Press releaseUP 6.2% AS REPORTED
UP 10.3% LIKE-FOR-LIKE
I) SECOND QUARTER REVENUE (January-March 2010)
In its second quarter (January 1 to March 31, 2010), Fimalac generated consolidated revenue of €141.2 million versus €128.8 million in the year-earlier period. This represented an increase of 9.6% on a reported basis and 10.9% like-for-like (i.e. excluding the currency effect).
| January -March | January -March | % change | % change (like-for-like)* | |
| (in € millions) | 2009 | 2010 | (reported) | |
| Fitch Ratings | 104.7 | 115.4 | + 10.2% | + 10.4% |
| Algorithmics | 24.1 | 25.8 | + 7.1% | + 12.9% |
| Consolidated revenue | 128.8 | 141.2 | + 9.6% | + 10.9% |
*Based on constant exchange rates (no changes in scope of consolidation).
Fitch Ratings had a strong second quarter, with $159.4 million in revenue versus $136.6 million the year before, which sustained the recovery underway for several quarters now.
At Algorithmics, the benefits from the major licenses signed in recent months helped to lift second quarter revenue to $35.6 million from $31.4 million in fiscal 2009.
II) FIRST-HALF REVENUE (October 2009-March 2010)
Taking into account the already solid performance in the first quarter, consolidated revenue for the first six months of the year (October 1, 2009 to 31 March, 2010) amounted to €282.1 million versus €265.6 million in first-half 2009, representing an increase of 6.2% as reported and 10.3% like-for-like.
| (in € millions) | October 2008 - March 2009** | October 2009 - March 2010 | % change (reported) | % change (like-for-like)* |
| Fitch Ratings | 210.6 | 230.0 | + 9.2% | + 13.0% |
| Algorithmics | 55.1 | 52.1 | - 5.4% | 0% |
| Eliminations | (0.1) | 0 | ||
| Consolidated revenue | 265.6 | 282.1 | + 6.2% | + 10.3% |
* Based on constant exchange rates (no changes in scope of consolidation).
** The fiscal 2009 figures have been adjusted to reflect the reclassification of certain minor activities from Fitch Solutions to Algorithmics, representing $2.6 million in revenue in first-half 2009.
Fitch Ratings generated first-half revenue of $328.8 million in fiscal 2010, up a significant 13% like-for-like over the $276 million reported the previous year. In addition to the favourable basis of comparison, the improvement was mainly led by strong demand for ratings of corporates and financial institutions.
Algorithmics recorded first-half revenue of $74.5 million compared with $72.2 million in fiscal 2009, unchanged on a like-for-like basis. There was, however, a significant improvement between the first and second quarters.