Banking software provider Avaloq has boosted profit and sales in the first half, thanks in no small part to its British clients.
Avaloq, which is based in Zurich, increased sales 5 percent to 288 million Swiss francs ($291 million) in the first six months of 2019, according to a statement released on Tuesday. Operating profit rose by a similar margin to 38 million francs.
The IT firm said the result was excellent and broad-based, with demand for software-as-a-service (SaaS), outsourcing solutions and banking systems coming from both existing and new clients.
Growth to Persist
Juerg Hunziker, the chief executive officer of Avaloq, emphasized the importance of the U.K. market for the performance of the company. U.K. wealth managers Smith & Williamson and Brewin Dolphin both introduced SaaS-solutions.
Avaloq expects growth to continue throughout the business year 2019.
