GFT Solutions organic growth 30% in Q3

GFT reported a strong set of Q3 results, with the group's core GFT Solutions business growing 30% organically, up from 21% in Q2. The growth was driven by strong demand from investment banks and GFT says customers are increasingly investing in new projects for growth. Sempla, a similar Italian business acquired early in Q3, performed in line with expectations while emagine, the group's resourcing business, is showing signs of stabilising. We are maintaining our revenue forecasts but, noting GFT has edged up its PBT guidance by €1m, we have increased EPS by 3% in FY13 and 4% in FY14. Despite the recent large share price gains, the stock still looks attractive trading on c 12x our FY14 EPS.