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GFT achieves double-digit growth in volatile environment

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Digital transformation group anticipates further growth in second half of the year

  • Profitable revenue growth of 10 percent in the first half of 2023
  • Above-average growth across all sectors in the USA and Mexico
  • Strong demand for long-term and complex digitalisation projects
  • Dynamic development of cloud and artificial intelligence
  • Guidance for 2023 adjusted: revenue of EUR 810820 million, adjusted EBIT of EUR 7476 million and EBT of EUR 68-70 million expected
  • UK business contributed to results with 14 percent of total revenue.
  • As of 30 June 2023, GFT UK employed a total of 298 people (full-time equivalents), corresponding to growth of 10 percent (31 December 2022: 270).

LONDON, Aug. 22, 2023 /PRNewswire/ — GFT Technologies SE (GFT) continues to grow. With revenue growth of 10 percent, the digital transformation pioneer maintained its upward trajectory in the first six months of 2023. Compared to the first half of 2022, adjusted earnings before interest and taxes (adj. EBIT) rose by 4 percent or by 11 percent adjusted for currency effects.

 

 

Demand expected to grow in second half of the year

“Despite a volatile environment, we continue to outpace market growth,” says Marika Lulay, CEO of GFT. “Thanks to our global footprint, we were able to mitigate very effectively the slowing investment in our largest market, Brazil. Our medium-term growth drivers, including our project pipeline, are fully intact. There is a noticeable uptick in client demand in the fields of cloud and artificial intelligence in particular. We are therefore confident that we can accelerate our growth in the second half of the year.”

The GFT Group generated revenue of EUR 391.58 million in the first half of 2023. The company thus exceeded the prior-year figure of EUR 357.25 million by 10 percent. In the Insurance sector, revenue rose by 1 percent, in the Industry & Others sector by 13 percent. In the Banking sector, revenue was up 11 percent on the previous year.

Disproportionately strong growth in USA and Mexico

There was further disproportionately strong growth in the world’s largest software market, the USA, with an increase in revenue of 35 percent. In Mexico, GFT succeeded in raising revenue by as much as 63 percent. This growth was driven above all by complex modernisation and transformation projects in the finance sector. In Germany, business was boosted by the successful integration of targens GmbH. Compared to the same period last year, revenue in Germany was up 43 percent.

As of 30 June 2023, the Group had a total of 9,008 full-time employees (FTE). This corresponds to an increase of 2 percent compared to 8,842 employees at year-end 2022.

GFT expects solid revenue and earnings growth for 2023

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GFT still expects to continue its growth and to raise both revenue and earnings in the financial year 2023. Recognised by the market for its extensive sector and technological expertise, the Group has an attractive portfolio of digitalisation and cloud solutions. As a result, it continues to be excellently positioned to benefit from growth trends.

Due to the volatile macroeconomic environment, GFT has downgraded its guidance slightly. Group Revenue is expected to reach around EUR 810-820 million (2022: EUR 730 million; previous guidance: EUR 850 million). The Group anticipates growth in adjusted EBIT to around EUR 74-76 million (2022: EUR 67 million; previous guidance: EUR 80 million). GFT’s earnings before taxes (EBT) are expected to reach EUR 68-70 million (2022: EUR 66 million; previous guidance: EUR 72 million). This guidance takes into account the acquisition of targens GmbH pro rata temporis as of 1 April 2023.

Carlton Hopper, Managing Director of GFT UK added: “UK business is a major contributor to GFT’s overall success, generating 14% of all revenue. Our strategy continues to be focused on growing our UK operations, working with current and prospective clients to deliver industry-leading technology solutions. Our 10% headcount growth is reflective of that commitment.”

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VIVOTEK Wins Double Honors for Its Commitment to Sustainability

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TAIPEI, Dec. 26, 2024 /PRNewswire/ — VIVOTEK (3454-TW), the global leading security solution provider, has once again demonstrated its outstanding commitment to sustainability. Participating for the first time in the 17th Taiwan Corporate Sustainability Awards (TCSA), VIVOTEK emerged victorious, earning the Sustainability Report Award for the Information, Communication, and Broadcasting Industry and the Taiwan Corporate Sustainability Excellence Award. These recognitions showcase VIVOTEK’s remarkable success in corporate governance, environmental protection, and social responsibility, affirming its dedication to sustainable growth.

Pioneering Sustainability with Dual Recognition

“For over seven years, VIVOTEK has independently published sustainability reports, actively driving and disclosing our internal sustainability initiatives.” said Allen Hsieh, VIVOTEK’s Spokesperson and Director of the Global Marketing Division. “These awards not only recognize our integrity and efforts in presenting operational performance, environmental data, and social impact but also serve as a strong motivation for us to continue advancing on the path of sustainable development.”

Driving Sustainability through AI Innovation

VIVOTEK delivers advanced AI-powered security solutions built on cutting-edge AI and edge computing technologies. Beyond innovation, the company drives green initiatives, reduces its carbon footprint, and fosters a sustainable, supportive workplace.

Committed to social responsibility, VIVOTEK leads the security industry’s sustainability efforts through its ‘Safety Map’ initiative. For four years, employees have formed security teams to enhance safety in neighborhoods, care centers, and schools with on-site assessments and improvement plans.

In 2024, VIVOTEK will expand its efforts to Hualien’s Dacheng Village, where it will help improve local safety environments and support cultural preservation and tourism revitalization. These actions reflect its dedication to sustainability, community well-being, and lasting societal contributions.

Security Sustainability as a Foundation for Social Impact

VIVOTEK proudly received two prestigious honors at the Taiwan Corporate Sustainability Awards, highlighting its dedication to sustainable practices. These accolades inspire the company to deepen its internal efforts and mark the start of an exciting new chapter.

Building on this achievement, VIVOTEK aims to strengthen its mission of becoming the world’s most trusted smart security brand. By aligning with global market needs and fostering collaboration with customers, partners, and employees, VIVOTEK is committed to shaping a sustainable future founded on mutual trust and shared success.

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To learn more about VIVOTEK’s sustainability initiatives, please refer to the 2023 Sustainability Report.

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2024 Global Youth Design Contest on Chinese Characters Themed “Guiyang in Characters” Successfully Concluded

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GUIYANG, China, Dec. 26, 2024 /PRNewswire/ — To fully implement the spirit of “carrying forward China’s cultural heritage” and “promoting the creative transformation and innovative development of fine traditional Chinese culture”, the 2024 Global Youth Design Contest on Chinese Characters Themed “Guiyang in Characters”, organized by the Publicity Department of the CPC Guiyang Municipal Committee and hosted by www.huanqiu.com, has successfully concluded on Dec.16. The contest drew thousands of teenagers from both China and abroad, who used cultural empowerment and innovative designs of Chinese characters to narrate and promote Guiyang.

At the “Colorful Guizhou • Literary Plateau” Farming and Reading Event, 59 outstanding works from 26 countries, along with 21 representative pieces from various countries and regions, were showcased. According to the organizing committee of the Global Youth Design Contest on Chinese Characters, “This exhibition serves as both a lasting commemoration of the event and a report to all those who care about the inheritance and promotion of Guiyang and Chinese culture.”

In their submissions, the teenagers selected Chinese characters or phrases they believed best represented Guiyang and reimagined them through innovative designs. Outstanding designs incorporated Guiyang’s iconic architecture and cultural landmarks into Chinese characters to present the city’s urban landscape and historical culture. Some works spotlighted Guiyang’s distinctive cuisine, offering a glimpse into the vibrant and diverse local culinary culture. Some other designs drew inspiration from martial arts villages in Guizhou and featured dragon motifs to symbolize the depth and vitality of Guizhou culture.

Saison from Tajikistan was among the participants in this year’s Global Youth Design Contest on Chinese Characters. Speaking about his design of the Chinese characters, he shared that his design sought to merge the beauty of Chinese characters with the charm of Guiyang. “Guiyang is a captivating place, known for its beautiful scenery, delicious food, and diverse ethnic minorities. I tried to incorporate the beauty of Guiyang into my Chinese character design, hoping to convey the city’s charm and the wonders of Chinese characters through my work.”

The contest officially opened for submissions on September 30. In an effort to boost public engagement and participation, a “cheerleading campaign” was organized for shortlisted works from November 22 to 29. Following expert reviews, 80 outstanding works were ultimately selected for public exhibition.

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Markets Show Resilience Ahead of End-of-Year Options Expirations: Bybit x Block Scholes Crypto Derivatives Report

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DUBAI, UAE, Dec. 26, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, released the latest Crypto Derivatives Analytics Report in collaboration with Block Scholes, highlighting the muted market volatility despite major options expirations on Friday. BTC and ETH’s realized volatility has increased, but short-term options haven’t adjusted to this change. This indicates that while spot prices are fluctuating, the options market is not fully reacting to these shifts, although BTC and ETH volumes have displayed slightly different patterns.

With more than $525 million in BTC and ETH options contracts expiring on Dec 27, 2024’s end-of-year options expiration looks set to be one of the biggest yet, yet expectations for volatility have remained subdued. The report highlights an unusual inversion in ETH’s volatility structure, but BTC has not mirrored the reaction. Additionally, a change in funding rates—sometimes turning negative as spot prices drop—signals a new market phase. Notably, BTC’s volatility structure has been less responsive to changes in spot prices, whereas ETH’s short-term options are exhibiting more noticeable fluctuations.

Key Findings:

BTC Options Expirations:

In the past month, BTC’s realized volatility has been higher than implied volatility on three occasions, each time reaching a relatively calm equilibrium. Open interest in BTC options remains high, contributing to potential increased volatility as we near the end of the year. Around $360 million worth of BTC options (both puts and calls) are set to expire soon, which can affect price movement.

ETH Options: Calls Dominate

Despite a mid-week inversion, ETH’s volatility term structure has flattened, maintaining levels similar to those seen over the past month. In the final week of 2024, calls overwhelmed puts in open interest in ETH options, although market movements and trading activities are more on the put side. 

Access the Full Report:

Gain deeper insights and explore the potential impacts on your crypto trading strategies by downloading the full report here: Bybit X Block Scholes Crypto Derivatives Analytics Report (Dec 24, 2024)

#Bybit / #BybitResearch

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About Bybit

Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 60 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.

For media inquiries, please contact: [email protected]

For more information, please visit: https://www.bybit.com

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