Financial Service Sector Boosts GFT Group Nine-Month Results

IT solutions provider GFT Group reported a 42 percent increase in its consolidated revenues for the first nine months of 2015, to $291.23 million, driven mainly by the financial service sector, the company said in a press release.

Acquisitions Help Organic Growth

The demand that fuelled the increase had to do with greater regulatory pressure on the financial services sector for compliance with new requirements. The other leading factor that underpinned GFT Group’s positive results was the shift towards the digital among retail banks, the company noted. In addition to these organic growth drivers, GFT said, the Acquisition Acquisition Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Read this Term of UK Rule Financial – an IT service and consultancy provider – and Spanish Adesis Netlife – a provider of web development, communications and marketing services – also contributed to the positive results.

“Adapting IT systems to growing compliance requirements will continue to be a major challenge for all financial institutions.”

Earnings before interest, tax, amortization and depreciation (EBITDA) rose by 38 percent to $33.58 million, and pre-tax profits came in at $24.49 million, up 26 percent from $19.39 million for the first nine months of 2014.

Full-Year Guidance Revised Upwards

Based on the positive results so far this year, GFT Group has revised upwards its full-year financial performance guidance. The company now expects to generate consolidated revenues of $397.25 million, up from the previous projection of $$389.72 million. EBITDA is now seen at $47.37 million, and pre-tax profits are expected to reach $33.37 million, both revised up by $1.8 million.

Commenting on the results, the Chief Executive Officer of GFT Technologies SE, the group’s core business division, Ulrich Dietz said: “Adapting IT systems to growing compliance requirements will continue to be a major challenge for all financial institutions. In addition, retail banks need to digitise their business processes even more and make them more customer-centric if they are to fight off the challenge from innovative niche competitors from the Fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term sector. We see great potential in this future market and aim to build on our position as the leading provider of digital financial solutions.”