Earnings: earnings slightly up despite noticeable pricing pressure
The earnings before taxes (EBT) of the GFT Group as of 30 June 2009 were EUR 2.28 million, slightly up on the previous year's earnings of EUR 2.25 million. This is an increase of 25 per cent on the previous quarter. The Services and Resourcing divisions continued to provide the best contribution to operating income.
Despite noticeable pricing pressure and a still cautious demand, both divisions contributed EUR 2.10 million and EUR 0.99 million respectively to the half-yearly earnings. In the Software division, loss of earnings was down on the previous year from EUR -1.65 million in 2008 to the current EUR -0.40 million thanks to considerable cost-reduction measures at the beginning of the year.

Revenue: development of revenue slightly down due to the tense economic environment
The GFT Group achieved revenues of EUR 107.48 million in the first six months of the 2009 financial year. This means overall revenue is down seven per cent compared to EUR 115.90 million as of 30 June 2008. Revenue was down three per cent compared to the first quarter to EUR 52.92 million.
The reduction was due essentially to a still tense economic environment and the associated reluctance towards IT expenditure.
With revenue of EUR 43.32 million in the Services division, despite hesitant demand in the financial services sector, it was almost possible to maintain the figures from the previous year (EUR 44.17 million). In the division where the highest revenue was achieved, Resourcing, which was affected by the restrained demand for IT freelancers in all industries and countries, revenue was down by 10 per cent to EUR 61.75 million (previous year: EUR 68.9 million). Resource Management almost managed to achieve the same revenue as last year. However, weaker revenue development was seen in the low-margin area of Third Party Management. Revenue in the Software division was down 15 per cent on the same period of the previous year to EUR 2.42 million (previous year: EUR 2.83 million).

Further key data
On 30 June 2009, the net income for the first six months of EUR 1.6 million was up EUR 0.5 million on the previous year of EUR 1.1 million. The earnings per share were up in the period under review to EUR 0.06 compared to EUR 0.04 for the same period of the previous year. Holdings of cash, cash equivalents and securities were up to EUR 24.9 million (previous year: EUR 18.1 million).
The GFT Group employed 1,022 staff at 30 June 2009 –
17 persons fewer than the same period the previous year and five fewer than on 31 December 2008.

Target earnings for 2009 confirmed, revenue adjusted to the market situation
"Our aim is to sustainably increase earnings. Despite the reduced revenue, and after the positive development of earnings during the first six months of 2009, we are still striving for pre-tax earnings of between EUR 6 and 8 million for the full financial year. As we are not expecting a distinct stabilisation of the world economy until next year, we have reduced our revenue forecast for 2009 to EUR 220 million. We have adjusted our cost structure in good time and our range of services is well positioned internationally. This enables us to hold our own in an economy that is still weak and to quickly seize the opportunities in a recovering economic environment,” says Ulrich Dietz, CEO of GFT.