GFT maintains growth momentum. $GFT (-0.91%)
Everything negative is priced in for the IT service provider. AI projects increase organic growth. Adesso and GFT are market favorites.
Strong growth in the banking sector, launch of GFT AI Impact product accelerated
Revenue grew by 10 percent to EUR 646 million in the first nine months of 2024
Adjusted EBIT increased by 10 percent to EUR 57 million
GenKI product GFT AI Impact gains traction
Expansion of client base in the US and UK, important new contract with Bancolombia thanks to Sophos Solutions
Outlook for 2024 changed: revenue of EUR 865 million, adjusted EBIT of EUR 77 million
Stuttgart, 14 November 2024 - GFT Technologies SE (GFT) maintained its growth momentum in revenue and earnings in the first nine months of 2024 in a persistently challenging market environment. Both consolidated revenue and adjusted EBIT rose by 10 percent compared to the same period last year. This was driven by the strong performance in the banking sector, which recorded growth of 14%. Growth was particularly dynamic in Brazil, GFT's largest market, as well as in most key European markets.
GFT AI Impact is also gaining traction: this generative AI-based product, which accelerates the software development process, can increase productivity by 50 to 90 percent. It includes advanced automated prompts for story creation, code refactoring, code analysis, review and fixes as well as vulnerability checks and comprehensive program documentation. In the last quarter, GFT has won ten new customers for the product, sold over 170 licenses and is currently running more than 20 proofs of concept.
