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Linedata reports first half results

27 July 2005  |  1233 views  |  0 Source: Linedata Services

H1 2005 saw Linedata Services successfully meet all of its financial targets.

For the first six months of the year, sales came out at EUR 57.0 million, equivalent to organic growth of 8.1%. At constant exchange rates, organic growth stood at 9.4%.

This is the fourth consecutive quarter in which organic growth has exceeded 8% at constant exchange rates, confirming the Group's new momentum over the last year, particularly in terms of asset management, which is currently its main growth driver.

Linedata's Asset Management business posted an excellent performance over the first half, with sales of EUR 29.6 million, representing organic growth of 15.8% (+18.3% at constant exchange rates). The Group continues to benefit from its commercial restructuring and the success of its offerings across the board. Indeed, new prestigious front office clients such as Mellon and SEI, and a flourishing activity over the last six months have reinforced the Group's position amongst the major players in the sector, particularly in the USA. The implementation of the partnership with UBS for hedge funds is also very promising, indicating that the Group is pursuing the right strategy.
Currently, taking part in a number of major tenders, Linedata Services Asset Management should continue to gain market share over the coming months and maintain its dynamic activity.

In Savings & Insurance, sales remained more or less stable at EUR 16.0 million (-1.8%) and a pick-up in employee share ownership programs provided a strong foundation, rather than the signature of a major contract (such as was seen in 2004). As previously announced, Linedata Services launched an ambitious action plan in 2005 to prepare for growth in the coming years by restructuring its management, strengthening its sales team and overhauling its offer in order to maximize synergies between employee savings, life insurance and retirement plans.

In Leasing & Credit Finance, the growth in sales of 4.9% (8.3% in Q2) confirmed the gradual return to more dynamic growth. Present in the most buoyant sectors of lease financing (Leasing, Consumer credit), Linedata Services is particularly well placed to accompany its clients in their European expansion, notably in Eastern Europe (Poland, Hungary, etc.).

2005 targets confirmed

Bolstered by its performance in the first half, Linedata Services has confirmed its target of organic growth of over 5% for the full year. The 2005 half-yearly results should demonstrate a clear improvement on the first half of 2004 and constitute an important step in Linedata Services meeting its target of an operating margin of 17% of sales in 2005.

Linedata Services will publish its results for the first half of 2005 under IFRS on September 19, 2005 at the close of trading.

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