The strength of the euro against the dollar hit Spanish IT services vendor Telvent in the third quarter, but the company remains confident about its prospects.
In the three months to the end of September, Telvent’s sales fell slightly to 128.6m euros ($190.0m) from 129.2m euros ($190.9m) in the same period the previous year. Net profit was also down to 3.6m euros ($5.3m) from 3.9m euros ($5.7m), after income tax costs of 1.0m euros ($1.5m).
Despite its underwhelming third-quarter performance, Telvent’s sales in the first nine months of 2007 rose 22.8% to 406.6m euros ($600.6m), including organic growth of 20%. As a result, the company has upped its forecast for annual organic revenue growth to 20% from 17%.