Q4 2011

Revenue: € 50.0 million

Growth: +10.1%

The end of financial year 2011 brought yet another increase in sequential growth for Aubay. For the first time ever, the group posted a record € 50 million in revenues for a single quarter, up 10.1% on the fourth quarter of 2010. Demand amongst Aubay’s leading clients remained strong over the period, securing new market share for the group, primarily in Italy, France, Luxembourg and Portugal.

Revenue for the full financial year amounted to € 185.5 million, which is an impressive increase of 12.7% year-on-year even if it is slightly down on the group’s initial target. This is essentially due to the delay in the consolidation of part of the business assets of Italian company SELEX Elsag* from July 1 to November 1 (€ -1 million), and slower-than-expected recruitment in an increasingly competitive market. Despite this, Aubay once again excelled itself in terms of its productivity which came in at around 94% for the fourth quarter, bringing it to 92.5% for the full year.

On December 31, 2011, Aubay employed 2,700 members of staff which is a net increase of 350 on the group’s 2,350-strong headcount one year earlier. Excluding the 150 employees resulting from the group’s acquisition in Italy, the net increase is 200 which, although a little behind schedule, is still the group’s best performance in terms of yearly recruitment since it was founded.
The very healthy level of activity in the final three months of 2011 means that Aubay is able to confirm its target of a current operating margin of approximately 8%, which is higher than in 2010 (7.7%) and takes the group’s current operating income to around € 15 million.

Outlook

While today’s economic backdrop still calls for caution, Aubay has yet to see any change in sentiment amongst its major clients this year.
2012 has gotten off to a strong start, with the group enjoying a very high productivity rate in January. As a result, Aubay group has no plans to alter its current strategy and continues to recruit to accommodate a persistently robust level of demand.

While these positive points are grounds for optimism, they are currently also insufficient for Aubay to set a target for an entire year. The group’s forecasts for 2012 will therefore be presented during the SFAF meeting for its 2011 financial results on March 22.

Aubay’s financial results for 2011 will be published on Wednesday 21 March 2012, at the end of the trading day.

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