PARIS, Nov. 9, 2001 (PRIMEZONE) -- Fimalac's (PSE:FIM) sales for the first nine months of 2001 totaled E1,100.1 million, an increase of 11.4% compared with E987.3 million for the same period of 2000. On a like-for-like basis, the contribution of operating subsidiaries was 10.3% higher.
Fitch continued to enjoy very strong business growth, on both sides of the Atlantic. In the United States, in particular, the company benefited fully from the rise in new issues and refinancing transactions fuelled by successive interest rate cuts. These favorable developments were reflected in Fitch's revenues, which totaled E259.5 million versus E163.5 million in the first nine months of 2000.
As previously reported, Facom is experiencing a certain loss of momentum in the United States, the United Kingdom and Italy, in a more difficult environment, but sales have held up well in France. Total sales for the first nine months of 2001 came to E468.4 million versus E461.7 million for the same period of 2000.
LBC's business continued to expand rapidly, with sales reaching E100.9 million compared with E82.7 million in the first nine months of 2000.
These three core businesses accounted for 78% of total sales by the Fimalac Group's operating subsidiaries in the first nine months of 2001.
Among Fimalac's other businesses, Cassina also enjoyed strong growth, with sales of E92.1 million versus E75.6 million in the first nine months of 2000.
2001 Looks Set to be a Very Good Year
Fimalac's sales for the first nine months of the year are in line with forecast and the Group is well on the way to achieving its objective of around 20% growth in operating income over the full year, excluding the impact on year-on-year comparisons of the sale of Secap Technologies.
Secap Technologies was sold to Pitney Bowes on October 31, 2001 at the previously announced price of E221 million. The transaction generated an after-tax gain of E125 million and brought in net cash of E200 million.