|In € million||Q2 2017||Q2 2017 restated*||Q2 2018**||Change||Change in organic growth||H1 2017||H1 2017 restated*||H1 2018**||Change||Change in organic growth|
* Restated to reflect the application of IFRS 15, in force since 1 January 2018
** Pre-audit figures
*** Including the United Kingdom
Acceleration in organic growth
Aubay posted an excellent second quarter in 2018, with revenues increasing 18.2% to €97.9 million. Activities in France generated growth of 10.7%, while international growth totaled 27.0%. Organic growth accelerated sharply over the quarter, coming in at 10.2% compared with 7.7% in the first quarter of 2018. In France, organic growth reached an all-time high at 10.7%.
The Group significantly outperformed its benchmark market, with €197.4 million in revenues for the first half of the year. This represents an increase of 16.8%, of which 8.9% in organic growth.
Throughout the first six months of the year, Aubay's market was particularly buoyant, with demand from its main clients remaining strong and even intensifying in some areas. This trend is expected to continue over the second half.
Growth in sales prices was greater than expected, which made a significant contribution to the ramp-up in organic growth.
Aubay's headcount increased during the period, up from 5,057 employees at end-June 2017 and 5,848 at end?December 2017 to 5,913. The ongoing efforts to recruit new talent are bearing their fruits and should lead to a further increase in headcount in the second half of the year, which has generally been more conducive to new hires in the past.
Productivity remained strong, coming in at 93.1% versus a figure of 92.8% one year earlier.
The Group can look forward to significantly higher recurring operating income for the first six months of 2018 compared with the first half of 2017.
Outlook for 2018
Aubay is firmly on track to achieving the 2018 targets set on the publication of its annual results:
- revenues of €395 million for 2018, corresponding to organic growth of 5%-7%;
- a current operating margin between 9.5% and 10.5%.
The first-half 2018 results will be published on 12 September 2018 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 current operating performance.
Current 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.
About AUBAY Group
Aubay is a digital services company working alongside some of the biggest names in the Banking, Finance, Insurance, Manufacturing, Energy, Transport and Telecoms sectors. With 5,848 employees across 7 countries (France, Belgium, Luxembourg, Italy, Spain, Portugal and the United Kingdom) at the end of the year, Aubay generated revenues of €353.6 million in 2017.
NYSE Euronext, Compartiment C – ISIN FR0000063737-AUB – Reuters AUBT.PA - Bloomberg AUB:FP