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October 13, 2016

Third-Quarter 2016 Revenue

Acceleration in like-for-like growth in issue volume and revenue

The Group's like-for-like growth1 picked up pace in the third quarter of 2016, as expected:

  • Issue volume was up 10.2% like-for-like. All families of solutions contributed to this solid performance, with like-for-like growth of 8.2% in Employee Benefits and 17.2% in Expense Management.
  • Revenue also grew at a sustained pace, with like-for-like growth of 9.1% in the third quarter.


For the first nine months of the year, the Group posted robust like-for-like growth with:

  • Issue volume up 8.9% like-for-like to €13,911 million for the nine months to September 30, reflecting a good performance throughout Europe (up 7.7%), an acceleration in growth in Latin America (up 10.0% over the nine-month period and 14.3% in the third quarter), and strong growth in the Rest of the World (up 9.8%).
  • Total revenue up 7.0% like-for-like to €804 million for the nine months to September 30, reflecting a rise of 7.6% in operating revenue with issue volume and a decrease of 1.9% in financial revenue.


The Group confirms its targets for full-year 2016:

  • Organic growth in issue volume in line with the Group's historic target of 8-14% (expected at the lower end of the range).
  • An operating flow-through ratio2 of more than 50%.
  • Like-for-like growth in funds from operations (FFO) of over 10%.
  • EBIT of between €350 million and €370 million3.


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