€ millions - IFRS First half 2010 First half 2011 Change Change at constant exchange rates
Southern Europe 36.2 31.3 -13.6% -13.6%
Northern Europe 13.4 13.1 -1.8% -1.9%
North America 18.5 18.1 -2.2% +3.3%
Asia 1.7 1.5 -14.4% -9.4%
Total 69.8 64.0 -8.3% -6.8%
Rounded, unaudited figures
Neuilly-sur-Seine, France, 19 April 2011 – 5.45pm: Linedata (LIN:FP), the global solutions provider dedicated to the investment management and credit finance industries, realised revenues of € 31.7 million in the 1st quarter of 2011, which was a decline of 8.4% at constant exchange rates. As announced in the publication of the 2010 annual results, the decline at the start of the year had been anticipated by the Group given the low level of order taking noted in the last quarter of 2010.
The recurring portion of revenues remains high and represented 77% of quarterly revenues.
Performance analysis by geographic region:
SOUTHERN EUROPE (Q1: € 15.2 million, down 15.4%)
The Southern Europe region reported the strongest decline in the quarter, in particular due to the lack of new contracts. Due to its buoyant customer base, the Credit and Finance business posted a limited decline of 3.5%.
NORTHERN EUROPE (Q1: € 6.9 million, up 0.3%)
Revenues for the 1st quarter 2011 were stable in Northern Europe compared to the same period of 2010. It should be noted that the region signed significant contracts, in particular with major financial institution clients, totalling more than £ 2 million on a full-year basis.
NORTH AMERICA (Q1: € 8.7 million, up 2.8%)
The US business remained buoyant at the start of the year, thanks to a sound recurring revenue model and the success of the Linedata LynX and Linedata LAP connectivity products.
The order book grew significantly in the 1st quarter 2011 following the signing of numerous new business deals totalling nearly $ 4 million on a full-year basis.
ASIA (Q1: € 0.9 million, down 6.4%)
Asia maintained a stable level of revenues with Hedge Funds showing increasing signs of recovery.
Outlook: Change in trend expected in H2
Revenues for the 1st half of 2011 are expected to be slightly less than during the same period of 2010.
However, recurring business model and strong order taking at the start of the year enabled Linedata to maintain its objective of improving its 2011 full-year revenues compared to 2010.
Shareholders’ agenda: publication of revenues for the 1st half of the year on 27 July 2011 after close of trading.
Linedata is a global solutions provider with 700 clients operating in 50 countries. With more than 800 employees across the globe, Linedata is dedicated to the investment management and credit community. Linedata has been at the service of the financial industry from day one, and applies its market and client insight to provide innovative and tailored mission-critical software and services that help its clients grow. As a pioneer for over 10 years with the set up of ASP infrastructure for the financial industry, Linedata has preached and spread this model throughout the global financial community, for its full range of products. Headquartered in France, Linedata achieved revenues of EUR 136.2 million in 2010. This company is listed on Euronext Paris FR0004156297-LIN – Reuters LDSV.LN – Bloomberg LIN:FP.
For further information, please contact:
+33 (0)1 47 77 68 25
Gilles Broquelet / Samuel Beaupain
+33 (0)1 80 81 50 00