Press releaseI) SECOND QUARTER REVENUE (January-March 2009)
Fimalac's revenue for the second quarter of fiscal 2009 (January 1 to March 31) amounted to €128.7 million, up 1% on a reported basis. Excluding the currency effect, revenue dipped by just 0.6% like-for-like, representing a marked improvement compared with the 18.5% like-for-like decline recorded in the first quarter (October-December 2008).
| January-March | January-March | % change | % change (like-for-like)* | ||
| (in € millions) | 2008 | 2009 | (reported) | ||
| Fitch Ratings | 107.0 | 105.7 | - 1.2% | - 2.4% | |
| Algorithmics | 21.8 | 23.0 | + 5.5% | + 8.3% | |
| Eliminations | (1.4) | ||||
| Consolidated revenue | 127.4 | 128.7 | + 1.0% | - 0.6% | |
*Based on constant exchange rates (no changes in scope of consolidation).
Fitch Ratings reported second quarter revenue of $137.9 million (€105.7 million) versus $161.1 million (€107 million) in the year-earlier period. The like-for-like decline of 2.4% was significantly less than the 22.1% year-on-year drop recorded in the first quarter (October-December 2008).
Algorithmics reported second quarter revenue of $30.1 million (€23 million) compared with $32.8 million (€21.8 million) in the same period of fiscal 2008, an increase of 8.4% like-for-like. This contrasted favorably with the slight 1.7% like-for-like decline experienced in the first quarter.
II) FIRST-HALF REVENUE (October 2008-March 2009)
Revenue for the first half of fiscal 2009, covering the period from October 1, 2008 to March 31, 2009, amounted to €265.6 million. Like-for-like revenue was down 10.3%, reflecting an 18.5% drop in the first quarter and a slight 0.6% decline in the second.
| (in € millions) | October 2007 to March 2008 | October 2008 to March 2009 | % change (reported) | % change (like-for-like)* | |
| Fitch Ratings | 248.0 | 212.6 | - 14.3% | - 13.6% | |
| Algorithmics | 51.6 | 53.1 | + 2.9% | + 2.5% | |
| Eliminations | (1.7) | (0.1) | |||
| Consolidated revenue | 297.9 | 265.6 | - 10.8% | - 10.3% | |
*Based on constant exchange rates (no changes in scope of consolidation).