2009 FOURTH QUARTER REVENUES

2009 FOURTH QUARTER REVENUES: € 38.1 MILLION
Gradual pick-up in activity
Strong increase in recurring operating margin in the second half of 2009

Aubay Group posted revenues of € 38.1 million for the final quarter of 2009, and an organic growth rate of -5.9% compared to -8.9% for the third quarter.

These results reflect a new upturn in business during the final three months of the year as Group activity goes from strength to strength. This trend is particularly apparent in France where Aubay was able to cap the decline in growth at 3.4%, compared with a figure of 6.3% for the third quarter.

With yearly revenues of € 147.2 million, the Group was able to successfully confine the downturn in its activities to 8.8% in 2009.

Aubay’s extremely productive sales strategy, the benefits of its cost-cutting policy implemented in 2009 and the timid but constant improvement in the economic outlook as of the second half of the year, notably amongst its largest clients, enabled the Group to finish the year on a high note as
utilization rates continued to climb. In fact, utilization rates increased as far as 91% in the fourth quarter compared to a figure of 88% for the first six months of 2009, taking the full year total to 89.5%.

This outstanding performance will have an immediate positive impact on Aubay’s recurring operating margin which should see a marked recovery to around 7% for the second half of 2009 alone (as against 3.9% for the first half of the year).

Aubay employed 2,034 members of staff at the end of December.

Outlook

Following on from the final quarter of 2009, Aubay has seen a substantial upturn in client demand since the start of 2010 and utilization rates are expected to be far higher than they were during the same period in 2009.

The Group has therefore stepped up its recruitment drives since the beginning of the year across all of the regions in which it is present, with the exception of Spain which is currently suffering from an economic crisis of unprecedented proportions.

As such, Aubay is confident of achieving its different targets in 2010 which should bring renewed organic growth for the Group.

Publication of 2009 financial results: March 24, 2010 after the close of trading.

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