DGAP-News: GFT Technologies AG / Key word(s): Half Year Results
GFT Technologies AG: GFT continues growth with new record figures
11.08.2011 / 07:18
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- Revenue raised by 24 percent to EUR 141.80 million (prev. year: EUR
114.68 million)
- Pre-tax earnings (EBT) up 19 percent to EUR 5.52 million (prev. year:
EUR 4.65 million)
- Resourcing division benefiting from strong demand for specialists with
revenue growth of 43 percent
- Despite adverse market environment, Services division raises revenue by
4 percent
- Forecast for financial year 2011 confirmed: revenue of EUR 275 million
and EBT of EUR 13 million expected
Stuttgart, 11 August 2011 - Following a strong second quarter, GFT
Technologies AG (GFT) has once again stepped up the pace with strong growth
in revenue and earnings in the first six months of 2011. Consolidated
revenue reached EUR 141.80 million in the first half of 2011 - up 24
percent on the same period last year. EBT grew by 19 percent to EUR 5.52
million (prev. year: EUR 4.65 million). Growth was particularly dynamic in
the Resourcing division. 'With our international network of specialists we
were perfectly placed to meet the strong demand for highly skilled,
flexible IT specialists in the industrial and financial sectors,' explains
GFT's CEO Ulrich Dietz. 'At the same time, there was consistently high
demand for our mobile solutions in the field of investment advice and for
our intelligent customer management applications.' GFT's Executive Board
has upheld its forecast for 2011 as a whole and expects to reach revenue of
EUR 275 million and EBT of EUR 13 million. 'The growing shortage of skilled
labour will continue to drive growth in the second half of the year.
Against the backdrop of the finance industry's current challenges, we have
demonstrated that our Services division can offer clients compelling modern
solutions.'
Revenue: growth of 24 percent; Resourcing division posts high growth rates
in Germany and France
The GFT Group generated total revenue of EUR 141.80 million in the first
six months of 2011 (prev. year: EUR 114.68 million). This corresponds to
growth of 24 percent over the same period last year. This positive trend
can also be seen when comparing quarters: second quarter revenue reached
EUR 74.50 million compared to revenue of EUR 67.30 million in the first
quarter. This strong performance over the first six months of 2011 resulted
mainly from a significant rise in revenue generated by the Resourcing
division. High demand for freelance IT experts and engineers in all sectors
and countries led to dynamic growth in this segment. With revenue of EUR
83.54 million (prev. year: EUR 58.44 million), the division made a major
contribution to total revenue. The segment's Resource Management business
was particularly successful with revenue growth of 49 percent to EUR 42.20
million (prev. year: EUR 28.44 million). Third Party Management also
enjoyed strong growth with revenue of EUR 41.14 million (prev. year: EUR
30.00 million) - an increase of 37 percent. Growth rates were high in the
Resourcing division's German and French markets. In Germany, revenue rose
by 25 percent and in France by 65 percent. In addition to expanding
relations with existing clients - especially via projects in the industrial
sector both inside and outside Europe - there was also a significant
increase in new customer acquisition in the first half of 2011.
The Services division utilised the opportunities presented by a challenging
market environment in the financial sector. Segment revenue amounted to EUR
58.26 million in the first six months and thus exceeded the high prior-year
level of revenue by a further 4 percent (prev. year: EUR 56.21 million). In
addition to outsourcing services and IT solutions for corporate and
investment banking clients in the UK and USA, there was also strong demand
for innovative solutions in the field of investment advice and customer
management. Despite adverse market conditions in Spain, the Services
segment succeeded in once again raising its high revenue level. Revenue
generated with clients in Spain grew by 13 percent in the period under
review. In Switzerland, the acquisition in June 2011 of Asymo AG - one of
the leading Swiss IT consultants for the core banking solution Avaloq - not
only added top-class consulting expertise for standard software to the GFT
Group's service portfolio, but also expanded its client base in
Switzerland. Asymo AG was consolidated in June 2011. Total revenue
generated in Switzerland in the first six months of the year rose by 63
percent.
Earnings: growth of 19 percent; Services division accounts for largest
share
In the first six months of 2011, earnings before taxes amounted to EUR 5.52
million, representing year-on-year growth of 19 percent (prev. year: EUR
4.65 million). In addition to increased revenue, the key factors were
successful steps taken to raise productivity and ongoing efforts to
optimise costs. The Services division was able to build on its strong order
position in the financial sector and made the largest contribution to
earnings with EUR 4.56 million - a 14 percent increase in its segment
result (prev. year: EUR 4.01 million). The Resourcing division posted
strong growth in earnings: at EUR 1.65 million, it raised its segment
result by 93 percent (prev. year: EUR 0.86 million).
Further key figures: solid balance sheet structure; increase in headcount
Net income for the first six months amounted to EUR 3.63 million as of 30
June 2011 and was thus 2 percent higher than in the same period last year
(EUR 3.55 million). Cash, cash equivalents and securities stood at EUR
18.09 million as of 30 June 2011 and was thus down on the previous year
(EUR 26.44 million). Earnings per share improved to EUR 0.14 in the period
under review, compared to EUR 0.13 in the previous year. The number of
employees rose by 9 percent year on year. As of 30 June 2011, the GFT Group
employed 1,317 people - 108 more than in the previous year. In Germany,
headcount increased by 5 percent to 280 persons as of 30 June 2011 (prev.
year: 267).
Outlook: further growth expected for Resourcing division; forecast for year
as a whole confirmed
'Against the backdrop of a strongly positive development in the first six
months, we remain optimistic for the year as a whole. In the financial
sector, our wide range of services and international alignment enable us to
react quickly to market needs,' explains GFT's CEO Ulrich Dietz. The
Executive Board expects GFT's steady growth to continue in the rest of 2011
and confirms its forecast made in the Consolidated Financial Statements
2010: namely, total revenue of EUR 275 million and earnings before taxes of
EUR 13 million. Strong demand for freelance IT specialists and engineers is
expected to generate dynamic growth rates in the Resourcing division in
particular. As Ulrich Dietz states: 'Flexible working models are the
future. We provide freelance experts for the German industrial and
financial sectors, giving companies the necessary manpower flexibility and
meeting their needs for skilled personnel.'
Detailed financial figures are available in the Investor Relations section
of the GFT website at http://www.gft.com/ir.
Key figures in accordance with IFRS 5 *:
|[![CDATA[|[pre|]]]|]
Key figures acc. to IFRS in EUR million 01.01.- 01.01.-
30.06.2011 30.06.2010
Revenue 141.80 114.68
EBITDA 5.76 4.93
EBIT 5.13 4.36
Earnings before taxes (EBT) 5.52 4.65
Net income from continued operations as 3.63 3.55
of 30 June
Earnings per share acc. to IAS 33 in 0.14 0.13
EUR
Equity ratio in percent 53 58
Number of employees as of 30 June 1,317 1,209
|[![CDATA[|[/pre|]]]|]
* Deviations possible due to rounding differences
About GFT:
The GFT Group, headquartered in Germany, is an international provider of
innovative IT solutions and services. As a strategic IT partner, GFT
supports its clients in the optimisation of their business processes
through intelligent IT systems and specialists and thus sustainably
improves their competitive positions.
GFT is among the world's leading IT service providers in the financial
services sector. The company combines established technology experience
with a wide range of industry expertise, in order to develop, implement and
maintain customised IT solutions (Services division).
GFT recruits and places IT freelancers across a range of industries and
locations. It also oversees the complete management package for its
clients. The basis for this is a worldwide reserve of experts, consisting
of over 180,000 freelance IT specialists (Resourcing division).
Ulrich Dietz founded GFT in 1987 and is now CEO and principal shareholder
of the Group which, in 2010, achieved revenues of around EUR 248 million.
It has 1,300 employees at locations in seven countries. The GFT share is
listed on the Frankfurt Stock Exchange (Prime Standard: WKN 580 060, GEX).
Contact for journalists:
Andrea Wlcek
Director of Global Marketing, Media & Investor Relations
GFT Technologies AG
Filderhauptstr. 142
70599 Stuttgart
Germany
T +49 711 62042-440
F +49 711 62042-301
andrea.wlcek@gft.com
End of Corporate News
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Language: English
Company: GFT Technologies AG
Filderhauptstr. 142
70599 Stuttgart
Germany
Phone: +49 (0)711/62042-0
Fax: +49 (0)711/62042-301
E-mail: Investor-Relations@gft.com
Internet: www.gft.com
ISIN: DE0005800601
WKN: 580060
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, München,
Stuttgart
End of News DGAP News-Service
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135206 11.08.2011
DGAP-News: GFT Technologies AG: GFT continues growth with new record figures
| Source: EQS Group AG