H1 2012 REVENUES

Revenues: € 97.0 million

Growth: +6.7%

Aubay Group revenues for the first half of 2012 amounted to € 97.0 million, up 6.7% on the same period in 2011. Revenues for the second quarter of 2012 increased 5.9% year-on-year to stand at € 46.8 million.

Despite a morose economic backdrop, activity for Aubay held up well in the first half of 2012, once again proving its capacity to deliver a strong performance regardless of the prevailing business climate. At 91.6%, the group’s productivity rate is virtually unchanged on the first six months of 2011 (91.7%).
Aubay’s headcount increased 1.4% over the period from 2,701 members of staff on December 31, 2011 to 2,739 employees on June 30, 2012.

France

Revenues for Aubay’s activities in France in the first half of the year were stable on the first six months of 2011. Revenues for the second quarter fell 4.7% to € 27.9 million. This drop is primarily due to an unfavorable calendar effect which meant that there were two days less in the number of days to be invoiced in relation to the second quarter of 2011. The group also suffered a slight dip in activity in April and May linked to lower demand from its major clients across all sectors. Demand recovered in June, bringing the productivity rate back to its normal level.

International

Aubay’s operations overseas were essentially underpinned by the remarkable dynamic performance of its Italian subsidiary. Despite an extremely severe economic climate across the Iberian Peninsula, revenues for Spain and Portugal are stable. Activities in Belgium and Luxembourg were back on track to growth in the second quarter which is encouraging.

Outlook for the second half of 2012

Today’s economic climate is as uncertain and difficult to fathom as ever. The group’s performance in the first half and outlook for the third quarter have nonetheless boosted confidence that Aubay will post minimum revenues of € 193 million for the whole of the year. Its target of an operating margin of around 8% for 2012 remains unchanged.

Aubay will publish its financial results for the first half of 2012 on September 12 after the close of the markets.

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