CREALOGIX Group - Growth drivers remain in place

H1 organic revenue growth was 8% and management expects growth to accelerate in H2. Hence, the group remains on target for 10% organic growth in FY18. In January CREALOGIX announced that it was acquiring Innofis, a Barcelona-based digital banking peer, to expand its core digital banking business into the lucrative Middle Eastern markets. As well as expanding the group’s geographical coverage, the acquisition broadens its product offering and creates an opportunity to grow the employee base in a significantly lower-cost market. We will review our forecasts after a prospectus is published for the Innofis acquisition later this month.