Geneva-headquartered financial software firm Temenos Group said that it logged a 22 per cent rise in second-quarter revenues of $122.5 million compared with the same three months of 2010, while adjusted earnings before interest and tax (EBIT) stood at $23.7 million, a rise of 31 per cent year-on-year.

The business logged a substantial rise in restructuring costs as a result of its recent purchases of the wealth management software firm Odyssey and the French Viveo business, which provides core banking services, it said.

Adjusted EBIT for the last twelve months was $111.8 million, up from $98.5 million in the prior period, a 14 per cent rise.

“Despite the challenges in Europe, we had solid licence revenue growth in Q2 and our pipeline remains strong with no changes in the competitive environment. Also in the quarter, the services business returned to revenue growth and adjusted EBIT was much improved on both an absolute and a margin basis,” the firm said in a statement.

Total restructuring costs in the quarter were $36.3 million, up from $4.0 million in the second quarter of 2010. The Q2 charge is comprised of $3.7 million related to the acquisitions of Viveo and Odyssey, $5.0 million in cost reduction charges and a $27.6 million accounts receivables write-off.

For total revenues, the company now anticipates a growth range of 13.5 – 17.5 per cent, which would imply approximately $508 – 526 million in total revenues. The firm has slightly reduced its expected adjusted EBIT margins to 24.5-25.5 per cent.