AUBAY – Third-quarter 2022 revenue: A still buoyant market environment – Organic growth: +8.4% – 10/19/2022 – 5:50 p.m.

In M€ T3 2022* T3 2021 Var. organic 9 months 2022* 9 months 2021 Var. organic
France 61,9 55,8 +10,9% 193,3 174,1 +11,0%
International 59,0 55,8 +5,8% 186,0 170,5 +9,1%
Total 120,9 111,6 +8,4% 379,4 344,7 +10,1%

* Unaudited data

Aubay had a very good third quarter, recording revenue of €120.9 million, up +8.4% on a like-for-like basis. The level of activity remains high thanks to continued strong customer demand.

Revenue in France amounted to €61.9 million, up +10.9% and reflects a remarkable performance despite one less invoicing day over the quarter. Demand from major accounts is still very well oriented. Recruitment is accelerating.

Internationally, consolidated revenue amounted to €59.0 million, up +5.8% despite an unfavorable calendar (-1 day) and a demanding basis for comparison. Demand also remains strong and the issue remains the availability of consultants.

Over the first nine months of the year, organic growth was +10.1%.

As expected, net recruitment accelerated during the 3th quarter with the workforce increased to 7,625 employees compared to 7,442 at June 30, 2022, i.e. +183 new talents within the group. Aubay confirms its attractiveness in a competitive human resources market, particularly internationally where talent shortages may appear from time to time.

The group continues to take care to balance its wage inflation with the increases in its selling prices.

In this buoyant market, the activity rate of consultants remained at a high level and stood at 95.9% against 95.0% a year earlier.

Business outlook for 2022

In this still dynamic market context and despite an unfavorable calendar effect on the 2th semester, Aubay is confident in its ability to reach the upper limit of its revenue target of €513 million.

Good control of the wage inflation/selling price couple also makes it possible to tighten the operating margin on activity upwards between 10% et 10,5% against previously 9.5% and 10.5%.

Publication of 2022 annual revenue on Wednesday January 25, 2023 after market close.


Internal/organic revenue growth : this is growth calculated on a like-for-like basis for a given period, excluding the turnover of companies acquired or sold. Aubay conducts most of its business in the euro zone and is in fact not or only slightly subject to the impact of exchange rate effects.

9 months 2022
Organic growth +10,1%
Impact of changes in scope 0
Growth in published data +10,1%

Operating result from activity : this indicator corresponds to operating income before taking into account the cost of free shares and other income and expenses which correspond to unusual, significant, infrequent operating income and expenses, presented separately to facilitate understanding of the related performance to routine activities.

Operating margin on activity : this indicator, expressed as a percentage, is obtained by dividing operating profit from activity by turnover.

Net debt or net cash : this indicator is obtained by the difference between cash and financial debts. If the result is negative, it is called net debt, and net cash otherwise.


Aubay is a Digital Services Company. Aubay is present with the biggest players in the Banking, Finance, Insurance, Industry, Energy, Transport and Telecom sectors. The company has 7,625 employees in 7 countries (France, Belgium, Luxembourg, Italy, Spain, Portugal and the United Kingdom). In 2021, Aubay achieved a turnover of €470.6 million.

Euronext, Compartment: B – ISIN FR0000063737-AUB – Reuters : AUBT.PA – Bloomberg : AUB:FP


Amaury Dugast – Actus Finance – Tél. : +33 (0)1 53 67 36 74 – [email protected]

David Fuks – Deputy Managing Director – Finance Department – Tel. : 01 46 10 67 67 – Email: [email protected]