GFT further accelerates growth

Significant growth in earnings and revenue thanks to structurally stronger demand in the first nine months of 2021
Published: Dec. 7, 2021 at 10:00 AM EST
  • GFT U.S. delivered 26% growth in a 9-month period Y/Y
  • Significant increase in EBT of 211% and in revenue of 24%
  • Strong demand enables focus on higher-margin projects
  • Active cost management slows increase in administrative expenses
  • Successful diversification: Insurance sector +40% revenue growth, Industry & Others +30%
  • High level of orders received indicates further significant growth in 2021 and 2022

NEW YORK, Dec. 7, 2021 /PRNewswire/ -- Investments in future technologies, such as cloud and artificial intelligence are growing fast. Around 482 billion US dollars are expected to be spent worldwide on cloud projects alone in 2022 – an increase of 54% over 2020*. Thanks to its strong expertise in these fields, GFT Technologies SE (GFT) will benefit more than average from this trend. This is illustrated by the company's strong performance in the first nine months and its consistently high level of orders received.

GFT Logo (PRNewsfoto/GFT)
GFT Logo (PRNewsfoto/GFT)

In the first nine months, revenue rose year on year by 24% to EUR 405.39 million, while pre-tax earnings (EBT) even tripled to EUR 28.13 million. This strong growth resulted from structurally high demand and an increased focus on high-margin projects. The positive business performance also indicates dynamic growth in revenue and earnings for the rest of 2021 and the coming year. As a result of consistently strong demand and the high level of orders received, GFT raised its outlook for the current financial year once again on October 21st.

Marika Lulay, CEO of GFT explained: "We believe in a digital world in which the intelligent use of IT is key to success – for our employees, clients and investors, and of course for GFT itself. Our clients are also convinced of this, as demand for digitalization solutions continues to grow and grow. This is enabling us to focus on projects with higher margins."

Even in a highly competitive market like the U.S. GFT has increased its local revenue by 26%. "This consistent growth rate proves that American clients recognize our expertise in API, mobile, and cloud-based projects. GFT offers agile-at-scale solutions that improve innovation and accelerate transformation for our clients," says Marco Santos, GFT president U.S. and Latin America.

*) Gartner Says Four Trends Are Shaping the Future of Public Cloud

About GFT – Shaping the future of digital business
As a pioneer for digital transformation GFT develops sustainable solutions across new technologies – from cloud engineering and artificial intelligence to Blockchain/DLT.

With its deep technological expertise, strong partnerships and comprehensive market know-how GFT offers advice to the financial and insurance sectors, as well as in the manufacturing industry. Through the intelligent use of IT solutions GFT increases productivity and creates added value for clients. Companies gain easy and safe access to scalable IT-applications and innovative business models.

Founded in 1987 and located in more than 15 markets to ensure proximity to its clients, the GFT team consists of over 8,000 determined experts. GFT provides them with career opportunities in all areas of software engineering and innovation. The GFT Technologies SE share is listed in the Prime Standard segment of the Frankfurt Stock Exchange (ticker: GFT-XE).

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SOURCE GFT Technologies AG

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