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.