STUTTGART (dpa-AFX) - Following setbacks last year, IT service provider GFT Technologies is aiming for stronger growth again in 2024. The SDax-listed company announced in Stuttgart on Thursday that revenue is set to rise by 15 percent to 920 million euros. Profit before taxes, on the other hand, is only expected to increase by six percent to 72 million euros. The figures also include the business of the core banking expert Sophos Solutions, which GFT acquired in February. The Sophos deal is expected to contribute 9.5 million euros to pre-tax profit. This means that the target for pre-tax profit is lower than expected by analysts, the company admitted.

In the past year, GFT increased its revenue by ten percent to just under 802 million euros according to preliminary figures. Pre-tax profit increased by three percent to around 68 million euros due to special effects. Net profit grew by five percent to 48 million euros.

GFT specializes in the digitalization of banks and insurance companies. Many of these companies have recently been renewing their computer systems. However, many clients were reluctant to invest in 2023. The GFT management had therefore lowered its revenue forecast several times last year./stw/stk