Embattled banking software provider Temenos whose CEO was shown the door in January, is seeking to boost its recurring revenue this year.
Geneva-based banking software provider Temenos reported last night that it generated revenues of $949.6 million last year, resulting in a non-IFRS EBIT of $272.4 million, while total software licensing revenues were $404.8 million.
Both results are something that Temenos said it wants to increase this year, according to targets it released this morning to be further discussed later today at its Capital Markets Day.
New Targets
The company recently saw its CEO Max Chuard step down after 20 years at the firm and is targeting at least $1.3 billion in recurring revenue this year. At the same time, it looks to boost its non-IFRS EBIT to more than $570 million, according to the statement.
Last year, Temenos had $192.9 million of free cash flow, for which it set out a target of $700 million or more this year.
In a statement accompanying the results last evening, Temenos CFO Takis Spiliopoulos said «free cash flow was down 46% for the year, impacted by the transition to subscription and rising costs. It is worth noting that our cash flows benefit significantly from the positive working capital dynamics of the SaaS business which minimizes the impact of the shift to subscription.»
Following the resignations of the CEO and Chairman, activist Temenos shareholders have extracted another concession from the company. The annual general meeting will now take place much earlier than originally planned.
The shareholders' meeting of banking software maker Temenos is now scheduled to take place in Geneva on May 3, more than a month earlier than originally planned on June 7, according to information on its website.
