AUBAY : 2010 revenue: up 11.8% to EUR 164.6 million ; Outlook for 2011: Strong start to the year

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Revenue in ¤ million 2010 2009 Change
First quarter 38.9 38.8 0.3%
Second quarter 38.7 36.0 7.4%
Third quarter 41.6 34.3 21.4%
Fourth quarter 45.4 38.1 19.1%
Total 164.6 147.2 11.8%
Over 3 months Over 12 months
Revenue in ¤ million Q4 2010 Q4 2009 Change At 31/12/10 At 31/12/09 Change
France 29.4 23.0 27.8% 102.5 86.4 18.6%
Belgium/Lux. 7.5 7.3 2.3% 30.9 30.3 1.8%
Italy 6.4 5.7 11.8% 23.4 21.8 7.6%
Spain/Portugal 2.2 2.1 2.7% 7.8 8.7 -10.4%
Group total 45.4 38.1 19.1% 164.6 147.2 11.8%

2010 ended on a positive note for Aubay group. Up 11.8% over the period, its yearly revenue of ¤ 164.6 million is comfortably within its initial target range.

Consolidated organic growth for the fourth quarter came in at +6.6%, and was particularly robust in France (+7.1%) and Italy (+11.8%). Moreover, all of the regions in which the group is present made a positive contribution to growth, including Spain/Portugal where activity rose by 2.7%.

Healthy demand from Aubay's clients within the Banking, Insurance and Industrial sectors also strengthened the group's sales drives which went on to win it a number of major contracts which offer extensive visibility.

Coming in at 92% for the final quarter of 2010, Aubay's productivity rate held steady at a very satisfactory level. Thanks to this excellent performance, the group is expected to meet and even exceed its target operating margin of 7.4% for the year.

At the end of December 2010, Aubay employed 2,350 members of staff compared with a total 2,034 one year earlier. Recruitment has been a core priority for the group over the past 12 months and continues to be a vital concern. Having added to its recruitment teams, Aubay hopes to employ a further 800 members of staff in line with its plan for 2011.

Outlook for 2011

2011 has begun on the same strong business dynamic seen at the close of 2010. The group's productivity rate at the beginning of the period is higher than in previous years, with a rally in demand from its key clients across all regions. The efforts made to make its recruitment process more efficient also appear to be bearing fruit.

While it is still too early for a definitive verdict, these strong trends should enable Aubay to envisage organic growth of around 8% in 2011 which, given the consolidation of Adex over 6 months more than in 2010, should mean revenues of over ¤ 185 million.

Aubay's yearly results for 2010 will be published on Wednesday 23 March 2011, at the end of the trading day.

2011 Publications calendar

2010 financial results March 23, 2011 after the close of trading.
SFAF meeting - 2010 yearly results March 24, 2011 - 8.30am.
Q1 2011 revenues April 26, 2011 after the close of trading.
Q2 2011 revenues July 27, 2011 after the close of trading.
2011 half-yearly financial results September 14, 2011 after the close of trading.
SFAF meeting - 2011 half-yearly financial results September 15, 2011 - 8.30am.
Q3 2011 revenues October 25, 2011 after the close of trading.
Q4 2011 revenues January 31, 2012 after the close of trading.

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

About AUBAY

AUBAY is an integration and technology consultancy company which specializes in information and industrial systems, networks and telecommunications. With 2,350 employees across 6 countries (France, Belgium, Spain, Portugal, Italy and Luxembourg), Aubay generated revenues of ¤ 147.2 million in 2009 for an operating margin of 6%.

Euronext Segment C

ISIN FR0000063737-AUB

Reuters AUBT.PA

Bloomberg AUB:FP

Contacts

Chloé Van Den Bussche - Actus Finance - Tel. +33 (0)1 53 67 35 95 - Email: cvandenbussche@actus.fr

Paula Esteves - Aubay Communications - Tel. +33 (0)1 46 10 68 60 - Email: pesteves@aubay.com

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