H1 2017 Revenues

Aubay posted revenues of €170.4 million for the first half of 2017, up 3.7% like-for-like.

Internal growth for the second quarter amounted to 0.3%, held back by a very unfavorable calendar effect (with growth down by an estimated 5 points in France) and a very high base effect (internal growth of 14.6% in the same period in 2016).

All management indicators improved between the first and second quarter of 2017: increase in sales prices (for consultants on secondment with the client), acceleration in recruitment, higher productivity rates, etc.

Hampered by a tight job market, organic growth in France amounted to 1.9% for the first half of 2017.

Overseas, organic growth remained high at an excellent 5.9% thanks to numerous contracts and a more favorable labor market. The calendar effect also weighed on growth in the second quarter with an impact of around 2 points. Italy reported one of the Group’s best performances for the period, with Belgium and Luxembourg maintaining their strong momentum and delivering the highest growth as well as solid prospects for the second half of the year. Activity for the Iberian Peninsula also continued to flourish with Portugal leading the way.

Aubay’s productivity rate improved again in the second quarter of 2017, increasing to 93.4% from 92.3% for the first three months of 2017.

The Group’s headcount now exceeds the 5,000-mark, with employee numbers amounting to 5,057 at the end of June as against 4,899 at the end of 2016 and 4,890 one year earlier. Thanks to the different recruitment drives and initiatives carried out, numbers for the second quarter alone increased by a net 107 members of staff. Alongside prices, recruitment remains one of the main challenges at stake for growth.

Aubay’s current operating margin for the first six months of 2017 is expected to be in line with the 8.8% reported for the first half of 2016.

Outlook for the second half of 2017

The second half of the year has begun with the lowest downtime between contracts for the year as demand remains high across all regions. A number of major contracts were signed during the second quarter and will pick up pace between now and the end of the year.

As a result, Aubay has confirmed the 2017 revenue and margin targets announced at the beginning of the year:

  • organic growth of between 5% and 7% as it accelerates in the second half of the year,
  • a current operating margin of between 9% and 10%.

Aubay will publish its financial results for the first half of 2017 on September 13 after the close of the markets.

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