Update: Q3 organic growth of 24% for solutions business
GFT Group posted another strong set of results, with Q3 organic revenue growth of 16%. GFT, the group’s solutions business, continued to grow apace, with Q3 organic revenue growth of 24% (albeit decelerating from 26% in Q2 and 40% in Q1), while emagine saw another small revenue decline but remained in profit. We are conservatively upgrading our forecasts in line with management guidance. Management says the pipeline remains strong and we believe the valuation continues to look appealing at c 11x our FY15 earnings.GFT Technologies is a provider of Information Technology (IT) services for the finance sector. Co. is engaged in the development, implementation and maintenance of IT solutions for the finance sector. Its services include advising financial institutes on the development and realization of company-wide IT strategies, the implementation and maintenance of bank-specific standard software, and the development of applications tailored to specific clients and sectors, and it focuses on the maintenance and further development of business-critical core processes. With the aid of its Global Delivery Model, this division supplies its range of solutions to the core markets of Europe and the Americas.
Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.
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