Business is brisk at Temenos, a Swiss developer of banking software, with one market standing out. So much so that the Geneva-based company today raised its guidance for the full year.
Temenos sales rose 14 percent to $213 million in the three months through September, the company said in a statement on Thursday. The increase became possible thanks to contracts with 17 new customers and was driven by «very strong growth» in the U.S., the company added.
«We have seen increased demand across all tiers, from top tier incumbent banks right through to new challenger bankers,» said Temenos CEO David Arnott.
Full-Year Guidance
The increase in sales resulted in a 18 percent increase of pretax profit, which came in at $71.3 million (non-IFRS). The company has an EBIT margin of 33.5 percent.
With the sales momentum on its side, Temenos raised its guidance for the full year 2018. The company expects full-year EBIT of $262 to $264 million at constant currencies (up from $255 to $260 million). Sales will likely rise at a rate of 12 to 14 percent to $832 to $847 million (previous growth rate prediction was 10 to 13 percent.
