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Capgemini regains growth in the third quarter 2010

04 nov. 2010

On a like-for-like basis (constant Group structure and exchange rates), Group revenues reflect the following changes compared to the third quarter 2009:

  • by business, the cyclical businesses (Technology Services, Consulting Services and Local Professional Services) reported steady revenue growth. Technology Services revenues increased by 7.9% – driven mainly by the excellent performance of Financial Services. Those generated by Local Professional Services rose by 4.2%. Consulting Services revenues slightly declined (-4.1%), but to a lesser extent than in the second quarter 2010. Outsourcing Services reported a slight 2.8% downturn in revenues that was fully attributable to the already mentioned decrease in the volume of revenues generated in two major contracts;
  • by region, North America revenues remained stable (+0.1%) on a like-for-like basis. The excellent performance of Financial Services, whose revenues surged by over 40% compared to the third quarter 2009, offset the slump in Outsourcing Services that was mainly due to the already mentioned termination of a major contract. United Kingdom and Ireland reported 3% revenue growth due to the boost in Outsourcing and Technology Services and despite the renegotiation of the Group’s volume of business in the UK public sector. France revenues remained stable (+0.1%). Benelux reported a slight drop (-2.3%). All the Group’s other regions reported 11.4% growth, with a turnaround in business, particularly in Nordic countries (+6.7%), Central Europe (+7.2%) and Southern Europe and Latin America (+11%).

Bookings in the third quarter 2010 totaled €2,176 million, up 14.6% compared to the third quarter 2009. They were particularly high in Outsourcing Services, with the continued early renewal of several major contracts that was already observed in the first half 2010. The book-to-bill ratio of the three other businesses (Consulting Services, Technology Services and Local Professional Services) was 0.99 (in line with what is usually expected for a third quarter).

Based on an active recruitment policy, the Group welcomed 9,500 new employees in the third quarter 2010, bringing the total headcount to 100,856 as of September 30, 2010. To be added to this figure are the 5,700 employees of CPM Braxis – the local Brazilian IT services player which was acquired in early October. With 63,850 employees, the headcount in the Group’s onshore countries rose slightly (+2.0%) compared to December 31, 2009. The offshore headcount represents 37% of the total headcount as of September 30, 2010.

In line with this sound performance, Capgemini has confirmed its objectives of achieving revenue growth of 3% to 5% (on a like-for-like basis) for the second half 2010 compared to the second half 2009 and a full-year operating margin rate over 6.5%.

For Paul Hermelin, Chief Executive Officer of Capgemini Group: “As predicted, we have regained growth in the third quarter and some of our industries – such as Financial Services – have reported excellent results. We have pursued our recruitment policy to satisfy the demand of clients in the market’s most buoyant segments. Finally, with the recent acquisition of CPM Braxis in Brazil, we have strengthened our positions in a rapidly expanding market.