Aubay Société Anonyme (AUB) H1 2024 earnings summary

Executive summary

• Turnover/revenue for H1 2024 was €272.3M, down 0.9% year-over-year, reflecting a stable but cautious market environment.

• Net income (group share/attributable to owners) was stable at €16.9M, representing a 6.2% net margin.

• Business operating income declined 9.6% to €22.1M, with a margin of 8.1% versus 8.9% last year, mainly due to an unfavorable calendar effect.

• Cash flows from operations increased to €21.0M, up 60.6% year-over-year.

• Workforce reduced to 7,551 at June 30, 2024, with productivity rates improving to 93.3%.

Financial highlights

• Turnover/revenue: €272.3M (H1 2024) vs €274.8M (H1 2023), -0.9%.

• Business operating income: €22.1M, margin 8.1% (vs 8.9%).

• Operating income: €20.8M, down 8.4% year-over-year.

• Net income (group share): €16.9M, EPS €1.30 (vs €1.28 in H1 2023).

• Net cash position (excluding rental liabilities): €95.9M at June 30, 2024, up 14.9% from year-end.

Outlook and guidance

• Annual organic growth expected between 0% and +3%, targeting turnover of €534M–€550M.

• Business operating margin guidance set at 8.5%–9.5% for the full year.

• No signs of improvement or deterioration in summer months; cautious client investment continues.