H1 2016 Results

Aubay Group’s Board of Directors which met on 14 September 2016 under Chairman Christian Aubert has approved the consolidated financial statements for the first six months of 2016. Aubay revenues amounted to €164.4 million for the first half of 2016, up 22.1% on the previous financial year and with organic growth accounting for 11.4%.


Activity benefited from a buoyant backdrop and a higher number of billable days than in 2015. Client demand also remained strong, with the Group continuing to secure new market share with longstanding clients and win over new business with new names to substantially outperform its benchmark market (2.6% according to Syntec Numérique).

Increase in current operating margin to 8.8%

Aubay’s productivity rate also improved over the first six months of 2016, increasing to 93.9% from 93.4% for the first half of 2015. The Group’s current operating margin of 8.8% ranks it at the top end of its sector, is a significant improvement on the first half of 2015, and reflects a sound balance between its activities in France and overseas.

Strong increase in net income

The decrease in extraordinary expenses and financial expenses led to a 64.1% increase in net income to €9,761 thousand for Aubay over the first six months of 2016, a figure which far exceeds the growth in Group revenue.

Net debt : €8.5 million

Group cash flow increased to €15.2 million compared with €10.5 million for the same period in 2015. Cash flow linked to operations was slightly negative at -€0.2 million as against €3.9 million the year before. This figure reflects the strong growth in activity over the period as well as the temporary increase in the Group’s WCR on the back of a seasonal increase in client receivables which should return to their normal levels by the end of the year.

Over the period, Aubay acquired the remaining capital (4.7%) of Aubay Italy, making it the sole owner of its Italian subsidiary, and acquired an additional 8% in the capital of Madrid-based Norma4, taking its total stake to 92%. The cost of these acquisitions amounted to a total of €2.2 million.

Shareholder dividends paid amounted to €2.2 million and final debt repayments to €2.1 million.

All told, net debt for Aubay Group stood at €8.5 million on 30 June 2016. Given the favorable seasonal effect in terms of cash generation, the Group can look forward to reporting a net positive cash position at the end of the year.

Outlook for 2016

To date, Aubay has continued to perform extremely well during the third quarter, and its rate of productivity is expected to remain high.

With persistently robust demand from its main clients, the Group can look forward to an excellent year in 2016, and has confirmed the revised targets announced in July during the release of its revenues for the first half of 2016, namely:

  • organic growth of 8.5%, i.e. revenues of €325 million
  • a current operating margin of 9.1%

Interim dividend of €0.18

Conscious of the Group’s excellent half-yearly results and strong prospects, Aubay’s Board of Directors has approved the payment on 10 November 2016 of an interim dividend of €0.18 per share for 2016. As a reminder, the interim dividend for 2015 was €0.13 per share.

Aubay will publish its financial results for the first half of 2016 on September 14 after the close of the markets.

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