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)
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.