Formula Systems (FORTY) has released an update.
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Formula Systems has reported a significant 6.9% revenue increase in the third quarter of 2024, reaching a record-breaking $700 million, alongside a 51.4% rise in net income to $23.6 million. The company attributes its robust financial performance to strategic growth across its subsidiaries, including Matrix IT and Magic Software, which have also shown impressive revenue gains. These results underscore Formula Systems’ strong market position and ongoing commitment to innovation and operational excellence.
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