(AOF) – In the third quarter, ending at the end of December, of the 2022/23 financial year, Wavestone recorded consolidated revenue of 139.1 million euros, up 14%. At constant exchange rates and scope, sales increased by 6%. The day effect was unfavorable over the past quarter and stood at -1.6%. The activity rate fell over this period, under the effect of the numerous arrivals of new employees since September. Over nine months, the rate thus stood at 74%, compared to 75% in the first half of the financial year.
The average daily rate amounted to 886 euros over nine months, up 4% compared to the average sale price recorded over the whole of the previous financial year.
Wavestone has maintained a sustained recruitment pace and now expects to significantly exceed its annual plan of 1,000 gross hires in 2022/23.
Staff turnover marked a deceleration over the quarter. At the end of December, it thus stood at 17% over 12 rolling months, against 19% at mid-year. Even if this trend is positive, the firm wishes to remain cautious as to the evolution of staff turnover over the coming quarters.
As of December 31, 2022, Wavestone had 4,198 employees, including 126 from the mergers with Nomadéis, PEN Partnership and Coeus Consulting, compared to 3,864 as of September 30 and 3,732 at the end of March at the end of the 2021/22 financial year.
“The third quarter did not mark any major inflection, either in terms of operational indicators or in commercial dynamics”, underlines Wavestone. “The year 2023 begins in a generally less buoyant market, marked by more caution on the part of contractors in the face of the deterioration of economic indicators. The environment also remains unfavorable in the public sector in France”.
At the end of the first nine months of the financial year, the firm confirms its annual objectives for 2022/23: to achieve consolidated revenue of more than 525 million euros, taking into account the consolidation of PEN Partnership and Coeus Consulting , and generate a current operating margin of around 15% over the financial year.
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