GFT Group achieves record result in the first half of 2007

St. Georgen - 9 August 2007

In the first half of 2007 the international leading IT Service Provider GFT Technologies AG (GFT) achieved the best result in its 20 year history. Earnings before tax and revenues were significantly higher than last year.

Earnings before tax (EBT) reached a record level at around Euro 5.3m (previous year: Euro 2.3m) and, compared to the first quarter of 2007, earnings rose again from Euro 2.2m to Euro 3.1m in the second quarter.

The Services division played a key role in the improvement of these results, which were primarily due to the successful implementation of major projects with customers in Brazil, Spain, UK and Germany. A significant rise in earnings has also been achieved by the Resourcing division.

The GFT Group’s dynamic growth is also reflected in the strong increase in revenues. At Euro 113.1m, revenue exceeded the previous year (Euro 80.1m.) by 41 percent. Following an excellent first quarter, revenues in the second quarter rose by a further Euro 5.5m to Euro 59.3m.

Revenues were particularly strong in the Resourcing division with 47 percent growth in the first half of the year. A significant proportion of this came from business with new clients in the banking sector. In the Services division, projects involving established customers were expanded and revenue grew by 26 percent. The performance of the UK was particularly strong with revenues more than doubling compared to the first half of 2006 (Euro 11.3m compared to Euro 5.4m).

Half-yearly net income was more than three times greater than last year (Euro 3.3m compared to Euro 0.9m). The Group’s balance sheets demonstrated liquid assets and securities worth Euro 21.6m, some 112 percent up on the first half of 2006. Earnings per share were up at Euro 0.13, exceeding last year’s value by Euro 0.10.

“Given the promising market situation and GFT’s highly relevant proposition we expect to continue the positive developments, highlighted by these results, into the second half of the year”, commented Ulrich Dietz, Chairman of the Executive Boards of GFT Technologies AG, “We are raising our revenue forecast for 2007 from Euro 200m to Euro 220m and continue to predict a profit margin of five per cent”.

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