Zurich (awp) – Banking software developer Avaloq saw its sales and profitability increase last year. The Schwyz company has not made a forecast for 2020, admitting however that the current context was “very difficult” with the coronavirus pandemic.
Consolidated revenue increased 6% to 609 million Swiss francs, while adjusted gross operating income (Ebitda) reached 97 million, an increase of 6.6% compared to 2018, Avaloq said Thursday in a press release.
“We have managed to improve our profitability and advance our business by successfully integrating new customers into existing markets and into new markets,” said CFO Dean Gluyas.
Avaloq benefited from several product launches and acquired new customers, notably in wealth management in Asia-Pacific.
Available liquidity reached over 200 million Swiss francs, up sharply from 144 million the previous year.
“2019 was another exceptional year for the growth of Avaloq, marked at the start of the year by the launch of all Raiffeisen banks in Switzerland and in December by the announcement of the significant extension of our relationship with DBS Bank” , said managing director Jürg Hunziker.
According to the latter, the group’s products and services “continued to benefit from growing demand from new or established customers, in the field of SaaS (software as a service) but especially in that of BPaaS ( business process as a service), and we expect this growth to accelerate further in 2020 “.
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