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n°20  |  November   2007

Bull on target

D Lamouche

With 2.5% growth in our third quarter 2007 revenue (excluding divested activities), and an 18.4% increase in the Services and Solutions business, Bull’s transformation is continuing to make good progress. Sales activity for this last quarter has been extremely dynamic, with orders up by 10.1%, and a remarkable 30.8% growth in Services and Solutions – with organic growth at twice the market rate. This business’ sustained growth over ten consecutive quarters has been further enhanced by our strategic program of targeted acquisitions.

The Group’s transformation has involved recruiting people with new skills and integrating dynamic companies, embodying our passionate drive to grow aggressively in specific sectors and high-potential markets. Here are just a few figures that illustrate Bull’s very rapid transformation: 30% of those who work for us were not part of the Group three years ago. By the end of this year, we will have recruited more than 1,000 experts, 400 of them in France. In the space of just two years we have acquired: Enatel, a specialist in secure access to information systems;, a Polish telecoms and financial solutions provider; HRBC, a French IT services company specializing in ERP solutions for human resources; and Agarik, outsourcing provider for critical web-based infrastructures. With the acquisition of Siconet we have extended our customer base and strengthened our growth potential in Spain. We have also just acquired Serviware, a major player in the High-Performance Computing (HPC) and storage market in France. This new step will accelerate the development of our HPC activities and our presence in sectors including aeronautics, the automotive industry and energy.

Our strategy aims to energize and strengthen our key growth offerings in the areas of HPC, tera-architectures and storage on the one hand, and Services and Solutions on the other. With our performance over the first nine months of this year, we can be confident in our ability to achieve our 2007 objectives: revenue growth with profitability towards the upper end of the initially announced target range.

Bull’s transformation is progressing with the same kind of determination: to deliver excellent service. This culture of ‘quality’ is the commitment made by a company that believes its greatest asset is its customers’ trust. On behalf of all Bull’s teams worldwide, thank you for the confidence you have shown in us.

Didier Lamouche
Chairman and Chief Executive Officer


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