GFT Technologies SE Reports Strong First Quarter in 2024 Amidst Market Challenges

GFT Technologies SE announced a positive start to 2024, achieving a 13% increase in revenue amidst a challenging global market. The company's growth was notably propelled by the acquisitions of targens GmbH and Sophos Solutions, contributing to a substantial rise in business across various sectors. Adjusted EBIT saw a 6% increase, reaching approximately EUR 17 million.

In its detailed financial performance, GFT highlighted significant growth in the European and Brazilian markets. Germany emerged as a strong contributor, with a remarkable 61% increase in revenue, largely due to the integration of targens. The firm also reported dynamic growth in Brazil and positive developments in the Spanish, Italian, and French markets.

Marika Lulay, CEO of GFT, credited the robust quarterly performance to effective M&A strategies and pioneering efforts in AI and digital currency technologies. The company's AI.DA Marketplace and the Universal Digital Payment Network (UDPN) have captured substantial interest, particularly in commercial and central banks in Asia and Europe.

Despite a dip in the insurance sector, GFT's overall financial health appears resilient, with a notable increase in operating cash flow and strategic employee growth due to the new acquisitions. The firm remains optimistic about continuous growth in revenue and earnings for the remainder of 2024, driven by increasing demand for technological innovations and digital transformations in key markets.