Press releaseFISCAL 2007/2008 REVENUE DOWN 16.2% LIKE-FOR-LIKE
Revenue for the 2007/2008 fiscal year, which ended September 30, amounted to €586 million, representing a decline of 21.3% on a reported basis and 16.2% like-for-like. Reported revenue included a €56.4 million negative currency effect due to the weakness of the dollar and sterling, and an additional €18.4 million in revenue from the consolidation of Korea Ratings since April 2007.
| % change | % change | ||||
| (in € millions) | 2006/2007 | 2007/2008 | (reported) | (like-for-like*) | |
| Fitch Ratings | 642.7 | 484.0 | - 24.7% | - 20.3% | |
| Algorithmics | 105.1 | 104.9 | - 0.2% | + 8.4% | |
| Eliminations | (3.0) | (2.9) | |||
| Consolidated revenue | 744.8 | 586.0 | - 21.3% | - 16.2% | |
*Based on a comparable scope of consolidation and at constant exchange rates
Fitch Ratings' revenue stood at $727 million (€484 million) for the fiscal 2008, compared with $853 million (€642.7 million) in fiscal 2007. This represented a decline of 14.8% on a reported basis in dollars, corresponding to Fitch Ratings' functional currency. However, adjusted for the currency effect and the consolidation of Korea Ratings, revenue in euros was down 20.3% like for like, in line with previously announced forecast.
Algorithmics reported revenue of $157.7 million (€104.9 million) in fiscal 2008, versus $139.4 million (€105.1 million) the year before. Growth for the year was 13.1% as reported in dollars and 8.4% like-for-like in euros.