Aubay : Q2 2021 Financial information

2021 second-quarter revenue

Strong acceleration in organic growth: +13.3%

Revenue target revised upwards

Growth accelerated sharply in the second quarter of 2021, with revenue coming in considerably higher than the 4.0% first-quarter figure at 13.3%. This performance - based on purely organic growth - has put the Group ahead of its initial strategic roadmap.

Consolidated revenue came to €117.1 million, of which €58.6 million was generated in France and €58.5 million overseas. Performances in France and overseas were very similar, with double-digit growth of 14.1% and 12.4%, respectively.

This excellent growth dynamic is largely thanks to net recruitments in the second quarter, which consolidated the progress already made in the first three months of the year. The sales performance remained very buoyant across all regions in a business environment that is progressively returning to normal. The Group's results are all the more remarkable given that the organic decline in growth in Q2 2020 was just 2.7%. The quarter also benefited from a favorable calendar effect, with one additional billable day on average for the Group as a whole.

First-half revenues reached €233.0 million, representing purely organic growth of 8.5%.

This excellent performance, which outstrips the Group's benchmark market, stems from Aubay's comprehensive offering of tailored, innovative services in markets where digital transformation is a key priority.

At this stage, all the Group's operating and financial indicators are favorable in all regions and business segments:

• A record first-half in terms of invitations to tender and project launches,
• Many new clients,
• Net recruitment of 215 employees, bringing the headcount to 6,888 at June 30, 2021,
• Productivity of 93.8% for consultants, compared with 92.7% at June 30, 2020,
• A consolidated operating margin from ordinary activities of between 9% and 9.5%, one of the Group's best first-half performances.

Outlook for 2021

Building on its strong first-half performance and the visibility brought by new contracts and steady growth, Aubay has revised its annual revenue target upward, from between €440 million and €450 million to between €456 million and €465 million. This would see the Group outperform the top end of its medium- and long-term organic growth target range by 5% to 7%.

The target for operating margin from ordinary activities remains unchanged, at between 9.5% and 10.5%.

Aubay's first-half 2021 results will be published on Thursday, September 16, 2021 after the close of trading.

For further information, visit the Finance section on the group website at www.aubay.com.
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