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2008 third quarter revenue: EUR 427.7m, Overall growth +38.7%, Organic growth +3.9%
- Consolidated revenue for the third quarter of 2008 rose 38.7% to EUR 427.7m. Like-for-like revenue in the third quarter of 2008 rose 3.9%.
- Every geographic zone experienced organic growth in the third quarter. As forecast, there was a rebound in revenue in France (+5.1%) and the United Kingdom (+1.9%) compared to the trends seen in previous quarters.
- The pipeline is robust: as of September 30 2008 it represented 2.1 times annualised revenue and was 2.4% higher compared to June 30 2008
Year to date September 2008 consolidated revenue
(In € million) |
9 months |
9 months |
Growth |
|
Revenue |
956.2 |
1306.4 |
36.6% |
|
Change in consolidation scope |
+369.1 |
||
|
Currency effect |
-30.7 |
||
|
Pro forma revenue |
1294.6 |
1306.4 |
0.9% |
Year to date September 2008 revenue by geographic zone
(In € million) |
9 months |
9 months |
Organic growth |
|
France |
390.3 |
390.8 |
0.1% |
|
UK |
574.1 |
559.7 |
-2.5% |
|
Germany |
163.9 |
179.9 |
9.8% |
|
Other Europe |
166.2 |
176.1 |
5.9% |
|
Total |
1294.6 |
1306.4 |
0.9% |
Year to date September 2008 consolidated revenue by business line
(In € million) |
9 months |
9 months |
Organic growth |
|
Outsourcing and Business Process Outsourcing |
506.6 |
507.9 |
0.3% |
|
Consulting and Systems Integration |
787.9 |
798.4 |
1.3% |
* Revenue on a like-for-like basis (2008 basis)
Activity during the third quarter of 2008
2008 third-quarter revenue by geographic zone
(In € million) |
Third quarter 2007* |
Third quarter 2008 |
Organic growth |
|
France |
123.3 |
129.6 |
5.1% |
|
UK |
179.4 |
182.7 |
1.9% |
|
Germany |
57.7 |
59.4 |
3.1% |
|
Other Europe |
51.3 |
55.9 |
9.0% |
|
Total |
411.6 |
427.7 |
3.9% |
* Revenue on a like-for-like basis (2008 basis)
During the third quarter of 2008, organic consolidated revenue growth rebounded by +3.9% versus the third quarter of 2007 as compared to -0.3% in Q1 2008 and -0.6% in Q2 2008. This rebound concerned Consulting and Systems Integration (+4.9% vs. -0.4% in H1) as well as Outsourcing and Business Process Outsourcing (+2.3% vs. -0.7% in H1). All geographic zones showed organic growth in Q3 2008. In addition, the pipeline is robust: as of September 30 2008 it represented 2.1 times annualised consolidated revenue and was 2.4% higher compared to June 30 2008. This should mean a strong flow in new orders during the fourth quarter of 2008.
In France, after three consecutive quarters of negative growth, organic growth rebounded by +5.1% in Q3 2008. Business was boosted in particular by renewed growth in Systems Integration.
The United Kingdom continued to benefit from favourable momentum in both sales and the integration programme. Organic revenue growth rebounded by +1.9% versus the third quarter of 2007. Strong business conditions more than compensated for the negative impact of the LSC and My Travel contracts in the second half of 2007. The pipeline continues to grow and it amounts to 2.7 times annualised revenue and suggests a strong flow in new orders during the fourth quarter.
Germany saw organic growth of 3.1% in Q3 2008 which is in line with forecast growth of between 8% and 10% for the 2008 financial year.
In the Other Europe zone, organic revenue growth was 9% in Q3 2008 with an especially strong performance in Scandinavia, +22.1% after restating for the sale of the payment terminal business in 2007
The Group expects an operating margin of 7.5% for the 2008 financial year and is confident in its ability to comply with its banking covenants.