Aubay Société Anonyme announced consolidated earnings results for the year ended December 31, 2017. For the period, the company reported Revenue was €353,568,000 against €326,400,000 a year ago. Recurring operating income was €33,918,000 against €31,500,000 a year ago. Operating income was €33,676,000 against €30,028,000 a year ago. Net income from consolidated companies was €23,937,000 against €21,274,000 a year ago. Net income group share was €23,937,000 against €21,274,000 a year ago. Earnings per share were €1.83 against €1.63 a year ago. Operating income, up 12.1% due to a significant reduction in "Non-recurring operating income and expenses" compared to 2016. Net debt of €5.5 million compared with net cash of 4.4 million at 31 December 2016. Net cash flow from operations fell from €16.4 million to €13.3 million as a result of the aforementioned change in working capital.

The 2018 revenue target after application of IFRS 15 has been set at €395 million, including additional revenues of €23 million resulting from the first full-year consolidation of the business assets acquired in Italy. In view of positive price trends against a backdrop of growth and gradually improving visibility, the 2018 and medium-term recurring operating margin target has been revised upwards to between 9.5% and 10.5% compared to 9% and 10% to date.

The Board of Directors will ask the General Meeting to vote on a 2017 dividend of €0.47, compared to the €0.41 dividend paid out in 2016. As a reminder, an interim dividend of €0.23 was paid in November 2017. The Annual General Meeting will take place at the registered office at 9.00 am on 15 May 2018.