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Press release WAVESTONE Paris , January 28 , 2021 , 6pm Q3 2020/21 : Levels of business activity better than expected Annual revenue target raised to € 410m Revenue In Єm - unaudited consolidated data 2020/21 2019/20 Change Q1 Q2 Q3 Nine - month total 1 Without WGroup , consolidated since 08/01/2019 . Change at constant scope¹ and on a constant forex basis 94.4 98.3 -4 % -10 % 92.4 96.2 -4 % -4 % 111.8 112.7 -1 % + 3 % 298.5 307.2 -3 % -4 % In Q3 of the 2020/21 fiscal year ( October 1 to December 31 , 2020 ) , Wavestone generated consolidated revenue of € 111.8m , which was higher than forecast and broadly stable compared with Q3 2019/20 ( -1 % ) . At constant scope and exchange rates , excluding WGroup , revenue grew by + 3 % over the quarter , compared with a decline of -7 % in H1 . Strengthened by this good Q3 result , revenue for the first nine months of the 2020/21 fiscal year reached € 298.5m , a decline now limited to -3 % , or -4 % at constant scope and exchange rates . Consultant utilization rate of 75 % in Q3 The worsening of the public - health situation and tighter preventive measures did not dampen the upturn in utilization rate throughout the quarter , which was underpinned by revitalized business - development activity . Consultant utilization rate stood at 75 % in Q3 2020/21 , which exceeded expectations . The firm's target was a rate greater than 72 % , compared with rates of 68 % in Q2 and 63 % in Q1 . Over a nine - month period , the consultant utilization rate stood at 69 % , compared with 71 % for the whole of the 2019/20 fiscal year . For the record , since October 1 , 2020 , no use has been made of furlough mechanisms , apart from some limited arrangements in the UK . - A decline in average daily rate over 2020/21 – in line with expectations Following the realities of the first two quarters of the fiscal year , pressure on prices remained in Q3 . Over the first nine months of the year , the average daily rate stood at € 844 , down -4 % compared with the average price of € 878 recorded in 2019/20 . The company confirms that it expects its sales prices to reduce over 2020/21 , in line with the -3 % to -5 % range announced at the start of the year . 1