to make further progress in the
fourth quarter. The Executive Board has therefore upgraded its full-year
guidance for pre-tax earnings issued in August to around EUR 16 million
(formerly at least EUR 15 million) and expects revenue for the full year to
increase to at least EUR 260 million (prev. year: EUR 230.69 million) with
an EBITDA result of around EUR 19 million (prev. year: EUR 13.35 million).
Detailed financial figures are available in the Investor Relations section
of the GFT website at http://www.gft.com/ir.
Key figures*
IFRS figures in EUR million 01.01.- 01.01.- 30.09.2013 30.09.2012 Revenue 185.44 174.61 EBITDA 13.05 8.81 EBIT 11.27 7.65 Earnings before taxes (EBT) 11.21 7.80 Net income as of 30 September 8.38 5.10 Earnings per share acc. to IAS 33 in EUR 0.32 0.19 Equity ratio in percent 47 57 Employees, absolute figure as of 30 2,029 1,371 September* Deviations possible due to rounding differences About GFT Group: The GFT Group is a global technology partner for future digital issues - covering everything from discovering innovation to developing and implementing sustainable business models. Within the GFT Group, GFT stands for competent consulting and reliable development, implementation and maintenance of customized IT solutions. The company is one of the world's leading IT solutions providers in the banking sector. emagine offers companies the opportunity to staff their strategic technology projects both quickly and flexibly with capable experts. To achieve this, emagine has an international network of highly qualified IT and engineering specialists at its disposal. CODE_n, the GFT Group's innovation platform, offers international startups, technology pioneers and established companies access to a global network. It's where ideas become business. Headquartered in Germany, the GFT Group has stood for technological expertise, innovative strength and outstanding quality for over 25 years. Founded in 1987, the GFT Group is expected to achieve revenues of around EUR 260 million in 2013. With a global team spanning 2,000 employees, the company is represented in eight countries by its 32 local offices. The GFT Group is listed on the Frankfurt Stock Exchange (Prime Standard). Contact: Andrea Wlcek Director Global Marketing, Media & Investor Relations GFT Technologies AG Filderhauptstraße 142 70599 Stuttgart Germany T +49 711 62042-440 F +49 711 62042-301 [email protected] www.gft.com End of Corporate News --------------------------------------------------------------------- 07.11.2013 Dissemination of a Corporate News, transmitted by DGAP - a company of EQS Group AG. The issuer is solely responsible for the content of this announcement. DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------- Language: English Company: GFT Technologies AG Filderhauptstr. 142 70599 Stuttgart Germany Phone: +49 (0)711/62042-0 Fax: +49 (0)711/62042-301 E-mail: [email protected] Internet: www.gft.com ISIN: DE0005800601 WKN: 580060 Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Düsseldorf, Hamburg, München, Stuttgart End of News DGAP News-Service --------------------------------------------------------------------- 238393 07.11.2013
|
Weitere Ad-hoc und Unternehmensrelevante Mitteilungen zu
GFT Technologies AG ISIN: DE0005800601 können Sie bei EQS abrufen
IT-Services , 580060 , GFT , XETR:GFT