Capgemini Reports Q3 2023 Revenues and Regional Performance

Capgemini Group has disclosed its consolidated revenues for Q3 2023, totaling €5,480 million. The reported revenues reflect a modest decrease of -1.3 percent during the quarter.
Capgemini IT services for digital transformationRegional Performance:

United Kingdom and Ireland: This region, contributing to 12 percent of Group revenues in Q3 2023, demonstrated strong growth of +5.0 percent at constant exchange rates. Notably, the Public Sector and the Consumer Goods & Retail Sector played a pivotal role in driving this performance, while the Financial Services and TMT sectors experienced declines.

Rest of Europe: Comprising 30 percent of Group revenues, the Rest of Europe region displayed healthy growth of +5.4 percent at constant exchange rates. The growth was primarily propelled by the Public Sector and the Manufacturing, Energy, and Utilities sectors.

France: Accounting for 19 percent of Group revenues, France reported a positive growth of +3.7 percent at constant exchange rates. The Public Sector, Consumer Goods & Retail, and Manufacturing sectors contributed to this growth, in contrast to the TMT sector, which declined.

North America: With a share of 29 percent of Group revenues, the North America region experienced a decrease of -4.0 percent in revenues at constant exchange rates. While the Manufacturing sector sustained solid growth during the quarter, the TMT sector contracted further, and Financial Services growth turned negative.

Asia-Pacific and Latin America: This region, contributing 10 percent of Group revenues, recorded an impressive growth of +7.6 percent in revenues at constant exchange rates. The growth was primarily driven by the Asia-Pacific region, with solid performances in the Public Sector and Consumer Goods & Retail and Manufacturing sectors.

Business Operations:

Strategy & Transformation Services: Representing 8 percent of the total Group revenues in Q3 2023, this segment maintained robust growth, with a +5.1 percent increase in total revenues at constant exchange rates compared to Q3 2022.

Applications & Technology Services: As Capgemini’s core business (comprising 63 percent of Group revenues), this segment reported growth in total revenues of +2.8 percent at constant exchange rates.

Operations & Engineering: Accounting for 29 percent of Group revenues, this segment demonstrated a growth of +0.9 percent at constant exchange rates.

Headcount:

As of September 30, 2023, the Group’s total headcount stood at 342,700, representing a 4 percent decrease year-on-year.

The onshore workforce remained nearly stable, with 146,700 employees.

In contrast, the offshore workforce declined by 7 percent to 196,000 employees, constituting 57 percent of the total headcount.

Bookings:

Bookings in Q3 2023 amounted to €5,275 million, reflecting a +1 percent increase at constant exchange rates compared to the previous year.

This equates to a book-to-bill ratio of 0.96, indicating strong performance, particularly considering the usual seasonality of bookings.

Outlook:

Capgemini’s financial targets for 2023 include:

Revenue growth ranging from +4 percent to +7 percent at constant currency.

Operating margin within the range of 13.0 percent to 13.2 percent.

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