Friday 23 February 2024

*UKHotViewsExtra* Temenos delivers strong growth and a robust rebuttal

TemenosLeading banking software provider, Temenos, hosted its annual Capital Markets Day in London earlier this week, with the event following the release of the company’s latest full-year results (see: Excellent Temenos results exceed expectations). The financials for the twelve months ended 31 December 2023 comfortably exceeded Temenos’ previous guidance with Annual Recurring Revenue (ARR) up 16% to $730m and total revenue up 5% to $1bn. Software licensing was up 10% at $443m, SaaS was up 25% at $205.1m and subscription revenue was up 52% at $160.4m. Meanwhile, Temenos delivered EBIT of $199.4m (representing growth of 22%) and Free Cash Flow of $243m (up 26%).

During the event, Temenos provided a robust rebuttal of the unsubstantiated claims made by prominent short-seller, Hindenburg Research, during its attack on the company last week. Addressing the audience, Temenos’ Non-Executive Chairman and former Audit Committee Chair, Thibault de Tersant, calmly went through a number of the accusations, firmly dispelling the various assertions. Tersant also revealed that, to reassure Temenos shareholders and the investor community, the board would be appointing two leading professional services firms (one legal and one accounting) to review and report on the claims.

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Posted by Jon C Davies at '07:00' - Tagged: banking   Temenos  

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