Mar 20th 2013 - Edison Investment Research today published a report on GFT Technologies entitled "Pre-tax Profits Up 10%". In summary, the report says:
GFT has been providing technology services and staffing to the financial and corporate sectors for many years. The latest results show it is gaining traction in its international expansion strategy, and benefiting from outsourcing trends in the banking industry. Core revenue growth of 3% is respectable given the economic backdrop, and the group has withdrawn from its low-margin third-party management (TPM) activities. GFT has a strong financial position with €40.4m of cash and investments as at 31 December, representing €1.53 p/s. Adjusted for this, the shares look attractive, trading on a modest P/E of c 6x FY13 consensus EPS.
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