Press Releases
GFT Technologies AG exceeds expectations in second quarter and raises revenue and earnings forecast for 2010 as a whole
Ad-hoc announcement according to § 15 WpHG
Stuttgart, 9. August 2010 – The GFT Group recorded a significant upturn in its business during the first six months of 2010. After an encouraging first quarter, the positive development continued in the second quarter of the year. Both revenue and earnings before taxes were ahead of expectations. The GFT Group generated total revenue of EUR 114.68 million in the first six months of 2010, corresponding to year-on-year growth of 9 percent. As of 30 June 2010, earnings before taxes (EBT) amounted to EUR 4.64 million and thus exceeded the prior-year figure of EUR 2.76 million by 68 percent.
This positive trend was also evident in the quarterly comparison: in the second quarter of 2010, the GFT Group generated revenue of EUR 60.25 million and thus 11 percent more than in the previous quarter (EUR 54.43 million). Earnings before taxes increased from EUR 1.62 million to EUR 3.02 million in the second quarter, corresponding to quarter-on-quarter growth of 86 percent.
The Services division in particular performed better than originally expected at the beginning of the year. The segment generated revenue of EUR 56.21 million in the first six months, corresponding to year-on-year growth of 30 percent (prev. year: EUR 43.32 million), and almost doubled segment earnings to EUR 4.01 million (prev. year: EUR 2.10 million).
In view of the strong order position and more stable economic climate, the Executive Board expects the current dynamic business development to continue in the second half of 2010. Strong year-on-year growth is expected in particular for the Services division. Thanks to increased demand – especially from the financial sector – there are good opportunities for this segment in particular to exceed the original expectations of early 2010 and achieve growth in both revenue and earnings.
The Executive Board has therefore raised its revenue and earnings forecasts for the current financial year. The GFT Group now expects revenue to exceed EUR 240 million and earnings before taxes to lie between EUR 10 and EUR 11 million.
The interim financial report as of 30 June 2010 will be published on 11 August 2010.
This positive trend was also evident in the quarterly comparison: in the second quarter of 2010, the GFT Group generated revenue of EUR 60.25 million and thus 11 percent more than in the previous quarter (EUR 54.43 million). Earnings before taxes increased from EUR 1.62 million to EUR 3.02 million in the second quarter, corresponding to quarter-on-quarter growth of 86 percent.
The Services division in particular performed better than originally expected at the beginning of the year. The segment generated revenue of EUR 56.21 million in the first six months, corresponding to year-on-year growth of 30 percent (prev. year: EUR 43.32 million), and almost doubled segment earnings to EUR 4.01 million (prev. year: EUR 2.10 million).
In view of the strong order position and more stable economic climate, the Executive Board expects the current dynamic business development to continue in the second half of 2010. Strong year-on-year growth is expected in particular for the Services division. Thanks to increased demand – especially from the financial sector – there are good opportunities for this segment in particular to exceed the original expectations of early 2010 and achieve growth in both revenue and earnings.
The Executive Board has therefore raised its revenue and earnings forecasts for the current financial year. The GFT Group now expects revenue to exceed EUR 240 million and earnings before taxes to lie between EUR 10 and EUR 11 million.
The interim financial report as of 30 June 2010 will be published on 11 August 2010.
GFT Technologies AG
Andrea Wlcek
Director of Global Marketing, Media & Investor Relations
Filderhauptstraße 142
70599 Stuttgart
Germany
T +49 711 62042-440
F +49 711 62042-301
andrea.wlcek@gft.com
© GFT AG