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Temenos Reports Q4 Results

by Administrator Forexezy
February 19, 2024
in News
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Temenos recently announced impressive revenue and earnings growth for the fourth quarter, despite facing scrutiny following accusations from a short-seller regarding its accounting practices. The Swiss banking software developer revealed that in the final quarter of 2023, it achieved non-IFRS total revenue of $298 million, marking a 6% increase in constant currency compared to the same period the previous year. Additionally, annual recurring revenue saw a significant surge of 16%, reaching $730 million.

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Revenue and Earnings Breakdown

The company also reported a 6% rise in total software licensing, totaling $153.9 million, while earnings before interest and taxes (EBIT) increased by 5% to $101.3 million, boasting an impressive margin of 34%.

Future Projections

Looking ahead to 2024, Temenos has forecasted approximately 15% growth in annual recurring revenue and anticipates total software licensing to increase within a range of 7% to 10%. Moreover, EBIT is expected to grow between 7% and 9%.

Dividend Increase and Response to Allegations

Despite the recent controversies, Temenos plans to offer a dividend of CHF1.20 ($1.36) per share in 2024, representing a 9% annual growth pending approval at the upcoming annual general meeting on May 7. Following allegations of accounting irregularities by Hindenburg Research, the company experienced a decline in its stock price, which rebounded by 8.8% to CHF65.96 at closing on Monday.

In response to the accusations, Temenos defended its integrity, labeling the claims as false and misleading. Nonexecutive Chairman Thibault de Tersant expressed confidence in the company’s robust financial controls and reiterated their commitment to conducting a thorough investigation with the assistance of independent third parties.

Amidst the controversy, Temenos remains steadfast in its operations and is determined to uphold its reputation as a reliable player in the banking software industry.

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Tags: Accounting ControversyQ4 resultsRevenue GrowthTemenos
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