STUTTGART (dpa-AFX) - Good business with banks and industry drove IT service provider GFT Technologies in the first quarter. Revenue rose by 13 percent year-on-year to 212.4 million euros, as the SDax-listed company announced in Stuttgart on Wednesday. Adjusted for special items, earnings before interest and taxes (adjusted EBIT) rose by six percent to 17.2 million euros. Net profit grew by only one percent to 10.6 million euros.

GFT CEO Marika Lulay believes the company is on track to increase revenue by 15 percent this year as planned. However, due to a balance sheet reclassification, it is likely to reach only 905 million euros instead of 920 million euros. The adjusted operating profit (adjusted EBIT) is expected to increase by 16 percent to 85 million euros. For profit before taxes, the management is still targeting an increase of six percent to 72 million euros./stw/ngu