Strong first quarter: GFT Group upgrades guidance

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10 Jun, 2022, 10:11 GMT

Global growth momentum unbroken

Group EBT up by 91 percent compared to first quarter of 2021, revenue up by 40 percent
Group revenue guidance for 2022 upgraded from EUR 680 million to around EUR 720 million and EBT guidance from EUR 54.5 million to around EUR 58 million
Sustained dynamic growth thanks to complex, long-term projects
Successful diversification continues: Insurance sector grows year on year by 67 percent, Industry & Others by 59 percent
GFT's UK operation contributed to global results with 18 percent of total revenue, a figure which grew by 50 percent compared to the first quarter of 2021.
As of 31 March 2022, GFT employed 255 full-time UK employees, an increase of 42 percent compared to 31 March 2021.

LONDON, June 10, 2022 /PRNewswire/ -- Digital transformation has been a dominant topic across almost all industries for several years now – however this wave is still far from peaking. In 2025, global spending on digital transformation will be more than double the amount it was in 2020¹⁾.

GFT Technologies SE (GFT) is exploiting this digitalisation wave and continuing its dynamic growth. After its record results in 2021, the global company achieved further strong growth in the first quarter of 2022: Group revenue rose by 40 percent and earnings before taxes (EBT) by as much as 91 percent.

Extensive and complex projects

This very positive development is being driven by consistently strong demand for extensive and complex digitalisation projects. The high level of new orders means strong growth is also expected for the rest of the financial year. The Group has therefore upgraded its revenue guidance for 2022 to around EUR 720 million (previously: EUR 680 million). This corresponds to revenue growth of around 27 percent compared to 2021. Pre-tax earnings for the full year are likely to reach around EUR 58 million at Group level (previously: EUR 54.5 million), corresponding to expected year-on-year growth of around 45 percent. The Group expects adjusted EBITDA to grow to around EUR 79 million, around 22 percent more than in 2021. The war in Ukraine has had no negative impact on GFT's business so far.

"We see particularly strong growth in the Americas region and in Asia. Our clients there are pioneers in the use of cutting-edge technologies," explains Jochen Ruetz, CFO of GFT. "There are also numerous European companies planning to launch major projects over the coming years in order to leverage these innovative technologies."

Carlton Hopper, Managing Director of GFT in the UK added "Our excellent Q1 results demonstrate we have the right strategy for growth. I am privileged to work with an outstanding team delivering great outcomes for our UK clients, as we continue to offer our expertise in sustainable digital systems to sectors including insurance and retail banking. Digital transformation continues to evolve and we're glad to be a key contributor in the evolutionary journey for our clients."

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Further information here on the GFT website.

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