Half Year 2024 GFT Technologies SE Earnings Call Transcript
Key Points
- GFT Technologies SE (WBO:GFT) reported an 11% revenue growth to EUR 430 million in the first half of 2024, with an adjusted EBIT margin increase of 15% to EUR 36 million.
- The company experienced strong organic growth in Brazil, with a 12% increase, highlighting the benefits of geographic diversification.
- The integration of Sophos is on track, contributing to an increased order backlog and supporting the revised guidance.
- GFT's AI.DA marketplace and AI Impact product have gained significant market interest, contributing to 8% of total revenues.
- The company received prestigious awards for its Engenion product and was recognized by ISG for its data and analytics services, enhancing its market credibility.
- The Anglo-Saxon markets, particularly the UK and North America, showed weakness, impacting overall growth.
- The insurance sector experienced a 7% decline due to the completion of large projects and difficulty in rebuilding the pipeline.
- Capacity adjustments were necessary in high-cost regions like the UK, leading to increased restructuring costs.
- The Sophos acquisition did not meet initial revenue expectations, contributing less to the EBITDA than anticipated.
- Underutilization in high-priced countries affected profitability, with a noticeable impact on the operating margin.
Ladies and gentlemen, welcome to the half year figures 2024 of GFT Technologies conference call and live webcast. I'm Vicky, the Chorus Call operator. (Operator Instructions) The conference must not be recorded for publication or broadcast.
At this time, it's my pleasure to hand over to Andreas Herzog, Head of IR. Please go ahead, sir.
Thank you, operator, and good afternoon, everybody. Welcome to our conference call following the publication of our results for the first 6 months.
We welcome you with a fully set-up panel today. On board, we have our two Co-CEOs, Marika Lulay; and also Marco Santos, who was appointed as Co-CEO from July 1 on, and will take over full responsibility as CEO from 1st January 2025; and, of course, also Jochen Ruetz, our CFO. After the presentation, we will be entering into a Q&A session where you will be able to ask all your questions.
Last housekeeping remark, this call will be recorded and available afterwards on our website. Also
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