DGAP-News: GFT Technologies AG: GFT posts revenue growth and stable earnings in FY 2011
(firmenpresse) - DGAP-News: GFT Technologies AG / Key word(s): Final Results
GFT Technologies AG: GFT posts revenue growth and stable earnings in
FY 2011
01.03.2012 / 07:40
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GFT posts revenue growth and stable earnings in FY 2011
- Consolidated revenue up 10 percent to EUR 272.38 million
- Pre-tax earnings (EBT) stable at EUR 11.05 million
- Resourcing segment grows by 19 percent to EUR 156.38 million
- Services segment posts stable segment revenue of EUR 115.50 million
- Two acquisitions strengthen core competencies in financial services
Stuttgart, 1 March 2012 - GFT Technologies AG (GFT) today announced its
preliminary and unaudited financial figures for the financial year 2011:
consolidated revenue was up 10 percent to EUR 272.38 million (previous
year: EUR 248.26 million); pre-tax earnings remained virtually unchanged at
the high level of EUR 11.05 million (previous year: EUR 11.55 million). 'In
2011, we used the general economic upswing to get off to a strong start to
the year. In the first six months, we exceeded our strong prior-year
figures and also fared well in the difficult economic climate of the last
six months. With two targeted acquisitions in 2011, we invested in the
future, accelerated growth and strengthened our position as a strategic IT
partner for the financial service industry,' states GFT CEO Ulrich Dietz.
'We continue to uphold our revenue target of EUR 500 million for 2015. The
demand for innovative and secure solutions for mobile life and work is
growing rapidly. Our attractive digital business models enable clients to
exploit the opportunities of this future market. Moreover, our
international network of experts is ideally placed to meet the needs of an
increasingly flexible working world.'
Revenue: high growth rates in France, USA and Switzerland
In 2011, the GFT Group benefited from the ongoing economic recovery and
succeeded in raising total revenue by 10 percent to EUR 272.38 million.
This strong growth was driven above all by the Group's Resourcing division,
which benefited from a high level of demand for IT specialists and
engineers in all sectors and countries. In the period under review, segment
revenue rose to EUR 156.38 million - an increase of 19 percent over the
prior-year figure of EUR 131.77 million. This growth was fuelled by both
increased cooperation with existing clients as well as the successful
acquisition of new business. In the industrial sector in particular, there
was stronger demand in 2011 for highly skilled staff for projects both
inside and outside Europe.
The growing stability of the financial sector was reflected by the positive
development of the Services segment in the first six months. In the second
half of the year, however, the segment was unable to escape the slowdown in
growth. However, it still maintained its high prior-year level with segment
revenue of EUR 115.50 million (previous year: EUR 116.47 million). Stable
revenue streams from long-term projects in the field of core banking
solutions and outsourcing services helped compensate almost fully for
weaker demand for IT solutions in the field of corporate and investment
banking.
The successful expansion of activities in the Resourcing segment and
increased volumes for certain projects in the Services segment led to high
growth rates in several countries: Francereported year-on-year growth of
53 percent, while revenue in Switzerland leapt by 84 percent. There was
revenue growth of 13 percent in the USA and 5 percent in Germany. Despite
an adverse market environment, the traditionally strong revenue level in
Spain was raised again by 11 percent. In the UK, more cautious demand in
the financial sector led to a fall in revenue of 5 percent.
EBT: virtually unchanged from last year
Earnings before taxes in 2011 were affected by more modest capital spending
in the financial sector and the resulting fall in revenue. At EUR 11.05
million, the figure was slightly down on the previous year (EUR 11.55
million). The Services segment accounted for the largest share of this
total (EUR 9.01 million compared to EUR 9.40 million in the previous year).
Reduced revenues and a deterioration in capacity utilisation had a
dampening effect on segment earnings in the second half of the year. In the
Resourcing division, there was an increase in segment earnings of 17
percent to EUR 3.49 million (previous year: EUR 2.99 million). This was due
to the positive development of revenue and the success of measures
introduced to raise efficiency.
Outlook: focus on future markets for sustainable growth
'Our portfolio of products and services has proved highly robust in
uncertain times. We continued our strategic development in 2011 and will
remain focused on our future markets and topics in 2012. We are targeting
growth fields in the finance sector with innovative IT solutions in the
field of mobile applications. In addition, we expect the rising global
demand for skilled employees to stimulate further growth,' says GFT's CEO
Ulrich Dietz.
Against the backdrop of its strong progress in the Resourcing sector and
consistently high demand, GFT expects to be able to maintain its solid
growth in this segment. In addition, the company forecasts growing demand
from the finance sector for IT outsourcing offers and solutions designed to
meet rising compliance demands in 2012. As Ulrich Dietz explains: 'Despite
having to compensate for a significant decline in revenue from a particular
Resourcing client, we expect to grow our other business in 2012. In the
current fiscal year, we anticipate total revenue of EUR 250 million and
pre-tax earnings of EUR 12 million.' In the medium term, GFT expects to
reach the 500-million-euro mark by 2015: 'We plan to enhance our
competencies with further acquisitions and are upholding our revenue target
of EUR 500 million.'
Dividend payment
In view of its encouraging performance, the GFT Group plans to continue its
dividend policy. For 2011, the Executive Board will recommend that the
Supervisory Board proposes a dividend of EUR 0.15 at the Annual General
Meeting. This would correspond to a total dividend payout of EUR 3.95
million.
Additional key data
In the period under review, the GFT Group added top-quality IT consultancy
and implementation expertise to its portfolio with the acquisition of Asymo
AG in Switzerland and the consultancy division of G2 Systems in the USA.
Leading financial institutes were added to the client base in both
countries. Asymo AG was consolidated as of June 2011 and G2 Systems in
October 2011.
The Resourcing segment achieved strong growth in 2011. The segment
generated revenue of EUR 156.38 million in 2011 (previous year: EUR 131.77
million) and contributed EUR 3.49 million to total earnings (previous year:
EUR 2.99 million). Growth was particularly strong in the segment's Resource
Management business, which raised revenue to EUR 88.00 million - an
increase of 35 percent (previous year: EUR 65.30 million). There was also a
slight increase in Third Party Management business, which posted revenue of
EUR 68.38 million (previous year: EUR 66.47 million).
The Services segment focuses mainly on the financial services industry.
Despite the adverse market climate in this sector during 2011, the segment
succeeded in holding revenue reasonably stable at EUR 115.50 million
(previous year: EUR 116.47 million) with segment earnings of EUR 9.01
million (previous year: EUR 9.40 million).
The slowdown in economic growth began to impact both revenues and earnings
of the GFT Group in the fourth quarter of 2011. In the last three months of
2011, GFT posted revenue of EUR 64.51 million (previous year: EUR 69.52
million) and an EBT result of EUR 2.00 million (previous year: EUR 2.79
million).
The number of employees increased over the financial year 2011. As of 31
December 2011, the GFT Group employed 1,337 people (previous year: 1,300).
This increase was largely due to the addition of staff from acquisitions
made by the Services segment in Switzerland and the USA. In Germany,
headcount totalled 289 as of the balance sheet date - 12 more than one year
before.
As of 31 December 2011, the GFT Group had cash and cash equivalents of EUR
39.68 million (previous year: EUR 40.32 million). Net income amounted to
EUR 8.29 million and was thus slightly up on the previous year (EUR 8.25
million). Basic earnings per share for the period under review remained
unchanged from the previous year at EUR 0.31.
Detailed financial figures are available in the Investor relations section
of the GFT website at http://www.gft.com/ir.
Key figures (unaudited) in accordance with IFRS 5 for continued
operations*:
IFRS figures in EUR million 01.01.-31.12.2011 01.01.-31.12.2010* Deviations possible due to rounding differences
Revenue 272.38 248.26
EBITDA 11.82 12.05
Total depreciation 1.35 1.18
EBIT 10.47 10.88
Earnings before taxes (EBT) 11.05 11.55
Net income from continued operations 8.29 8.25
Net loss from discontinued operations 0.00 -0.02
Net income 8.29 7.77
Earnings per share acc. to IAS 33 in 0.31 0.31
EUR
Equity ratio in percent 55 55
Employees, absolute figure at year- 1,337 1,300
end
As a strategic IT partner based in Stuttgart, Germany, the GFT Group helps
companies optimize their business processes by providing intelligent IT
systems and highly skilled specialists. Under the motto 'inspiring IT', GFT
converts cutting-edge technological developments into sustainable business
models.
GFT is one of the world's leading IT service suppliers for the finance
sector. It enables financial institutes to quickly and securely utilize
modern technologies in order to enhance their long-term competitive
standing. GFT combines established technological experience with
comprehensive industry expertise, in order to develop, implement and
maintain customized IT solutions. With its international network of
experts, GFT offers companies in all sectors the opportunity to flexibly
manage the staffing of their technology projects.
For 25 years, GFT has stood for technological expertise, innovative
strength and outstanding quality. Founded in 1987 by its current CEO,
Ulrich Dietz, GFT achieved revenues of EUR 272 million in 2011. The GFT
Group is represented in seven countries by its 22 local facilities. A
global team of over 1,300 employees and 1,300 external consultants
implement complex IT projects across various countries. The GFT share is
listed on the Frankfurt Stock Exchange (Prime Standard: WKN 580 060, GEX).
Andrea Wlcek
Director of Global Marketing, Media&Investor Relations
GFT Technologies AG
Filderhauptstr. 142
70599 Stuttgart
T +49 711 62042-440
F +49 711 62042-301
andrea.wlcek(at)gft.com
www.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(at)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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