This 4.7% growth in revenues, on a like-for-like basis, breaks down as follows:
- by business, the so-called "cyclical" activities (Consulting Services, Technology Services and Local Professional Services) continued to report sustained growth (+6.1% on average), with the greatest increase recorded by Technology Services (+7.2%). Outsourcing Services reported an average rise of 2.7%, while BPO enjoyed remarkable growth (+20%).
- by region, North America increased 5.0%; France - which retains its position as the Group's leading country - reported improved revenue growth (+7.8%) on the first-half of the year; the United Kingdom and Ireland region, still affected by public sector spending cuts, reported more moderate growth (+1.3%), while the other regions reported average growth of 10.4% (12.4% for the Nordic countries). Benelux was the only region to report a contraction in revenues (-5.7%), reflecting the economic crisis which continues to affect the Netherlands.
With respect to recruitment, Capgemini maintained the balance between the "historical" regions and "offshore" countries of the Group, while focusing particularly on young graduates who accounted for half of all recruitments in the third quarter. The Group had 43,931 offshore employees (including 35,413 in India) as of September 30, 2011, representing 37% of the total headcount at this date of 117,428 employees.
Despite current uncertainties regarding the economic environment in the coming quarters, Capgemini Group maintains its objective for fiscal year 2011 of:
- 9 to 10% growth in revenues on published figures (and of at least 5% like-for-like)
- an improvement in the operating margin rate of over 0.5 points on 2010.
Given the unfavorable trend in stock market prices in recent months, the redemption by the Group of its convertible bonds ("Oceane") due January 2012, is now probable. Furthermore, in order to retain maximum financial flexibility, Cap Gemini S.A. signed a ?500 million additional credit facility. The intention is to refinance this loan - when market conditions are deemed satisfactory - via a capital market transaction in order to further optimize its debt profile in terms of maturity.