Temenos bullish on strong first quarter

Temenos bullish on strong first quarter

Swiss core banking systems vendor Temenos has upgraded its revenue and profit targets for the year on the basis of a strong first quarter and improving sales outlook.

Temenos posted total first quarter revenues of $39.7 million, up 20.7% compared to Q1 2003, including a near doubling in ILF signings to $15.7 million. Operating profit for the period came in at $4.7 million and net profit at $4.1 million.

In a statement, the company says: "We continue to see a steady flow of RFPs globally as well as increasing activity in Europe. This will bring signings for the first six months of 2004 to US$31.7 million compared to US$22.2 million for the first half of 2003, a growth of 43%."

The group is now targeting year-end ILF signings of $60 million instead of the previous $51 million. Revenue targets have also been lifted to between $158 million and $168 million, and operating profit in the range of $17 to £22 million.

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