11.08.2016
GFT Technologies SE DE0005800601
DGAP-News: GFT Technologies SE: GFT accelerates dynamic growth in Q2 2016 with 23 percent increase in revenue
DGAP-News: GFT Technologies SE / Key word(s): Half Year Results
GFT Technologies SE: GFT accelerates dynamic growth in Q2 2016 with 23
percent increase in revenue
11.08.2016 / 07:09
The issuer is solely responsible for the content of this announcement.
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GFT accelerates dynamic growth in Q2 2016 with 23 percent increase in
revenue
- Consolidated revenue up 23 percent to EUR 110.64 million in the second
quarter
- Strong growth momentum from ongoing digitisation of business processes
in the financial services industry
- 12 percent improvement in second quarter earnings (EBITDA) to EUR 11.39
million
- Revenue guidance for 2016 upgraded by EUR 10 million
- Special items prompt EUR 2 million downgrade in full-year earnings
guidance
Stuttgart, 11 August 2016 - GFT Technologies SE announced its results for
the second quarter and first half of 2016 today. Following an expected
development of business in the first quarter, GFT greatly accelerated its
dynamic growth in the second quarter. This trend was driven mainly by the
rising demand for solutions to digitise business processes in the financial
services industry. Further growth momentum resulted from consistently high
demand for digital solutions to implement compliance requirements. Due to
the encouraging development of revenue, GFT has raised its full-year
guidance for revenue by EUR 10 million to EUR 420 million. As a result of
special items caused by the devaluation of the British pound in connection
with the Brexit referendum, full-year guidance for earnings before
interest, taxes, depreciation and amortisation (EBITDA), as well as for
pre-tax earnings (EBT), was reduced in each case by EUR 2 million to EUR
46.5 million and EUR 33 million, respectively.
Development of business in the second quarter of 2016
Consolidated revenue rose year-on-year by 23 percent to EUR 110.64 million
in the second quarter of 2016 (Q2/2015: EUR 90.24 million). Adjusted for
the revenue contribution of the companies acquired in July 2015 (Adesis
Netlife S.L.) and April 2016 (Habber Tec Brazil), GFT's organic growth in
the second quarter amounted to 17 percent.
In the UK, GFT's largest sales market, revenue in the second quarter was
down 4 percent to EUR 38.69 million (Q2/2015: EUR 40.50 million). This was
due to shifts in the budgets of certain clients from the UK to the USA, as
well as to delays in project decisions in the field of investment banking.
There was a corresponding increase in revenue generated in the USA during
the second quarter of 55 percent to EUR 14.66 million (Q2/2015: EUR 9.44
million). In Spain, demand from retail banks for solutions to digitise
their business processes remained strong in the second quarter. As a
result, revenue here almost doubled to EUR 19.74 million in the second
quarter (Q2/2015: EUR 10.12 million).
In the second quarter of 2016, earnings before interest, taxes,
depreciation and amortisation (EBITDA) were burdened by currency effects of
EUR 1.14 million and rose by 12 percent to EUR 11.39 million (Q2/2015: EUR
10.19 million). Pre-tax earnings (EBT) of EUR 7.56 million were slightly up
on the previous year (Q2/2015: EUR 7.35 million). Earnings per share
improved to EUR 0.25 in the second quarter (Q2/2015: EUR 0.16).
Revenue and earnings trend in the first half of 2016
In the first half of 2016, GFT raised revenue by 16 percent to EUR 208.03
million (H1/2015: EUR 178.76 million). Adjusted for the revenue
contributions of the acquired companies Adesis and Habber Tec Brazil, GFT
achieved organic growth of 12 percent in the first half-year. EBITDA was
burdened by exchange rate effects of EUR -2.43 million in total during the
first six months (H1/2015: EUR 0.32 million) and rose by 9 percent to EUR
21.54 million (H1/2015: EUR 19.80 million). Pre-tax earnings of EUR 14.60
million were slightly up on the previous year (H1/2015: EUR 14.23 million).
In the first half-year, earnings per share improved to EUR 0.46 (H1/2015:
EUR 0.34).
Development of the segments in the first half of 2016
In the first half of 2016, the Americas & UK segment raised revenue by 7
percent to EUR 110.84 million (H1/2015: EUR 103.80 million). As a result of
negative exchange rate effects, segment earnings fell to EUR 4.45 million
(H1/2015: EUR 6.53 million). The Continental Europe segment achieved
revenue growth of 29 percent to EUR 96.71 million (H1/2015: EUR 74.96
million). The segment result improved by 7 percent to EUR 10.06 million
(H1/2015: EUR 9.40 million).
Headcount grows to around 4,500
GFT had a total of 4,493 full-time employees on 30 June 2016, corresponding
to a year-on-year increase of 31 percent (30 June 2015: 3,421). The rise in
headcount results from the takeover of Adesis with 277 employees in Spain
and Mexico, from the acquisition of Habber Tec Brazil with 102 employees,
as well as from the hiring of new staff - mostly at the company's
development centres in Spain, Brazil, Poland and Costa Rica.
Outlook 2016
At the end of the first half-year, GFT adjusted its guidance for the
financial year 2016. Due to the positive development of business,
especially with solutions for the digitisation of business processes,
revenue guidance was raised by EUR 10 million to EUR 420 million
(previously EUR 410 million). In terms of earnings, GFT expects growth to
be slightly slower than planned. This is mainly a result of special items
in the first half-year due to the devaluation of the British pound in
connection with the Brexit referendum. Earnings before interest, taxes,
depreciation and amortisation (EBITDA) are now expected to reach EUR 46.5
million (previously EUR 48.5 million). Pre-tax earnings (EBT) of EUR 33
million are now expected (previously EUR 35 million).
"Despite the challenging conditions resulting from the Brexit referendum,
GFT achieved dynamic growth in the first half-year," says Ulrich Dietz, CEO
of GFT. "In the second half of the year, we expect strong growth momentum
from the increasing digitisation of business processes in the finance
sector. Moreover, banks will need to make further investments in IT
projects to implement regulatory reforms."
Additional key data
As of 30 June 2016, cash, cash equivalents and securities amounted to EUR
42.22 million and were thus EUR 4.76 million below the year-end figure for
2015 (31 December 2015: EUR 46.98 million). Equity as of 30 June 2016 stood
at EUR 122.41 million, corresponding to a decrease of EUR 2.04 million
since 31 December 2015 (EUR 124.45 million). Total assets as of 30 June
2016 were up EUR 19.79 million at EUR 346.60 million (31 December 2015: EUR
326.81 million). As of 30 June 2016, the equity ratio was 3 percentage
points below the year-end figure (31 December 2015: 38 percent).
Detailed financial figures can be found in the Investor Relations section
of the GFT website at: http://www.gft.com/ir
Key figures (IFRS, unaudited)
(deviations possible due to rounding differences)
In EUR million Q2/2016 Q2/2015 Change in % Revenue 110.64 90.24 23 EBITDA 11.39 10.19 12 EBIT 8.46 7.73 10 Earnings before taxes (EBT) 7.56 7.35 3 Net income for the period 6.63 4.11 61 Earnings/share in EUR 0.25 0.16 56 Equity ratio in percent 35 38 - (30/06/2016) (31/12/2015) Employees (full-time) as of 4,493 3,421 31 30 June In EUR million H1/2016 H1/2015 Change in % Revenue 208.03 178.76 16 EBITDA 21.54 19.80 9 EBIT 15.86 14.98 6 Earnings before taxes (EBT) 14.60 14.23 3 Net income for the period 12.21 8.85 38 Earnings/share in EUR 0.46 0.34 38 Equity ratio in percent 35 38 - (30/06/2016) (31/12/2015) Employees (full-time) as of 4,493 3,421 31 30 JuneAbout GFT: GFT Technologies SE (GFT) is a business change and technology consultancy trusted by the world's 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 brings together advisory, creative and technology capabilities with innovation culture and specialist knowledge of the finance sector, to transform the clients' 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. Headquartered in Germany, GFT achieved consolidated revenue of around EUR 374 million in 2015. The company is represented in twelve countries with a global team spanning approx. 4,500 employees. The GFT share is listed on the Frankfurt Stock Exchange in the TecDAX (ISIN: DE0005800601). Contact: Jutta Stolp, CIRO Investor Relations Manager GFT Technologies SE Schelmenwasenstraße 34 70567 Stuttgart Germany T +49 711 62042-591 F +49 711 62042-301 [email protected] www.gft.com Anja Ebert Press Spokeswoman GFT Technologies SE Schelmenwasenstraße 34 70567 Stuttgart Germany T +49 711 62042-108 [email protected] www.gft.com --------------------------------------------------------------------------- 11.08.2016 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. Archive at 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, Tradegate Exchange End of News DGAP News Service --------------------------------------------------------------------------- 490893 11.08.2016
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