Revenues for Q2 2008

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Second-quarter revenue growth in line with expectations
Half-year net income expected to be up

In Q2 2008, the Sylis Group generated €35.9 million in revenues, with 2.3% organic growth in relation to Q2 2007, in line with its business development plan in terms of activity despite a more difficult macroeconomic context, which represents a good performance. The occupancy rate of teams (activity ratio including holidays) is up +0.7% compared with Q1 2008 and +0.1% compared with Q2 2007, climbing from 76.8% to 76.9%.
Technical staffing levels are down slightly in relation to Q1 2008 and Q2 the previous year (1,515 FTEs1 compared with 1,525 FTEs).

At Group level, sales prices have improved by 0.8% compared with Q2 2007, with this growth seen across the board.

The gradual ramping up of the order book for offerings with a commitment to results in connection with service center solutions was marked by several significant deals signed at the end of the quarter.

In France, second-quarter activity levels were higher than for Q1, returning to a more normal configuration despite relatively volatile demand among key account clients due to the macroeconomic context. Revenues for the quarter came to €23.2 million, the same level as in Q2 2007.

For the Benelux, growth is picking up pace: + 10% for Q2, compared with 2.9% in Q1, with €12.7 million in revenues.

Compared with the first quarter of the year, the margins on projects have increased, while overhead costs have been kept effectively under control. In this way, the Group is forecasting an equivalent level of EBIT to H1 2007, ahead of schedule in terms of its business plan, with net income up by around 3% in relation to H1 2007.

Outlook
Sylis is subject to an unsolicited public takeover bid filed by the Open Group with the French securities regulator (Autorité des Marchés Financiers, AMF) on July 7th. Sylis’ Board of Directors will give its opinion in a press release within days of the AMF issuing its notice of compliance.

Next announcement: Earnings for H1 2008 after close of trading on September 3rd, 2008.
¹ FTE: Full-Time Equivalents