M€ - IFRS First half 2011 First half 2012 Change Like-for-like change at constant exchange rates*
Southern Europe 32.1 35.2 +9.5% -0.9%
Northern Europe 13.1 13.7 +4.6% +0.1%
North America 17.2 19.9 +15.6% +6.8%
Asia 1.6 1.6 +2.5% -5.6%
TOTAL 64.0 70.3 +10.0% +1.3%
Rounded, unaudited figures
* Includes the company Fimasys from the 3rd quarter of 2011
Neuilly-sur-Seine, 25 July 2012: Linedata (LIN:FP), the global solutions provider dedicated to the investment management and credit finance industries, posted revenues of €70.3 million for the first half of its 2012 financial year, up 10.0% compared to the first half of 2011 and 1.3% at constant exchange rates and on a like-for-like basis.
In the second quarter of 2012, revenue was €36.2 million compared to €32.3 million in 2011, an increase of 12.3% and 2.0% on a like-for-like basis at constant exchange rates.
Recurring revenue increased by €4.5 million to €52.3 million, representing 74% of total half-yearly revenues.
New bookings for the first half-year were up 5.2% compared to 2011, reaching €22.2 million.
Performance analysis by geographic area:
SOUTHERN EUROPE (Q1: €17.0 million, +9.1%; Q2: €18.2 million, +9.9%)
Southern Europe posted an increase of 9.5% in the first half of 2012 thanks to the positive contribution from the Credit Finance segment. This business benefited in particular from the contribution by the Fimasys Profinance business (+€2.8 million) and the growth in the Linedata Ekip revenues within its installed base (+€0.4 million).
Conversely, the Employee Savings business declined overall, dropping €0.4 million, despite the contribution of €0.5 million in revenues by Webepargne from Fimasys.
NORTHERN EUROPE (Q1: €6.5 million, -0.6%; Q2: €7.2 million, +9.8%)
Revenue for the first half of 2012 in Northern Europe was up 4.6% compared to the first half of the previous year. At constant exchange rates, revenue was stable.
The rise in revenues in the second quarter of 2012 is the result of growth in recurring revenues from monthly licences and from ASP. In particular, the region is focusing its efforts on the migration of some of its clients to new versions of products and offering these as a hosted service.
NORTH AMERICA (Q1: €9.9 million, +13.2%; Q2: €10.0 million, +18.1%)
In North America, revenue continued to progress despite a tough competitive environment and increased pressure on prices. Since the beginning of the year, it has grown 15.6%, thanks in part to the favourable effect of the euro/dollar exchange rate. At constant exchange rates, revenue is up 6.8%.
All revenue lines contributed to this rise with sustained activity in terms of projects and consulting.
ASIA (Q1: €0.8 million, -11.8%; Q2: €0.9 million, +20.1%)
Revenues for the first half of 2012 were up 2.5% compared to the first half of 2011. Following the opening of a data centre in Singapore in 2011, the ASP offering has progressed in this region with the signing of three new clients.
Profitability for the first half-year will include exceptional expenses linked to the public share buyback offer that was carried out in June 2012. Excluding these non-recurring items, EBITDA is expected to be close to that for the same period last year.
Next communication: Publication of first-half results on 17 September 2012 after close of trading.
Linedata is a global solutions provider with 700 clients operating in 50 countries. With more than 900 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. Headquartered in France, Linedata achieved revenues of EUR 137.3 million in 2011. This company is listed on Euronext Paris FR0004156297-LIN – Reuters LDSV.LN – Bloomberg LIN:FP.
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Gilles Broquelet / Samuel Beaupain