Last night, Wavestone reported a 20% increase in sales for the fourth quarter of its 2022/23 financial year, including organic growth of 14%.

In the quarter from January 1 to March 31, the consulting firm posted revenues of 156 million euros, compared with 129.9 million euros in Q4 of the previous year.

At constant exchange rates and scope of consolidation, Q4 sales were up +14%, showing an acceleration compared to previous quarters.

At constant scope of consolidation and exchange rates, the firm's organic growth was +7% over the full year.

On a reported basis, sales totaled 532.3 million euros over the past year, compared to 470.1 million one year earlier, representing an increase of 13%.

Operating margin before non-recurring items for the year came in at 14.5%, in line with the target announced last month.

In a reaction note, Stifel's analysts described the figures as "perfectly in line" with expectations, and renewed their buy recommendation, with a price target of 55 euros.

Wavestone will announce its financial targets for the 2023/24 financial year on May 31, when it publishes its annual results, but already refers to a market environment deemed "less buoyant overall".

The share gained 5.6% on the Paris Bourse following these announcements.

Copyright (c) 2023 CercleFinance.com. All rights reserved.