GFT Technologies AG has continued its positive development of the first six months and closed the third quarter of 2010 with significant increases in revenue and earnings. At EUR 8.76 million, earnings before taxes (EBT) for the first nine months in particular were ahead of expectations with year-on-year growth of 55 percent (prev. year EUR 5.65 million). There was also encouraging growth in revenue. In the months January to September 2010, the GFT Group generated total revenue of EUR 178.74 million – an increase of 13 percent over the same period last year (EUR 158.90 million).

At EUR 4.12 million (prev. year: EUR 2.89 million), the company posted its best-ever pre-tax earnings in the third quarter of 2010. There was also encouraging quarter-on-quarter growth in revenue, which reached EUR 64.06 million in the third quarter (prev. year: EUR 53.84 million), following EUR 54.43 million and EUR 60.25 million in the first and second quarters of 2010, respectively.

The Services division in particular displayed dynamic growth in the third quarter. The segment benefitted from strong demand in the financial sector and posted a segment result for the first nine months of 2010 of EUR 7.71 million (prev. year: EUR 4.60 million). The division achieved year-on-year revenue growth of 30 percent to EUR 86.14 million (prev. year: EUR 66.02 million). The largest segment by revenue, the Resourcing division, posted in the reporting period segment revenue of EUR 92.57 million (prev. year: EUR 92.88 million) and contributed EUR 1.53 million (prev. year: EUR 1.74 million) to consolidated earnings.

Due to the encouraging development of business in the first nine months, the Executive Board expects the company to end its financial year 2010 in a similar fashion. Demand in the financial sector is expected to remain stable at the current high level, which will continue to drive business in the Services division. Increasing demand in the industrial sector is also expected to boost the placement of freelance IT specialists, which in turn will positively impact revenue and earnings in the Resourcing segment. Against this backdrop, the Executive Board has upgraded its 2010 forecast for revenue and earnings in the current fiscal year. The GFT Group now expects total revenue to reach EUR 245 million with earnings before taxes of EUR 11 to EUR 12 million.

The interim financial report as of 30 September 2010 will be published on 10 November 2010.