CGI has announced results for Q1 2021, for the period ending December 31, 2020.

Q1 FY 2021:

• Revenue was CDN$3,019m, down 1.2% y/y, down 3.6% y/y in CC
• EBIT is CDN$343.5m, a margin of 11.4%, down 159 bps y/y
• Adjusted EBIT is CDN$484m, a margin of 156.0%, up 50 bps y/y.

Q1 FY 2021 revenue breakdown by operating unit (and y/y revenue growth on an actual and constant currency basis) is:

• Western and Southern Europe CDN$480m (-2.7%, -8.5% CC)
• U.S Commercial and State Government CDN$436m (-2.6%, -1.5% CC)
• Canada CDN$430m (-1.4%, -1.5% in CC)
• U.S. Federal CDN$411m (-2.6%, -1.4% CC)
• U.K and Australia   CDN$328m (+0.6%, -0.8 CC)
• Central and Eastern Europe CDN$318m (+6.9%, +0.9% CC)
• Scandinavia CDN$275m (-9.5%, -16.3% CC).
• Finland, Poland & Baltics CDN$208m (+4.5%, -1.6% in CC)
• Asia-Pacific CDN$162m (+0.7%, +4.7% CC).

Q1 FY 2021 adjusted EBIT margin by operating unit (and in the prior year quarter) is:

• Western and Southern Europe 13.8% (14.9%)
• U.S Commercial and State Government 15.4% (15.1%)
• Canada 23.0% (22.8%)
• U.S. Federal 13.4% (13.3%)
• U. .K and Australia   17.9% (14.7%)
• Central and Eastern Europe 13.2% (10.5%)
• Scandinavia 8.8% (7.8%)
• Finland, Poland & Baltics 14.9% (14.9%)
• Asia-Pacific 32.4% (28.0%)

Q1 FY 2021 revenue share by vertical (with NelsonHall estimated approximate revenue and y/y growth) is:

• Government 33% (~CDN$996m, -1.2%)
• Financial services 22% (~CDN$664m, +3.6%)
• Telecoms & utilities 14% (~CDN$423m, -1.2%)
• Manufacturing retail & distribution 24% (~CDN$725m, -5.1%)
• Healthcare 7% (~CDN$211m, -1.2%).

Q1 FY 2021 revenue mix by service type (with NelsonHall estimated approximate revenue and y/y growth) is:

• Consulting & systems integration 45% (~CDN$1,359m, -3.3%).
• IT outsourcing 55% (~CDN$1,661m, +0.7%)

Q1 FY 2021 bookings are CDN$3,397m (Q1 FY 2020: CDN$2,749m), a book-to-bill ratio of 103%.

Backlog at end Q1 FY 2021 is CDN$22,769m, up from CDN$22,673m at end Q4 FY 2020.