Q3 2018 Financial information

2018 third-quarter revenues
+18.5% to €94.3 million
of which +10.8% in organic growth


Further improvement in organic growth in the third quarter

Aubay posted an outstanding third quarter in 2018, with revenues increasing 18.5% to €94.3 million. Activities in France generated growth of 12.6%, while international growth totaled 25.8%. Organic growth improved again over the quarter, coming in at 10.8% compared with 7.7% in the first quarter and 10.2% in the second quarter of 2018.  France delivered a stellar performance, posting organic growth of 12.6% (slightly accentuated by the additional business day during the period).

Revenues for the first nine months increased 17.3% to stand at €291.7 million, taking organic growth to 9.5% and pushing the Group ahead of its 7%-9% target.

As during the first six months of the year, Aubay’s market was particularly buoyant, and operating indicators were strong. Aubay’s streamlined sales and operations, combined with an offer tailored to the needs of its major clients, saw it win over market share and outperform the average rate for its sector.

Aubay’s headcount increased during the period to over 6,000 employees after topping the 5,000 mark barely one year ago. At end-September there were 6,033 employees, up from 5,913 at end-June 2018 and 5,848 at end­December 2017. Employee numbers rose significantly during the third quarter on the back of strong recruitment drives and the appeal of the Aubay brand.

Productivity remained strong, coming in at 93.9% versus a figure of 94.0% one year earlier.


Outlook for 2018

Aubay is on track to achieving the 2018 targets set on the publication of its annual results and revised in September:

  • revenues of €400 million for 2018, corresponding to organic growth of 7%-9%;
  • a current operating margin between 5% and 10.5%.

The full-year 2018 results will be published on 23 January 2019 after the close of trading.



Organic growth in revenues: this refers to growth calculated for a constant scope of activity for a given period, excluding revenues from companies that were acquired or sold during the period. As Aubay conducts most of its business in the euro zone, any impact from changes in exchange rates is minimal.

Recurring operating income: this indicator corresponds to operating income before the cost of free shares and other income and expenses that are unusual, significant or infrequent and that are booked separately in order to facilitate understanding of an entity’s recurring operating performance.

Recurring operating margin: this indicator, which is expressed as a percentage, is the ratio of recurring operating income to revenue.

Net debt or net cash: this indicator represents the difference between an entity’s cash and financial debt. If the result is negative, it is referred to as net debt. If it is positive, it is referred to as net cash.

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