In the third quarter the GFT Group picked up where it left off at the end of a strong first half, achieving more robust revenue growth. Revenue rose 38% against the same period last year to â¬176.3 million. This represents roughly a 7% increase over the record second quarter, to â¬63.2 million for the period from July through to September 2007.
The Resourcing business saw the most growth against the same period last year, with revenue up 56% as a result of rising demand for independent IT contractors and GFT's prompt and professional delivery. GFT's Services segment further improved its position as a strategic IT partner to major business customers in the financial sector in Germany and the United Kingdom, generating revenue of â¬75.2 million, up 25%.
GFTâs success in the financial area has also been acknowledged externally today, with GFT ranked 57th in the annual global FinTech ranking, which includes the 100 global top IT service providers for the financial sector. The complete list is published today by the American financial magazine American Banker and the market research institute Financial Insights.
Earnings before tax (EBT) nearly doubled over the first nine months of 2006 to â¬8.7 million. GFT Group EBT increased 11% versus the second quarter on pre tax profit of â¬3.4 million for the period from July through to September.
Net profit as of 30 September 2007 was up approximately 150% year-on-year to â¬5.7 million (versus â¬2.3 million). Earnings per share increased by â¬0.13, against the same period last year, to â¬0.22. On its balance sheet the Group reported holding â¬22.9 million in cash and securities, a two thirds increase compared to 30 September 2006. (â¬13.5 million).
Ulrich Dietz, CEO of GFT Technologies AG, commented âWe at the GFT Group intend to stay on our current course of dynamic growth. We anticipate further earnings increases through ongoing process optimisation, expansion of our international production facilities and new products and partnerships in the 2008 fiscal year. On the basis of our excellent order situation, we are raising our revenue estimate for full-year 2007 by â¬10 million, to over â¬230 million total. We see our operating margin remaining unchanged at 5%.â