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12 May 2011 Strong organic growth in first quarter 2011

SQLI annonce son chiffre d’affaires du 1er trimestre 2011, marqué par le maintien d’un niveau élevé de croissance organique (+7%) conforme à la dynamique anticipée en début d’exercice.

Consolidated first quarter turnover for 2011 came out at €43.6 million compared with €41.3 million a year earlier. Published growth was thus up 6%. The performance is reduced by changes in the scope of consolidation after SQLI disposed of its SQLI Poitiers and SQLI Méditerranée branches, deconsolidated respectively on 31 December 2010 and 28 February 2011, in line with its strategy of refocusing on its higher value-added activities. In parallel, the integration of the Belgian WAX ! Interactive agency has only been effective since 1 March 2011. Overall, and like-for-like, activity grew by 7%.

This strong sales momentum is all the more remarkable as it came at a time of a slight decrease in the workforce, to 1,901 staff at end-March 2011, compared with 2,014 a year earlier). This trend can be explained by changes in consolidation scope, the adjustments in non-productive resources carried out last year, and the continuation at the start of the current year of a high level of staff turnover (a trend observed throughout the sector), partially offset by a more aggressive recruitment policy.

Growth in the first quarter went hand-in-hand with an improvement in key performance indicators. The activity ratio continued its steady improvement to stand at 81.1% in the first quarter of 2011, up 1.8 points over 12 months using comparable calculation methods. Over the same period, the average daily output rate rose 1% to €493.

Following this good start to the year, SQLI can confirm its annual objective of sustaining a higher than market average growth rate and a gradual improvement in its current operating margin.

In addition, the €17 million gross proceeds from last April’s successful issue of OBSAAR bonds convertible into new and/or exchangeable for existing shares strengthened the Group’s balance sheet. It also enabled senior management to buy the BSAAR warrants not taken up by shareholders. Ultimately, by exercising these warrants, management’s share of company equity could be substantially bolstered. Everyone involved in the project (shareholders, financial partners and managers) is thus united around the 2014 strategic plan designed to ensure a lasting improvement in the Group’s economic performance in order to impose SQLI as a benchmark among software houses listed on NYSE Euronext in Paris.

SQLI will publish its first-half 2011 turnover figure on 11 August 2011, after close of trading.

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