12.11.2015
GFT Technologies SE DE0005800601
DGAP-News: GFT Technologies SE: GFT Group continues its dynamic trend in Q3 2015 and upgrades full-year guidance
DGAP-News: GFT Technologies SE / Key word(s): Quarter Results
GFT Technologies SE: GFT Group continues its dynamic trend in Q3 2015
and upgrades full-year guidance
12.11.2015 / 07:05
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GFT Group continues its dynamic trend in Q3 2015 and upgrades full-year
guidance
- Consolidated revenue up 42 per cent to EUR 271.48 million in the first
nine months
- Earnings (EBITDA) improved by 38 per cent to EUR 31.30 million
- Full-year guidance for revenue and earnings upgraded
Stuttgart, 12 November 2015 - In the third quarter of 2015, the GFT Group
continued its dynamic development of the first half-year, achieving strong
growth in revenue and earnings over the first nine months of 2015. The main
driver of growth was strong demand for IT solutions to implement regulatory
compliance programmes in the finance sector. The trend towards the further
digitisation of business processes, especially among retail banks, also
helped boost growth. Due to the positive development of the operating
business, full-year guidance for revenue was increased from EUR 362 million
to EUR 368 million, with EBITDA and EBT increasing by EUR 1 million each to
EUR 44 million and EUR 31 million, respectively.
Organic revenue growth of 22 per cent
Compared to the same period last year, consolidated revenue rose by 42 per
cent to EUR 271.48 million in the first nine months of 2015 (prev. year:
EUR 191.47 million). This positive revenue trend resulted from the strong
organic growth of the company's IT solutions for the financial sector, as
well as from the acquisition of the UK-based company Rule Financial Ltd.
(Rule) in June 2014 and the Spanish company Adesis Netlife S.L. (Adesis) in
July 2015. Adjusted for revenue contributed by the former Rule companies of
EUR 58.79 million (prev. year: EUR 18.75 million) and by Adesis of EUR 2.81
million (prev. year: EUR 0.00 million), the GFT Group achieved organic
growth of 22 per cent. In the UK (the GFT Group's largest sales market),
revenue rose by 74 per cent to EUR 121.43 million (prev. year: EUR 69.83
million). Bolstered by the Rule acquisition, the GFT Group also posted
strong revenue growth of 64 per cent to EUR 27.53 million in the USA (prev.
year: EUR 16.81 million). Revenue generated from clients in Spain rose by
46 per cent to EUR 32.01 million (prev. year: EUR 21.99 million), aided by
the country's continued economic recovery and a revitalised banking sector,
which is one of Europe's most advanced in terms of digitisation.
Due to the positive revenue trend and a high capacity utilisation rate of
89 per cent (prev. year: 89 per cent) of staff engaged on client projects,
earnings before interest, taxes, depreciation and amortisation (EBITDA)
improved by 38 per cent to EUR 31.30 million in the first nine months of
2015 (prev. year: EUR 22.68 million). Pre-tax earnings (EBT) rose by 26 per
cent year-on-year to EUR 22.75 million (prev. year: EUR 18.01 million).
Sale of shares in emagine closed on 30 September
As previously announced on 27 July 2015, GFT has sold all companies
belonging to the emagine division in Germany, France and the UK. The
transaction was closed on 30 September 2015. In accordance with IFRS
regulations (IFRS 5), the revenue and earnings generated by emagine in the
first nine months of 2015 are no longer disclosed in the GFT Group's key
financial figures. The prior-year figures were adjusted accordingly in line
with IFRS 5.
Focus on GFT division
With the discontinuation of the emagine division, the GFT Group is now
focusing on its high-growth GFT division. As the revenue generated by
emagine in the first nine months of 2015 and the corresponding prior-year
period are no longer included in consolidated revenue (in line with IFRS
5), revenue of the GFT division was virtually identical with that of the
GFT Group as a whole. Pre-tax earnings (EBT) of the GFT division rose by 25
per cent to EUR 24.30 million in the first nine months of 2015 (prev. year:
EUR 19.48 million). At 8.9 per cent, the operating margin was slightly down
on the previous year (10.2 per cent), due primarily to purchase price
allocation (PPA) effects from the acquisition of Rule and Adesis.
"Adapting IT systems to growing compliance requirements will continue to be
a major challenge for all financial institutions. In addition, retail banks
need to digitise their business processes even more and make them more
customer-centric if they are to fight off the challenge from innovative
niche competitors from the fintech sector. We see great potential in this
future market and aim to build on our position as the leading provider of
digital financial solutions," says Ulrich Dietz, CEO of GFT Technologies
SE.
Full-year guidance upgraded
As a result of the positive business trend in the third quarter of 2015,
full-year guidance has once again been upgraded. From the current
perspective, GFT Group forecasts the following for the financial year 2015:
consolidated revenue for the full year 2015 is expected to reach EUR 368
million (previously EUR 362 million). The guidance for EBITDA and EBT has
been raised by EUR 1 million each to EUR 44 million and EUR 31 million,
respectively. The productive utilisation rate of the GFT division is
expected to remain at its high prior-year rate (89 per cent) in 2015.
Headcount grows to nearly 3,900
As of 30 September 2015, the GFT Group had 3,897 full-time employees -
representing growth of 30 per cent year-on-year (30 September 2014: 3,000).
These figures do not include employees of emagine. The increase in
headcount results from the acquisition of Adesis with 200 employees in
Spain and 77 in Mexico, as well as from the hiring of numerous new staff -
above all at the company's development centres in Spain, Brazil, Poland and
Costa Rica.
Additional key data
As of 30 September 2015, cash, cash equivalents and securities amounted to
EUR 56.96 million and were thus EUR 18.71 million above the year-end figure
for 2014 (31 December 2014: EUR 38.25 million). Equity as of 30 September
2015 amounted to EUR 113.61 million and was thus EUR 13.20 million up on
year-end 2014 (31 December 2014: EUR 100.41 million). Total assets rose by
EUR 33.48 million to EUR 335.13 million as of 30 September 2015 (31
December 2014: EUR 301.65 million). As a result of the increased balance
sheet total and change in equity as of 30 September 2015, the equity ratio
rose by one percentage point to 34 per cent (31 December 2014: 33 per
cent).
You can find detailed financial figures in the Investor Relations section
of the GFT website at
http://www.gft.com/ir-en
Key figures (unaudited) in accordance with IFRS
Deviations possible due to rounding differences
In EUR million 01/01-30/09/2015 01/01-30/09/2014 Revenue 271.48 191.47 EBITDA 31.30 22.68 EBIT 23.85 18.51 Earnings before taxes (EBT) 22.75 18.01 Net income for the period 15.44 12.89 Earnings/share 0.59 0.49 in EUR Equity ratio 34 33 in per cent (30/09/2015) (31/12/2014) Employees (full-time) as of 30 September 3,897 3,000About the GFT Group: GFT Group is a business change and technology consultancy trusted by the worlds' leading financial services institutions to solve their most critical challenges. Specifically defining answers to the current constant of regulatory change - whilst innovating to meet the demands of the digital revolution. GFT Group brings together advisory, creative and technology capabilities with innovation culture and specialist knowledge of the finance sector, to transform the client's businesses. Utilising the CODE_n innovation platform, GFT is able to provide international start-ups, technology pioneers and established companies access to a global network, which enables them to tap into the disruptive trends in financial services markets and harness them for their out of the box thinking. GFT Technologies SE is listed on the Frankfurt Stock Exchange in the TecDAX (ISIN: DE0005800601). Contacts: Jutta Stolp, CIRO Investor Relations Manager GFT Technologies SE Schelmenwasenstr. 34 70567 Stuttgart Germany T +49 711 62042-591 F +49 711 62042-301 [email protected] www.gft.com Andrea Wlcek Head of Group Communications GFT Technologies SE Schelmenwasenstr. 34 70567 Stuttgart Germany T +49 711 62042-440 F +49 711 62042-301 [email protected] www.gft.com --------------------------------------------------------------------- 12.11.2015 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The DGAP 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 SE Schelmenwasenstraße 34 70567 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 Indices: TecDAX Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart End of News DGAP News Service --------------------------------------------------------------------- 412029 12.11.2015
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