WAVESTONE : H1 2024/25 results: 10.1% recurring operating margin - Updated annual targets: stable revenue, 12.5% recurring operating margin: On December 4, 2024, Wavestone's Board approved the consolidated half-yearly accounts as of September 30, 2024, which are summarized below. These accounts have been subject to a limited review by the statutory auditors, who are in the process of issuing their report.
Limited review
at 09/30 (in €m)
H1 2024/25
H1 2023/24
Change
Revenue
457.8
276.7
+65%
Recurring operating profit (ROP)1
Recurring operating margin
46.4
10.1%
36.8
13.3%
+26%
Amortization of customer relationships
Other operating income and expenses
Operating profit
(4.4)
(0.5)
41.6
(0.7)
(2.8)
33.2
+25%
Cost of net financial debt
Other financial income and expenses
Tax expense
(1.6)
(1.7)
(11.0)
(0.7)
(0.3)
(9.2)
Net income
Net margin
Net income - group share
Net income - group share, per share after dilution (in €)
27.3
6.0%
27.2
1.11
23.0
8.3%
23.0
1.16
+19%
+19%
-4%
1 Wavestone has introduced in 2023/24 an alternative performance indicator named Recurring Operating Profit (ROP), the definition of which is provided at the end of this press release.
H1 in 2024/25: revenue up by 65%, equivalent to +2% organic growth
Over the whole of H1 2024/25, revenue amounted to €457.8m, an increase of +65% compared with H1 2023/24, of which +1% on a constant scope and forex basis.
As a reminder, Wavestone has consolidated Q_PERIOR, a German consulting firm, since December 1, 2023,
and Aspirant Consulting, a US consulting firm, since February 1, 2024.
On a pro forma basis, calculated as if the acquisitions of Q_PERIOR and Aspirant Consulting had taken place on April 1, 2023, half-yearly revenue showed growth of +2% over the period. This change benefits from a favorable working day impact of +2%[1] over H1.
Consultant utilization rate of 73%[2]; average daily rate of €937
In H1 2024/25, the consultant utilization rate held strong and stood at 73%. At constant scope, it amounted to 72%, versus 73% for the whole of the 2023/24 fiscal year.
Prices declined slightly during Summer. At the mid-point of the 2024/25 fiscal year, the average daily rate was €937 (as a reminder: €944 over Q1). At constant scope, the average sales price was €898.
With regard to business development, the order book stood at about 3.7 months of work on September 30, 2024 (including Q_PERIOR and Aspirant Consulting). At constant scope, it stood at 3.4 months versus 4.1 months on March 31, 2024, reflecting the traditional slowdown in order intake during the Summer but also the more conservative behavior of Wavestone's clients.
Staff turnover rate stable at 13%
On September 30, 2024, the staff turnover rate (including Q_PERIOR and Aspirant Consulting) stood at 13% on…