| In € million | Q4 2020* | Q4 2019 | Change | 2020 | 2019 | Change | Organic change |
| France | 56.8 | 55.0 | +3.1% | 217.0 | 213.7 | +1.6% | -5.5% |
| International | 55.1 | 55.4 | -0.5% | 209.4 | 204.1 | +2.6% | +2.6% |
| Total | 111.9 | 110.4 | +1.3% | 426.4 | 417.8 | +2.1% | -1.5% |
*Currently being audited
Aubay posted revenues of €426.4 million for 2020, up 2.1% as reported and down 1.5% like-for-like. This performance, which was achieved in an uncertain health environment, exceeds the higher-end of the forecast range, set between €420 million and €425 million. Aubay has therefore shown strong resilience amid the crisis.
During the second half of the year, all regions surpassed expectations. Sales activity was particularly robust, improving progressively until the year-end. Aubay's productivity rate also advanced, allowing the Group to resume its hiring plans.
Operating margin from ordinary activities significantly exceeds target
Thanks to solid business levels of 93.4% versus 92.5% in 2019, the operating margin from ordinary activities, initially expected at 9%, came in at around 9.6%, which is exceptional given the current situation.
Headcount up thanks to a dynamic second half
The headcount at the end of December reached 6,562 employees, compared to 6,503 at end-December 2019. From the end of the first half of 2020, the Group increased its headcount faster than anticipated, with 58 new hires in the 3rd quarter and 93 in the 4th quarter. The headcount remained stable in France during the 2nd half, with growth seen primarily in southern Europe.
Outlook for 2021
This excellent end to 2020 as well as the high productivity rate are very promising for the current year and 2021 is off to a solid start with increased visibility. Aubay's financial fundamentals have emerged stronger, allowing management to focus firmly on organic growth, while remaining ready to seize any external growth opportunities that would add value and contribute to its development.
Aubay therefore anticipates a steady improvement in the organic growth trend over the coming quarters and aims to deliver a solid growth performance with results back at normal levels in 2021, i.e. :
- Annual revenue of between €440 million and €450 million,
- Operating margin from ordinary activities between 9.5% and 10.5%.
The full-year 2020 results will be published on March 24, 2021 after the close of trading.
2021 financial calendar
| 2021 financial calendar | Date |
| Q1 2021 revenues | Wednesday April 21, 2021 |
| Q2 2021 revenues | Wednesday July 21, 2021 |
| 2021 H1 results | Wednesday September 15, 2021 |
| Financial analysts meeting | Thursday September 16, 2021 |
| Q3 2021 revenues | Wednesday October 20, 2021 |
| Q4 2021 revenues | Wednesday January 26, 2022 |
Glossary
Organic revenue growth: 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.
| 2020 | |
| Organic growth | -1.5% |
| Impact of changes in scope | +3.6% |
| Growth as reported | +2.1% |
Operating profit from ordinary activities : 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 recurring operating performance.
Operating margin from ordinary activities : this indicator, which is expressed as a percentage, is the ratio of operating profit from ordinary activities to revenue.
Net debt or net cash: this indicator represents the difference between an entity's cash and 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
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 6,562 employees in 7 countries (France, Belgium, Luxembourg, Italy, Spain, Portugal and the United Kingdom), Aubay generated revenue of €426.4 million in 2020.
Euronext, Compartiment B - ISIN FR0000063737-AUB - Reuters AUBT.PA - Bloomberg AUB:FP
Nicolas Bouchez - Actus Finance - Tel. +33 (0)1 53 67 36 74 - Email: nbouchez@actus.fr
David Fuks - Co-Chief Operating Officer - Finance Department - Tel.: +33 (0)1 46 10 67 67- Email: dfuks@aubay.com
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