GFT continued to grow apace, with organic revenue growth (excluding Rule Financial) of 19% in Q3. Margins continued to expand with the adjusted operating margin rising by 100bp to 11.0% over Q2. While FY15 growth has mainly come from investment banking, the pipeline for 2016 is focused on several large retail banking projects. Given management’s increased guidance, we have upgraded our EPS by forecasts by 2% in FY15 and 4% in FY16 and FY17. In our view, if management can continue to mai
23 Nov 2015
Strong Q3 with guidance increased
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Strong Q3 with guidance increased
GFT continued to grow apace, with organic revenue growth (excluding Rule Financial) of 19% in Q3. Margins continued to expand with the adjusted operating margin rising by 100bp to 11.0% over Q2. While FY15 growth has mainly come from investment banking, the pipeline for 2016 is focused on several large retail banking projects. Given management’s increased guidance, we have upgraded our EPS by forecasts by 2% in FY15 and 4% in FY16 and FY17. In our view, if management can continue to mai