Swiss banking systems vendor Temenos is reporting operating profit of $10.7m for the year ending December 2003, compared to losses of $44.4 million for the same period last year.
Temenos' revenues increased 93% in Q4 2003 to $38.9m compared to $20.1m in the year ago period. For the year as a whole, revenues rose 29% from $113m in 2002 to $146m in 2003.
The group recorded EBITDA of $7.4m for the last quarter 2003 compared to a loss of $22.7 million in Q4 2002, and EBITDA of $25.2m for the full year compared to a loss of $31.6m for the same period last year.
In a statement, Andreas Andreades, CEO, Temenos, says 2003 represents the firm's highest ever revenue: "We are seeing increased deal flows in Europe and we are close to completing a number of significant contracts in all regions both for Temenos T24 and Temenos Corebanking."
Andreades says the firm is confident it will exceed its signings target for Q1, which itself is 10% higher than last year.