Aubay Group posted revenues of EUR 165.6 million in 2007, up 37%, for an operating margin of 9.5% thanks to the company's dynamic business activity throughout Europe and its exemplary cost management.

Organic growth amounted to 13.1%, more than twice the market average. With the Group's ongoing active recruitment policy resulting in a headcount of 2,194 on December 31, 2007 versus 2,019 employees end of 2006.

SUCCESSFUL TRANSFORMATION INTO A GLOBAL PLAYER 

Aubay Group has completed its transformation from a multi-specialized company into a global player and longstanding partner of a number of major corporations.

In 2007, the Group's multi-year contracts (service centers, TMA) enjoyed strong success, taking Aubay's recurring revenues to 50% overall and to 70% for the banking and insurance sector alone.

Aubay's new dimension, following the acquisition and successful integration of Projipe Group in 2006, paved the way for new business opportunities in 2007, as a result of the Group's stronger capacity to accompany its clients in their international expansion. A genuine vector for growth, the Group's pan-European activities have given Aubay its rightful place in the highly coveted shortlists of suppliers of its largest clients.

Moreover, its low cost development platform (Nearshore) in Portugal and Spain is now in its industrialization phase even if client demand remains moderate for the time being.

EXCELLENT FINANCIAL PERFORMANCE

Time and again, Aubay's half-yearly results consistently boast an increase in operating margin which remains one of the best in the profession. Coming in at 9.9% for the second half of 2007, it totaled 9.5% over the full year (one point higher than in 2006). 

Aubay's operating income includes the non-recurring losses (EUR 1.4 million) linked to the disposal of the largely deficit activities of its Toulouse, Grenoble and Strasbourg entities in 2007.

Its financial income, primarily consisting of the expenses linked to its Océane debenture bond, posted a loss of EUR 1.9 million versus a negative figure of EUR 1.1 million in 2006.

Lastly, following the Group's return to a normative tax rate, net income amounted to an unprecedented high of EUR 8.1 million.

DEBT HALVED

Aubay was able to sharply reduce its net debt to EUR 11.3 million in 2007 compared to EUR 19.7 million at the end of 2006, with available cash assets amounting to EUR 17.2 million. As a result, net debt to equity stood at 15.9% versus 32.8% end 2006. 

DIVIDENDS UP 22%

In light of the Group's excellent results, the payment of a dividend of EUR 0.11 per share (up 22% on the EUR 0.9 per share paid in 2006) is to be proposed at the AGM of May 15, 2008.

OUTLOOK

Aubay has gotten off to a very good start in 2008, posting strong results in the first few months of the year. All business activity indicators are positive, and even if the current business climate is dominated by a financial crisis, Aubay's extremely vigilant management team has yet to detect any signs of a slowdown in activity.

For 2008, Aubay has set itself the target of organic growth of between 10 and 12% and an operating margin of 10%.

Following the decision to consolidate Octo Technology according to the equity method in 2008, the Group is targeting revenues of over EUR 172 million in 2008 for an operating income of EUR 17.2 million and net income of close to EUR 10 million.

Aubay will release its revenue figures for the first quarter of 2008 on May 13, 2008 at the end of the trading day.

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