H1 2019 Financial information

2019 Half-Yearly Results

Further improvement in recurring operating margin: 9.2%

Interim dividend: €0.33

Aubay’s Board of Directors, which met on September 18, 2019 under Chairman Christian Aubert, approved the consolidated financial statements for the first six months of 2019. The financial statements have been reviewed by the company’s Statutory Auditors who will shortly issue their reports.

Aubay posted another solid performance, with improved results for the first half of 2019. 

Revenue for the first six months of the year increased 5.5% in organic terms to €208.1 million.

Operating margin from ordinary activities up by 40 basis points over the period, at 9.2%.

The Group’s operating margin from ordinary activities came in at 9.2%, versus 8.8% for first-half 2018, up 40 basis points despite one less billable day. Business in France accounted for 9.7% of the figure and international business 8.6%.

Operating profit from ordinary activities was up 9.2% at €19.1 million, versus €17.5 million in first-half 2018. The increase, which is higher than the increase in revenue, is directly linked to the improvement in the gross margin. The first‑time application of IFRS 16 did not have a material impact on recurring operating income (positive €60 thousand).

The Group reported a financial expense of €306 thousand for the period, compared to €155 thousand in first‑half 2018. This figure includes a €150 thousand expense related to the first-time application of IFRS 16.

The tax expense amounted to €5.8 million, representing an effective tax rate of 34%, versus 31% one year earlier. This increase is due to the competitiveness and employment tax reform in France, which saw the former tax credit system replaced by lower contributions.

Half-yearly net income of €11.5 million

After non-ordinary expenses, which primarily included the cost of free shares and other one-off expenses that remained stable year on year, attributable net income was up 4.2% over the period at €11.5 million.

Net cash position (excluding rental liabilities) of €4.6 million

Cash from operations amounted to €12.1 million, compared to €1.5 million in first-half 2018. The sharp rise was due to positive cash flows for €4.2 million and the optimization of working capital for a positive €6.3 million, despite the seasonal effect generally being unfavorable in the first half of the year.

Dividends paid to shareholders amounted to €4.3 million during the period.

Overall, net cash (excluding lease liabilities resulting from the application of IFRS 16) amounted to €4.6 million at June 30, 2019.


In a constant drive towards greater expertise, our clients’ expectations in terms of innovation remain high.

In view of these market conditions, Aubay is ideally positioned, leveraging a consistently demanding and selective recruitment policy, to develop and gain market share in the months and years to come.

The targets published in our 2019 second-quarter revenue press release remain unchanged, namely:

  • Revenue of €425 million, corresponding to organic growth of 5% to 7%
  • Operating margin from ordinary activities between 9.5% and 10.5%.

Interim dividend of €0.33

In light of this excellent performance, the Board of Directors has decided to pay an interim dividend of €0.33 per share for the current fiscal year on November 12, 2019. As a reminder, the interim dividend paid in November 2018 was €0.27 per share.

Next publication

2019 third-quarter revenue: Wednesday, October 23 after the close of trading.

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