ZURICH (Reuters) - Temenos on Tuesday presented a new plan to drive organic growth over the next four years just a few weeks after the Swiss banking software firm cut its outlook for 2024 for the second quarter in succession.
Temenos said that on a timeline for 2028 it was targeting annual recurring revenue (ARR) of more than $1.3 billion, non-IFRS EBIT (earnings before interest and taxes) of about $500 million, and free cash flow of around $420 million.
"Today marks the beginning of a new chapter at Temenos," Temenos CEO Jean-Pierre Brulard said in a statement. "We expect to deliver strong growth in ARR, margin expansion and sustainable free cash flow growth."
Last month the company lowered its full-year outlook for the second straight quarter and launched an "efficiency program" that includes reorganizations at management level.
Geneva-based Temenos is due to discuss in detail its plan and targets at its Capital Markets Day later on Tuesday.
(Writing by Dave Graham, Editing by Friederike Heine)
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