Temenos seen up after Q1 earnings beat

Vontobel Holding AG

26/04/2023 07:57

** Shares in Temenos  TEMN.S  are seen up around 2.5% in
Julius Baer premarket trade after the Swiss banking software
company reported Q1 earnings above consensus
    ** Non-IFRS total software revenues rose 12% yoy in constant
currencies to $91.3 million in Q1 2023, compared to analysts'
expectations of $86.5 million according to a company-compiled
consensus
    ** Non-IFRS group EBIT reached $67.2 million in Q1, above
analysts' estimates of $58.1 million
    ** "Solid 1Q23 results beating expectations," says Vontobel
    ** The company cites continued momentum with top tier banks,
its subscription transition, strong performance in the Americas,
and services cost base normalisation for the results
    ** Baader Helvea says the start to the year is better than
expected, helped by cost control, deferred revenues and Middle
East and Africa (MEA)
    ** "We believe Temenos remains very well positioned in an
attractive growth market with a strong and competitive product
offering," Vontobel adds

 (Reporting by Anna Mackenzie)
 ((Anna.mackenzie@thomsonreuters.com))