Formula Systems (FORTY) has released an update.
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Formula Systems (1985) Ltd. has reported a solid start to 2024, with a 4.2% increase in first-quarter revenues, rising to $698.4 million, and a 9.4% boost in net income to $17.2 million. The information technology group, which provides various software solutions and services, also maintained a robust balance with consolidated cash and cash equivalents totaling approximately $516.1 million. Despite some impact from the military draft of its employees due to regional conflicts, the company’s diverse operations and investment portfolio have allowed it to mitigate risks effectively.
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