Press ReleaseFIRST QUARTER REVENUE (OCTOBER-DECEMBER 2006):Up 16.2% on a reported basis
Up 21.1% like-for-like*
At the General Meeting held on March 16, 2006, shareholders decided to change the Company's fiscal year-end to September 30. The period from October 1 to December 31, 2006 therefore represents the first quarter of fiscal 2007.
Fimalac's consolidated revenue for the first quarter of fiscal 2007 - consisting entirely of Fitch Group revenue - amounted to €201.7 million versus €173.6 million for the year-earlier period, representing an increase of 16.2% on a reported basis and 21.1% like-for-like.
| (in € millions) | October-December 2005 | October-December 2006 | % change (reported) | % change (like-for-like) | |
| FITCH RATINGS | 145.2 | 173.6 | + 19.6% | + 24.5% | |
| ALGORITHMICS | 28.4 | 28.1 | - 1.1% | + 4.3% | |
| FITCH GROUP | 173.6 | 201.7 | + 16.2% | + 21.1% | |
| Consolidated revenue | 173.6 | 201.7 | + 16.2% | + 21.1% | |
Revenue in dollars, the Fitch Group's functional currency, came to $258.3 million for the first quarter of fiscal 2007, compared with $209.5 million for the year-earlier period.
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Fitch Ratings reported first quarter revenue of $222.3 million versus $175.0 million, representing a strong 27.0% increase on a reported basis in dollars and 24.5% like-for-like. The quarter saw a further acceleration of business growth - in fiscal 2006 (covering the nine months ended September 30, 2006) revenue expanded 14.8% on a reported basis in dollars and 15.8% like-for-like, to $480.5 million.
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Algorithmics' contribution to first quarter consolidated revenue (after eliminating intra-group transactions) came to $36.0 million versus $34.5 million, representing a 4.3% increase on a reported basis and like-for-like, in dollars. By comparison, revenue for the nine months of fiscal 2006 rose 31% on a reported basis in dollars and 26.7% like-for-like, to $84.5 million.
* Based on a comparable scope of consolidation and at constant exchange rates.