2010 REVENUE

2010 revenue: up 11.8% to € 164.6 million

Sturdy organic growth in Q4 2010: +6.6%

Outlook for 2011: Strong start to the year

2010 ended on a positive note for Aubay group. Up 11.8% over the period, its yearly revenue of € 164.6 million is comfortably within its initial target range.
Consolidated organic growth for the fourth quarter came in at +6.6%, and was particularly robust in France (+7.1%) and Italy (+11.8%). Moreover, all of the regions in which the group is present made a positive contribution to growth, including Spain/Portugal where activity rose by 2.7%.
Healthy demand from Aubay’s clients within the Banking, Insurance and Industrial sectors also strengthened the group’s sales drives which went on to win it a number of major contracts which offer extensive visibility. Coming in at 92% for the final quarter of 2010, Aubay’s productivity rate held steady at a very satisfactory level. Thanks to this excellent performance, the group is expected to meet and even exceed its target operating margin of 7.4% for the year. At the end of December 2010, Aubay employed 2,350 members of staff compared with a total 2,034 one year earlier. Recruitment has been a core priority for the group over the past 12 months and continues to be a vital concern. Having added to its recruitment teams, Aubay hopes to employ a further 800 members of staff in line with its plan for 2011.

Outlook for 2011

2011 has begun on the same strong business dynamic seen at the close of 2010. The group’s productivity rate at the beginning of the period is higher than in previous years, with a rally in demand from its key clients across all regions. The efforts made to make its recruitment process more efficient also appear to be bearing fruit. While it is still too early for a definitive verdict, these strong trends should enable Aubay to envisage organic growth of around 8% in 2011 which, given the consolidation of Adex over 6 months more than in 2010, should mean revenues of over € 185 million.

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