Return of growth in 3rd quarter 2003
Linedata Services recorded an increase of 6.3% in revenues during the third quarter of 2003 with â¬25.0 million. Business continues to be affected by unfavourable exchange rates (USD and GBP) representing â¬1.0M for the third quarter. Growth for the 3rd quarter is +10.5%, at a constant exchange rate.
In Asset Management, Linedata Services generated revenues of â¬14.0M in the 3rd quarter, a 5.6% increase over the same period in 2002. The group benefits from the successful integration of British activities ( ICON+ IASII), which account for â¬3.5M during this quarter. A strong sales drive led to two new Back Office Chorus contracts in France (Groupama dâOc and SÃ©curitÃ© Familiale) and the first ASP LongView Trading System contract in the UK. In addition, the group continues to consolidate future growth by expanding its range of products in the US (interfaces with the main sources of market liquidity particularly due to partnerships with Instinet and Sonic) and in France (new offer for real-time monitoring).
Leasing & Credit Finance continues its growth with revenues of â¬6.1M, an increase of 17.9%. Continuing to support the major international accounts in their strategy to harmonise their IT solutions and after having equipped Toyota France, Linedata Services signed a letter of intent with Toyota Spain. Linedata Services also strengthens its positions in Maghreb in winning calls for tender by Maghreb Bail and Wafasalaf, who successfully went live with EKIPâs new revolving credit offer.
Employee Savings generated, as expected, nearly stable revenues of â¬4.9M for this quarter and is preparing the integration of ESDS for the 4th quarter to take full advantage of the growth associated with this acquisition.
The good results recorded during the third quarter bring 9-month revenues to â¬72.6M, an increase of 2.2% (+ 5.9% at a constant exchange rate).
Outlook for 2003
Due to the large number of calls for tender currently being negotiated, particularly in Asset Management, Linedata Services maintains its target of +10% overall growth at a constant exchange rate (excluding ESDS) and an EBIT margin at least equal to that of 2002.