GENEVA, Switzerland, 28 April, 2010 – Temenos Group AG (SIX: TEMN), the market leading provider of integrated core banking solutions, reports first quarter 2010 results showing a return to like-for-like revenue growth after 5 quarters of decline and higher average deal size.
Q1 Financial and Operating highlights
§ Like-for-like revenue growth +3%, total revenue growth +16%
Q1 Financial and Operating highlights
§ Like-for-like revenue growth +3%, total revenue growth +16%
§ Like-for-like licence growth +1% (vs. strong comparison base)
§ 31% adjusted EPS growth
§ Cash into EBITDA conversion of 185%
§ 4 new Tier 1 customers signed in the quarter
§ Viveo integration proceeds well (first VBank customer switching to T24)
§ 6 licences sold for AML and STP products, including significant deals with Barclays and ANZ
Commenting on the results, Temenos CEO Andreas Andreades said, “I think our profitability and solid cash generation represent an excellent start to the year – the first year of recovery after the financial crisis. We are seeing larger banks come to market, which boosted our average deal size in the quarter, helped to increase our pipeline for the remainder of the year and contributed to a strong start to the second quarter. After recording 5 quarters of decline, we returned to like-for-like revenue growth in the quarter despite the very tough licence comparison in Q109, which benefitted from the largest single deal we signed in 2009 as well as deals which slipped from Q408.
The Viveo integration proceeds well. In the quarter we sold 6 licences of the new AML and STP products and we also saw the first adopter of T24 from the Viveo base. This validates both our integration and cross-selling efforts.
A stronger pipeline, boosted by larger corporate and retail deals, gives us the confidence to increase our revenue growth outlook and guidance.”
§ 31% adjusted EPS growth
§ Cash into EBITDA conversion of 185%
§ 4 new Tier 1 customers signed in the quarter
§ Viveo integration proceeds well (first VBank customer switching to T24)
§ 6 licences sold for AML and STP products, including significant deals with Barclays and ANZ
Commenting on the results, Temenos CEO Andreas Andreades said, “I think our profitability and solid cash generation represent an excellent start to the year – the first year of recovery after the financial crisis. We are seeing larger banks come to market, which boosted our average deal size in the quarter, helped to increase our pipeline for the remainder of the year and contributed to a strong start to the second quarter. After recording 5 quarters of decline, we returned to like-for-like revenue growth in the quarter despite the very tough licence comparison in Q109, which benefitted from the largest single deal we signed in 2009 as well as deals which slipped from Q408.
The Viveo integration proceeds well. In the quarter we sold 6 licences of the new AML and STP products and we also saw the first adopter of T24 from the Viveo base. This validates both our integration and cross-selling efforts.
A stronger pipeline, boosted by larger corporate and retail deals, gives us the confidence to increase our revenue growth outlook and guidance.”