July 10, 2017 / 9:11 AM / a month ago

BRIEF-GFT Technologies cuts guidance for 2017

July 10 (Reuters) - GFT TECHNOLOGIES SE

* DGAP-ADHOC: GFT TECHNOLOGIES SE: GFT TECHNOLOGIES SE LOWERS GUIDANCE FOR 2017

* NOW EXPECTS CONSOLIDATED REVENUE OF 425.00 MILLION EUROS FOR 2017 FINANCIAL YEAR (PREVIOUSLY 450.00 MILLION EUROS)

* CHANGE IS DUE TO A SIGNIFICANT CORRECTION IN CONTRIBUTIONS TO TURNOVER BY TWO MAJOR INVESTMENT BANKING CUSTOMERS IN UK AND NORTH AMERICA EXPECTED FOR 2017 BASED ON COST-CONTAINMENT MEASURES​

* NOW PLANS TO GENERATE EBITDA OF 42.00 MILLION EUROS (PREVIOUSLY 48.50 MILLION EUROS) IN 2017

* ‍GUIDANCE FOR 2017 EBT HAS BEEN REDUCED FROM 35.00 MILLION EUROS TO 26.00 MILLION EUROS​

* WILL BE ABLE TO ACHIEVE MEDIUM-TERM GUIDANCE WITH INCREASE IN TURNOVER TO 800.00 MILLION EUROS & EBITDA MARGIN OF AROUND 12 PERCENT ONLY IN 2022 (PREVIOUSLY 2020) Source text for Eikon: Further company coverage: (Gdynia Newsroom)

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