Neuilly-sur-Seine, 19 October 2023 – Linedata (Euronext Paris: LIN), the global solutions and outsourcing services provider to the investment management and credit finance industries, generated revenue of €132.0m over the first nine months of 2023, reflecting an increase of 5.7% compared with the same period of 2022. On a comparable basis, excluding the integration of Audaxys and at constant exchange rates, growth was 5.5%, driven mainly by the performance of North American markets.
The recurring portion of revenue at end-September 2023 amounted to 77% of the total, i.e. €101.7m, up €2.9m compared with end-September 2022.
Bookings were particularly strong in Q3 2023, at €15.7m, versus €9.0m for the same period last year and were driven by all business segments. Thus, bookings were up 19.4% to €50.2m over the first nine months of the year.
Performance by segment:
ASSET MANAGEMENT (Q1: €29.1m, +6.3%; Q2: €30.5m, +3.9%; Q3: €30.4m, +6.1%)
Revenue generated in the Asset Management segment continued to grow in Q3 2023, with an increase of 6.1%. Over the first nine months of the year, growth reached 5.4% (+7.2% at constant structure and exchange rates). Commercial activity was robust with bookings of €8.8m over the quarter. Since the start of the year, Asset Management bookings came to €32.8m, up 25.9%.
Revenue of the Software division came to €65.4m over the first nine months of 2023 and was stable compared with the same period last year. The decline in the Fund Services business was offset by Front Office solutions, thanks notably to growth in AMP migration projects.
Revenue of the Services division came to €24.5m, showing strong growth of 23.6% since the beginning of the year, once again highlighting the group's sound positioning in co-sourcing, which perfectly meets the expectations of the investment management market.
LENDING & LEASING (Q1: €13.4m, +5.0%; Q2: €14.5m, +7.8%; Q3: €14.2m, +6.6%)
Revenue at end-September 2023 for the Lending & Leasing segment was €42.1m, up 6.5%. On a comparable basis, excluding the consolidation of Audaxys and at constant exchange rates, revenue was up 1.8%.
During Q3 2023, the Lending & Leasing segment reported €6.9m in new orders, bringing total bookings for this activity to €17.4m, up 8.9% since the start of the year. These commercial results illustrate the success of the Linedata Ekip360 and Linedata Capitalstream solutions platforms.
Outlook
Linedata continues to pursue its goal of organic growth as well as improving operating margin during the second half of 2023.
Next communication: Full-year 2023 revenue, 6 February 2024, after trading.
ABOUT LINEDATA
With 25 years’ experience and 700+ clients in 50 countries, Linedata’s 1200 employees in 20 offices provide global humanized technology solutions and services for the asset management and credit industries that help its clients to evolve and to operate at the highest levels.
Headquartered in France, Linedata achieved revenues of EUR 172,7 million in 2022 and is listed on Euronext Paris compartment B FR0004156297-LIN – Reuters LDSV.PA – Bloomberg LIN:FP.