Q3 2019 Financial information

2019 third-quarter revenues
+5.2% to €99.2 million


Aubay continued to deliver growth in the third quarter of 2019 following a solid first half, with revenues increasing 5.2% year on year in purely organic terms to €99.2 million, despite a high basis for comparison (organic growth of 10.8% in the third quarter of 2018). Organic growth for the first nine months of the year was up 5.4%. Business in France and international business contributed equally to the solid performance.

In keeping with the seasonal trends of previous years, Aubay’s headcount increased by 87 during the third quarter alone, rising more than during the entire first half of 2019. At end-September, there were 6,323 employees compared with 6,236 at end-June 2019 and 6,166 at end-December 2018. The increase in headcount is primarily concentrated in Southern Europe.

The Group maintained its strategic investments (RPA, Cloud IA, Data, etc.), in anticipation of a sharp increase in client demand over the coming years. Productivity remained strong, however, coming in at 92.6% versus 93.9% one year earlier.

Outlook for 2019

The markets in which Aubay operates remain upbeat and demand is still high. The third quarter of 2019 saw a slight increase in the selectivity and expectations of our clients, mainly in the banking sector. In September, Aubay also won major contracts in the energy and telecoms sectors in Italy, for which the full impact is expected to be felt in 2020 following a start-up phase in late 2019. These two successes are fully in line with the Group’s diversification strategy.

The targets set at the beginning of the year remain unchanged, namely:

  • Middle-of-the-range revenues of €425 million, corresponding to organic growth of 5% to 7%
  • Operating margin from ordinary activities between 5% and 10.5%.

The full-year 2019 results will be published on January 29, 2020 after the close of trading.

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