Deferrals at largest investment bank customers
GFT has lowered its FY17 guidance due to delayed decision making at its two largest investment banking customers – Deutsche Bank (DB) and Barclays. GFT said that management changes at the banks have resulted in deferred orders. However, investment banking revenue outside these two customers has been guided upwards, as has the group’s retail banking segment. But these factors were outweighed by the revenue declines at the two investment banks, and management has cut its FY17 revenue guidance by 6% to €425m, while EBITDA comes back by 13% to €42m.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.
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