- EXCELLENT START TO THE YEAR WITH STRONG SALES PERFORMANCE AND CONTINUING BUSINESS MOMENTUM. REVENUE GREW BY 64% IN THE QUARTER AND NET PROFIT BY MORE THAN 8 TIMES
- LICENCE REVENUES FOR THE QUARTER EXCEEDED OUR TARGET AND GREW AT 110% COMPARED TO Q1 2006
- REVENUE, EBIT, EBITDA AND EPS OUTLOOK FURTHER INCREASED FOR 2007
TEMENOS Group AG (SWX: TEMN), a provider of integrated core banking software, today announced its first quarter 2007 results.
Highlights – First Quarter 2007
• Excellent start to the year with strong sales performance and business momentum. Revenues grew by 64% in the quarter and net profit by more than 8 times.
• Licence revenues for the quarter exceeded our target and grew at 110% (organic: 104%) compared to Q1 06. Acceleration of maintenance revenues growth for the quarter at 26% (organic: 22%) compared to Q1 06. Service margin was breakeven for the quarter compared to -16% for Q1 2006.
• Business model on target – 12 month comparisons favourable and point to excellent top line and licence revenue growth, cost leverage and cash flow generation. In the 12 months to 31 March 07:
• Revenues up 41%
• Licence Revenues up 67%
• Service Revenues up 26%
• Operating costs up 36%
• EBITDA up 47%
• EBIT up 67%
• Diluted EPS up 97%
• Cash Flow from Operations up 99% at US$30.6m compared to US$15.4m in the 12 months to 31 March 2006
• 2007 Outlook
Based on our Q1 sales performance and the acquisition of Actis.BSP we are increasing our 2007 outlook for revenues and profitability
Andreas Andreades, Chief Executive, commented:
“It is a pleasure to report on such an outstanding performance and to increase our outlook for the second time for 2007. The business has performed exceptionally well across the board. We have been able to deliver above plan revenue and licence growth and continue to deliver significant profit improvement. With a complete management team now well established, our sales and services execution are moving into a higher gear. Our products are exceptionally well placed to deliver client value and our competitive position is continuously improving against all market players. Finally we have put in place the cornerstone of our United States and TCB strategies with the conclusion of an exclusive joint development and distribution partnership agreement with Metavante Corp, a leading US software and services provider. The management team is focused on delivering on our 2007 and three year plan commitments”.
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