Q1 2020 Financial information

 

2020 first-quarter revenue :

+5.9% to €111.4 million

Aubay posted a solid first quarter in 2020, with revenue increasing 5.9% or 1.7% in purely organic terms to €111.4 million, despite the impacts of confinement that began in early March in Italy and mid-March in other areas. 2020 was off to an excellent start with operating indicators trending upwards and an activity level that slightly surpassed the Group’s expectations. In France, the Group also benefited from the consolidation of Quantic from January 1.

At the end of March, the headcount was 6,536, increasing slightly from 6,503 at end-December 2019.

Productivity remained strong in the quarter, coming in at 91.7% versus a figure of 92.7% one year earlier.

Outlook for Q2 2020

As the Group announced when presenting its annual results on March 25, daily revenue has been down approximately 10% since the confinement began, primarily as a result of engagements being stopped or deferred, staff being obliged to take time off to look after their children, and difficulties encountered in teleworking on specific projects. The Banking, Insurance, Energy and Telecoms segments showed greater resilience than Industry and Retail.

The situation remains relatively unchanged since the announcement, albeit with a slight improvement. The minor organizational or technical difficulties related to teleworking have been resolved and some industry players have gradually started to resume their activities, particularly in Spain.

Another factor affecting production has been a higher-than-expected uptake among employees encouraged to take time off.

The first quarter will automatically be less impacted by the pandemic than the second. Based on the assumption that the current situation will stabilize, projected revenues for the second quarter now stand at €97 million, representing a limited decline of 6% as reported. If achieved, this performance will once again demonstrate the Group’s resilience in a particularly difficult environment.

Making any longer-term projections, however, is still too complex a task due to a number of inputs that are impossible to anticipate. Committed to full transparency, the Group will present its objectives for the following three months on a quarterly basis.

Aubay’s 2019 second-quarter revenue will be published on July 21, 2020 after the close of trading.

 

For further information, visit the Finance section on the group website at www.aubay.com.
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