ZURICH (Reuters) – Temenos (TEMN.S) expects better times for the Swiss banking software group in the second half of the year after lenders put IT projects on hold due to the coronavirus pandemic, CEO Max Chuard told the Finanz und Wirtschaft newspaper in an interview.

“The second quarter will remain difficult. Projects were not cancelled, though. We expect a recovery in the second half,” he is quoted as saying.

He reiterated that Temenos expects recurring revenue growth of at least 13% and profit growth of at least 7% this year.

Its “solidarity plan” includes salary cuts for management, but staff levels will rise this year, especially in research and development, he said.

Chuard said he sees the company’s debt ratio falling by year end to around 2 times EBITDA from 2.6 times while the company remains on the lookout for acquisitions.