法国农业信贷银行高科技咨询行业研究报告.pdf

T FRANCE R O P May 2010 E R R O T C High-tech consulting E S Recovery here to stay Hard hit by the economic crisis in 2009 The high-tech consulting segment suffered from its exposure to industry (automotives in particular) and the absence of recurring revenues. 2009 sales for the sector players (Alten, Altran Technologies, Assystem, Devoteam) declined by 10% on a like-for- like basis with EBITA margins down an average 370bp. Devoteam weathered the crisis the best, while Altran Technologies was hit hardest. Signs of a faster-than-expected recovery for 2010 Q1 2010 sales (down 2.5% like-for-like, on average) were 6% higher than we expected. Despite a fragile environment and persistent pricing pressure, growing signs of a recovery prompted management to target FY sales growth and a margi