A series of business wins and implementations helped drive results for the Switzerland-listed firm.

Banking software and technology group Avaloq yesterday reported a 5 per cent year-on-year rise in revenues reaching SFr288 million ($291.3 million) for the first six months of this year. The firm said that it had chalked up a number of new client wins and implementations over the period.

Avaloq’s adjusted earnings before interest, taxation, depreciation and amortisation stood at SFr38 million, up by 5 per cent on the same six-month period a year ago.

During the period the firm said that it had completed one of Switzerland’s largest banking IT projects: the digital transformation of 253 Raiffeisen banks across almost 900 sites, which went live on one Avaloq platform. Separately, UK wealth managers Smith & Williamson and Brewin Dolphin unveiled transformation programmes, and Liechtenstein-based LGT went live with the Avaloq Banking Suite in Austria. The firm also bought Derivative Partners, a Swiss information and data provider for structured products and derivatives.

In Asia, Avaloq said that it had won business from the private banking arm of a “Malaysian tier 1 bank” and has added to existing relationships with clients such as Maybank, which has rolled out its solution across Hong Kong, Singapore and Malaysia.

Moody’s recently renewed its credit rating at B2 stable. Avaloq was rated initially in June 2017 just before Warburg Pincus, the private equity house, completed its minority stake acquisition in Avaloq.