DGAP-News: GFT on track for growth with record revenue
(firmenpresse) - DGAP-News: GFT Technologies AG / Key word(s): Final
Results/Preliminary Results
GFT on track for growth with record revenue
28.02.2011 / 07:11
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- Consolidated revenue up 15 percent to EUR 248.26 million (previous
year: EUR 216.81 million); highest revenue in company history
- Pre-tax earnings (EBT) improved by 47 percent to EUR 11.55 million
(previous year: EUR 7.86 million)
- Strong growth in Services division: revenue up 27 percent and earnings
up 51 percent over previous year
- Proposed dividend increase of 50 percent to EUR 0.15 per share
- Positive outlook for 2011: growth in total revenue to EUR 275 million
with EBT of EUR 13 million expected
- Revenue of EUR 500 million targeted for 2015
Stuttgart, 28 February 2011 - International IT company GFT Technologies AG
(GFT) today announced its preliminary and unaudited financial figures for
the financial year 2010. The company posted record figures for both revenue
and pre-tax earnings (EBT). At EUR 248.26 million, total revenue was 15
percent above the corresponding prior-year figure of EUR 216.81 million;
EBT grew by 47 percent to EUR 11.55 million (prior year: EUR 7.86 million).
'Both business divisions made encouraging progress in 2010 and enjoyed
steady growth throughout the year,' says GFT's CEO Ulrich Dietz. 'We now
intend to drive the company's international growth over the next few years.
With our innovative IT solutions, we already provide solutions for the
latest future topics - especially in the financial services sector. In
addition, our global network of experts enables customers to react flexibly
to growing demand for highly skilled personnel. We see tremendous growth
potential for both divisions and have therefore set a revenue target of EUR
500 million for 2015.'
Revenue: strong demand from finance sector in UK, Spain and USA
The gradual return to stability of the financial sector was reflected in
the positive development of revenue generated by the GFT Group in 2010.
Consolidated revenue rose to EUR 248.26 million, corresponding to growth of
15 percent (previous year: EUR 216.81 million). This increase resulted from
the positive development of the Services segment. The business division
benefited from resurgent demand in the financial sector which raised
segment revenue by 27 percent to EUR 116.47 million (previous year: EUR
91.35 million). Over the course of the year, demand was particularly strong
for IT solutions for corporate and investment banking in the USA and UK, as
well as outsourcing services in Spain. GFT posted strong growth rates in
these countries: in the UK, revenue was increased by 62 percent, in Spain
by 47 percent and in the USA by 46 percent.
Earnings: Services segment enjoys strong growth in earnings
Earnings before taxes were up 47 percent on the previous year to reach EUR
11.55 million (previous year: EUR 7.86 million). The Services division made
the largest contribution with earnings of EUR 9.40 million (previous year:
EUR 6.21 million). In addition to the increased revenue volume, the high
utilisation rate of the division's development centres had a positive
impact on its operating result.
Outlook: positive trend set to continue in 2011
'We made key investments in important innovation topics during 2010, thus
laying an excellent foundation for further growth,' says Ulrich Dietz. 'Our'touch banking' solution for modern investment advice has tapped into an
exciting growth market. We aim to develop further mobile banking
applications at our Mobile Finance Competence Centre over the coming years.
We see considerable growth potential for our innovative and secure
solutions in this field during 2011. Our Resourcing division aims to
exploit a further growth market by placing a growing number of highly
skilled mechanical engineers in future, in addition to IT specialists. We
are optimistic about the future and confident of reaching revenue of EUR
275 million and pre-tax earnings of EUR 13 million in our financial year
2011,' forecasts GFT's CEO.
The GFT Group sees its corporate strategy confirmed by these developments.
Ulrich Dietz states: 'We are now pursuing our target of EUR 500 million
consolidated revenue by 2015 with great energy. By means of organic growth
and strategic acquisitions, we aim to continually develop the GFT Group
internationally and strengthen our positioning as a strategic IT partner.'
Increased dividend
Against the backdrop of the company's encouraging performance, the
Executive Board will propose to the Supervisory Board to make a proposal to
the Annual General Meeting to raise the dividend for financial year 2010 by
50 percent to EUR 0.15. This corresponds to a total dividend payout of EUR
3.95 million.
Additional key data
The Services division enjoyed strong growth in 2010. The segment benefited
from increased demand from the financial sector and accounted for EUR 9.40
million (previous year: EUR 6.21 million) of total earnings. This
corresponds to an increase of 51 percent. There was also encouraging growth
in segment revenue, which was up 27 percent to EUR 116.47 million (previous
year: EUR 91.35 million). This revenue was mainly generated by IT solutions
for corporate and investment banking in the growing markets of the UK and
USA, where business also benefited from the proximity to GFT's development
centre in Brazil.
The Resourcing division, which generates a significant proportion of its
revenue with clients in the industrial sector, felt a noticeable
improvement in the general economic situation during the past financial
year. Although demand for freelance IT specialists was still weak in the
first half of 2010, the recovery of the industrial sector began to gather
speed in the further course of the year. This upswing in the manufacturing
industry resulted in stronger demand and had a significant impact on
segment revenue. All in all, the division generated revenue of EUR 131.77
million (previous year: EUR 125.45 million) and posted pre-tax earnings of
EUR 2.99 million (previous year: EUR 2.75 million). In France, the
acquisition of new customers helped raise revenue by 33 percent.
The Software division was discontinued in May 2010. In accordance with IFRS
regulations, it is therefore no longer included in these key financial
figures.
The return to stability in the financial and industrial sectors had a
positive impact on revenue and earnings in the fourth quarter. In the last
three months of the year under review, the GFT Group posted revenue of EUR
69.52 million (previous year: EUR 57.91 million) and earnings before taxes
of EUR 2.79 million (EUR 2.21 million).
In its financial year 2010, the GFT Group increased headcount by 19 percent
to 1,300 employees as of 31 December (previous year: 1,096). This rise was
largely due to the takeover of personnel as part of an outsourcing project
started in 2009, as well as to the high capacity utilisation of the
Services division. New employees were recruited at the Group's development
centres in Spain and Brazil. Headcount in Germany increased by 38.
Approximately 100 new employees are expected to be recruited world-wide
during 2011.
On 31 December 2010, the GFT Group held cash, cash equivalents and
securities of EUR 40.32 million; EUR 2.62 million more than in the previous
year. Net income increased by 33 percent to EUR 8.25 million (prior year:
EUR 6.19 million). Basic earnings per share rose from EUR 0.23 in 2009 to
EUR 0.31 in the period under review.
Detailed financial figures are available in the Press 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.- 01.01.-* Deviations possible due to rounding differences
31.12.2010 31.12.2009
Revenue 248.26 216.81
EBITDA 12.05 8.54
Total depreciation -1.18 -1.21
EBIT 10.88 7.34
Earnings before taxes (EBT) 11.55 7.86
Net income from continued operations 8.25 6.19
Net loss from discontinued operations -0.47 -1.44
Net income 7.77 4.74
Earnings per share acc. to IAS 33 in EUR 0.31 0.23
Equity ratio in percent 56 58
Employees, absolute figure at year-end 1,300 1,096
(excluding Software division)
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:
Andrea Wlcek
Director of Global Marketing, Media&Investor Relations
GFT Technologies AG
Filderhauptstraße 142
70599 Stuttgart
Germany
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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28.02.2011 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: GFT Technologies AG
Filderhauptstr. 142
70599 Stuttgart
Deutschland
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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113614 28.02.2011Unternehmensinformation / Kurzprofil:
Datum: 28.02.2011 - 07:11 Uhr
Sprache: Deutsch
News-ID 33308
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