Q2 2020 Financial information

2020 second-quarter revenues

+ 0.5% to €103.4 million

Aubay delivered a very strong performance in the second quarter of the financial year, with revenues of €103.4 million, up 0.5% as reported and down 2.9% like-for-like. This performance is a marked improvement on the €97 million in revenues initially forecast at the end of the first quarter. It is attributable to the strong resilience of its clients and the business segments in which Aubay operates, the employee assignment/service center business mix, as well as to its efficient and agile organization, as demonstrated by the very rapid implementation of remote working, which guaranteed the Group’s business continuity in these unprecedented times.

Revenues for the first half of the year came in at €214.8 million, up 3.2%. Overseas delivered an excellent performance, with growth of 3.7% on a constant scope basis.

At end-June, there were 6,411 employees compared with 6,236 at end-June 2019 and 6,503 at end-December 2019. The lower headcount compared with December 31 is due to the recruitment freeze decided during the period as a matter of prudence.

Productivity was sustained over the period, coming in at 92.7% versus 92.5% the previous year on a like-for-like basis and excluding short-time working measures, which concerned a maximum of 4% of the workforce.

The Group’s operating profitability during the first half of the year is expected to represent between 8% and 8.5% of revenues, which also confirms the Group’s resilience.

Outlook for Q3 2020

Although it is improving, we still do not have enough visibility to provide a precise outlook beyond three months. Business appears to be recovering progressively, which should make it possible to resume hiring and increase the number of employees by the end of the year.

On this basis, Aubay expects to generate revenues of approximately €99 million in the third quarter of 2020, on a par with 2019.

The first-half 2020 results will be published on 16 September 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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