Capgemini has announced its H1 2021 results:

• Revenues were €8,711m, up 14.9% y/y, up 17.9% y/y at CC. 
• Adjusted EBIT was €1,042m, a margin of 12.0%, up 1.2 pts
• EBIT was €812m, a margin of 9.3%, up 1.7 pts
• Net debt was €4,826m, down from €6,008m in H1 2020.

Q2 2021 revenues were €4,440m, up 10.1% y/y, up +12.4% y/y at CC, and up 12.9% organic.

H1 2021 revenue breakdown (and y/y revenue growth on an actual and CC basis) was:

• North America: €2,478m (+3.3%, +12.3%)
• U.K. and Ireland: €1,019m (+19.3%, +18.3%)
• France: €1,872m (+16.2%, +16.2%)
• Rest of Europe: €2,710m (+24.8%, +23.7%)
• APAC and LatAm: €633m (+16.4%, +21.3%)
   

Q2 2021 revenue breakdown (and y/y revenue growth on an actual and CC basis) was:

• North America: €1,271m (+0.3%, +9.0%)
• U.K. and Ireland: €516m (+16.6%, +13.6%)
• France: €941m (+9.9%, +9.9%)
• Rest of Europe: €1,374m (+15.2%, +14.2%)
• APAC and LatAm: €338m (+22.7%, +25.0%)

H1 2021 revenue share (with estimates of net revenue and CC growth) by sector was:

• Financial Services: 22% (€1,916m), +7.2%
• Energy & Utilities: 9% (€784m),  +4.8%
• Manufacturing: 25% (€2,178m),  +29.8%
• Consumer goods & retail: 12% (€1,045m),  +17.6%
• Public sector: 14% (€1,220m),  +14.3%
• Telecom, media & technology: 13% (€1,132m), +37.2%
• Services: 5% )€436m),  +12.4%.

Q2 2021  revenue share (with estimates of net revenue and CC growth) by sector was:

• Financial Services: 22% (€977m), +5.4%
• Energy & Utilities: 8% (€355m), +1.2%
• Manufacturing: 25% (€1,110m), +19.2%
• Consumer goods & retail: 13% (€577m),  +22.6%
• Public sector: 14% (€622m), +13.3%
• Telecom, media & technology: 13% (€577m),  +9.8%
• Services: 5% (€222m), +16.6%.

H1 2021 revenue growth on a CC basis by service line was:

• Strategy & Transformation: +27.3%
• Application & Technology: +10.1%
• Operations & Engineering: +33.6%

Q2 2021 revenue growth on a CC basis by service line was:

• Strategy & Transformation: +29.3%
• Application & Technology: +14.6%
• Operations & Engineering: +7.7%

H1 2021 adjusted operating margin (and in H1 2020) by region:

• North America: 15.7% (14.4%)
• U.K. & Ireland: 17.6% (14.3%)
• France: 7.5% (6.9%)
• Rest of Europe: 11.5% (10.2%)
• APAC & LatAm: 12.5% (10.5%).

Headcount at the end of H1 2021 was 289,500, up 9.2%. Low-cost locations now represent 56% of Capgemini's headcount.

Q2 bookings were €4,927m, up 14.3% y/y at CC.

Capgemini has updated guidance for full-year 2021:

• Revenue growth of +0-13.0%, instead of the previous 7.0-9.0%
• An adjusted operating margin of 5-12.7%, a change from the previously stated 12.2-12.4%
• Organic FCF over €1,500, compared with the previous €1,300