Technology firm Avaloq reported a record half-year revenue of $291.9m for 2019, an increase of 5% year-on-year.
Avaloq attributed the £35m deal it struck with Brewin Dolphin in April as a key factor behind its strong showing in the first half. The British wealth firm selected Avaloq to replace the firm's core custody and settlement system in a bid to enhance its client proposition.
The firm reported a 5% increase in revenue year-on-year to CHF288 million ($291.9m) for the six months to 30 June. Earnings before interest, tax, depreciation and amortisation were also up by 5% at CHF38 million.
Avaloq has once again delivered strong results and we are well on track to meet our financial goals and targets for full-year"
Avaloq is a fintech and international provider of software as a service (SaaS), business process as a service (BPaaS), and on-premise solutions to banks and wealth managers.
The half-year period saw Avaloq successfully complete its largest transformation project to date and one of the biggest financial services upgrade programmes globally. It involved the digital transformation of 253 Raiffeisen banks across almost 900 sites in Switzerland, available to all 11,000 employees at the bank, which completed the going live on one Avaloq platform in January.
Dean Gluyas, Avaloq's Group CFO, said: "Avaloq has once again delivered strong results and we are well on track to meet our financial goals and targets for full-year."
In Asia, Avaloq can also report a strong pipeline of opportunities. One of its recent wins in the region includes the private banking business of a Malaysian tier 1 bank. In addition, Avaloq has also seen a strengthening of existing relationships with clients such as Maybank rolling out Avaloq's solution across Hong Kong, Singapore and Malaysia.