GFT Technologies: A Remarkable Journey of Double-Digit Growth Amid Volatility

August 26, 2023
GFT Logo (PRNewsfoto/GFT Financial Ltd)

Key Takeaways

  • GFT Technologies SE achieves a significant milestone with 10% revenue growth in the first half of 2023.
  • Despite a volatile environment, GFT maintains an upward trajectory by outpacing market growth and achieving strong earnings.
  • Above-average growth is observed across sectors, especially in the USA and Mexico, driven by cloud and artificial intelligence demands.
  • GFT remains confident in its growth potential, aiming for solid revenue and earnings growth for the rest of 2023.

About GFT Technologies SE: Leading the Digital Transformation

LONDON, Aug. 22, 2023 /PRNewswire/ — GFT Technologies SE, a pioneer in digital transformation, continues its journey of growth with remarkable achievements in the first half of 2023. Despite the challenges posed by a volatile business environment, GFT maintains its momentum, achieving a remarkable 10% growth in revenue. This accomplishment speaks volumes about the company’s strategic approach and resilience in the face of uncertainty.

Marika Lulay: Navigating Through Volatility Marika Lulay, CEO of GFT, emphasizes the significance of this achievement amidst challenging times. “Despite a volatile environment, we continue to outpace market growth,” Lulay states. “Our global presence and strategic initiatives have allowed us to effectively navigate the obstacles presented by the slowing investment in our largest market. Our growth drivers remain strong, particularly in the fields of cloud and artificial intelligence. As we move forward, we are confident in our ability to accelerate growth.”

Unveiling GFT’s Impressive Performance

GFT’s success is underlined by its financial performance, which reflects its resilience and strategic positioning. The company reported a revenue of EUR 391.58 million in the first half of 2023, surpassing the previous year’s figure of EUR 357.25 million by an impressive 10%. This growth is not limited to specific sectors; it is observed across various segments. In the Insurance sector, revenue grew by 1%, while the Industry & Others sector experienced a remarkable 13% growth. The Banking sector saw an 11% increase in revenue compared to the previous year.

Global Growth Highlights GFT’s growth is not confined to a single geography; it is a global phenomenon. The USA, the world’s largest software market, witnessed a staggering 35% increase in revenue. In Mexico, GFT achieved an even more impressive 63% growth. This exceptional performance can be attributed to complex modernization and transformation projects, particularly in the finance sector. Meanwhile, in Germany, the successful integration of targens GmbH contributed to a 43% revenue increase compared to the same period last year.

Confidence in Future Growth

GFT’s journey of growth is far from over. The company retains a positive outlook for the remainder of 2023, with plans to continue raising both revenue and earnings. Recognized for its sector and technological expertise, GFT is strategically positioned to capitalize on digitalization and cloud trends. Despite the volatile macroeconomic environment, GFT anticipates solid growth. The company’s extensive portfolio of digitalization and cloud solutions positions it well to leverage emerging opportunities.

Revised Guidance for 2023 While GFT is confident in its growth potential, it acknowledges the need to navigate uncertainties effectively. As a result, the company has slightly revised its guidance for 2023. GFT now expects Group Revenue to reach around EUR 810-820 million (compared to EUR 730 million in 2022). The anticipated growth in adjusted EBIT is projected to be around EUR 74-76 million (compared to EUR 67 million in 2022), while earnings before taxes (EBT) are expected to be in the range of EUR 68-70 million (compared to EUR 66 million in 2022).

GFT UK’s Contribution to Success

GFT’s success is a result of collaborative efforts across various regions, including the UK. The UK business plays a significant role, contributing 14% of the total revenue. Carlton Hopper, Managing Director of GFT UK, underscores the importance of the UK operations. “Our strategy continues to be focused on growing our UK operations, working with current and prospective clients to deliver industry-leading technology solutions,” Hopper states. The 10% headcount growth reflects the commitment to delivering excellence and driving success in the UK.

As GFT Technologies SE navigates the evolving business landscape, its growth trajectory serves as an inspiration. The company’s ability to achieve double-digit growth, embrace innovation, and adapt to change showcases its determination to lead the digital transformation journey. With a global footprint, diverse expertise, and a forward-looking approach, GFT continues to redefine the boundaries of success in the digital age.

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