Highlights for first quarter of 2004 include:
Three-year strategic plan firmly in place and producing positive results
Revenues €765 million, up 2% in constant currencies, organic revenues up 1%
Ordinary EBITA €105 million, up 11% in constant currencies
Ordinary net income €56 million, up 21% in constant currencies; Ordinary EPS of €0.19, up 17% in constant currencies
Strong revenue growth in Corporate & Financial Services and Health, US Tax and Accounting, Italy, Central & Eastern Europe, Spain and Scandinavia
Restructuring efforts ongoing in the Netherlands, UK and Belgium; soft market conditions continue
Cost savings, including FTE reductions, are on track; Personnel costs decreased as percentage of revenues
Net debt reduced 16% from €2.2 billion in Q1 2003 to €1.8 billion
Continued strong free cash flow of €125 million versus €40 million last year
Full-year 2004 outlook given on October 30, maintained
Nancy McKinstry, Chairman of the Executive Board, comments: "The implementation of our three-year strategy is well on track, reflected in the good results within our growth areas of Corporate & Financial Services and Health, as well as our Tax business in North America. Sales of integrated products and services are clearly making headway in the market. With key customer wins and new product launches, the first quarter has given us a good start to 2004. First quarter results are in line with our outlook for the full year, and I am confident that our strategy will deliver sustained and profitable growth."
The full press release including tables can be downloaded from the following link:
