Linedata Services achieved consolidated revenues in the first quarter of 2004 amounting to €26.0 million, up 16.1%. Business continues to be affected by unfavourable exchange rates (USD and GBP) amounting to a loss of €0.5M for this quarter. The pro forma effect (2 months for Icon and 3 months for ESDS in 2003) on the quarter stands at EUR 4.5 M.
Asset Management generated consolidated revenues amounting to €13.1M, up +5.6% (+9.7% at a constant exchange rate). On a like-on-like basis, Linedata Services has noted a significant improvement in this activity, amounting to –5.5% for this quarter compared with –13.5% for the previous quarter, to which the first signs of recovery in the United States has largely contributed. Linedata Services shall endeavour to pursue and stimulate growth in this area with a view to attaining a +5% organic growth rate for 2004.
In Leasing & Credit Finance, Linedata Services recorded revenues of €5.2M, a stable figure compared with 2003. The potential growth in this activity has been confirmed by Linedata Services’ proposals for a number of international calls for tender that should be approved over the next few months.
In Savings and Insurance, Linedata Services generated significant growth of +60.4% (+5.5% for pro-forma) by maintaining its position in the Employee Savings market and pursuing a dynamic commercial strategy in the area of life insurance. The group’s new PERP contract confirms Linedata Services’ ambitions in the area of retirement savings.
Following a strong start to the year, in line with projections, Linedata Services maintains its target of an organic annual increase of 5% on the corporate structure, valued at €110M at the beginning of the year. This growth, which is mainly expected to occur in the second half of the year, will be bolstered by external growth operations currently being studied.
On April 23, Linedata Services was ANVAR-certified; since this date, FCPI can now invest in the company’s capital.
Linedata Services will publish its revenue figures for the 1st quarter of 2004 on July 27 (after market).