Neuilly-sur-Seine, 24 July 2023 – Linedata (Euronext Paris: LIN), the global solutions and outsourcing services provider to the investment management and credit finance industries, generated revenue of €87.5 million in the first half of 2023, an increase of 5.5% from the first half of 2022. Organic growth, considering a constant structure and exchange rate, was 3.9%.
Recurring revenue in the first half of 2023 accounted for €68 million or 78% of total revenue, a rise of €2.6 million from the same period last year.
The order intake since the beginning of the year (excluding Audaxys) increased by 3.4% to €34.3 million.
Performance by segment:
ASSET MANAGEMENT (Q1: €29.1 million, +6.3%; Q2: €30.5 million, +3.9%)
The Asset Management segment continued to grow during the second quarter (+3.9%) driven by momentum in Services. The sales activity saw an increase with half year bookings rising by 12.9% to €23.9 million.
The Software division recorded a revenue of €43.3 million in the first half of 2023, a slight decrease of €0.5 million (or 1.1% considering the same structure and exchange rate), primarily due to reduced activity in Funds Services applications. On the other hand, Front Office solutions had a robust performance primarily due to migration projects for the AMP platform.
The Services division continued to expand, with half-year revenue up 28%, following a record year in 2022 (+40.5% sales growth). This growth underscores the Group's strong position in co-sourcing, which aligns perfectly with the expectations of the asset management market.
LENDING & LEASING (Q1: €13.4 million, +5.0%; Q2: €14.5 million, +7.8%)
The Lending & Leasing segment reported revenue up 6.4%, propelled by the contribution from the recent acquisition in Portugal, Audaxys. On a like-for-like basis, the increase was 1.1%, with the organic growth in the second quarter of 2023 being a more substantial 3.1% driven by strong sales of Linedata Capitalstream.
Outlook
Linedata anticipates that the operating result for the first half of 2023 will be comparable to that recorded for the same period last year.
Next communication: H1 2023 results will be announced on 13th September 2023, after trading hours.
ABOUT LINEDATA
With 25 years’ experience and 700+ clients in 50 countries, Linedata’s 1100 employees in 20 offices provide global humanized technology solutions and services for the asset management and credit industries that help its clients to evolve and to operate at the highest levels. Linedata generated revenue of EUR 172.7 million in 2022. Linedata is listed on Euronext Paris compartment B FR0004156297-LIN – Reuters LDSV.PA – Bloomberg LIN:FP