So, good evening, everyone. Welcome to this Wavestone video conference on the Q1 revenue for the 2024-2025 fiscal year. I am Pascal Imbert, Co-founder and CEO of Wavestone. With me today, struggling with his team's mic, is Laurent Stoupy, CFO of Wavestone. Good evening, Laurent.
Good evening, Pascal. Good evening, everyone.
For the smooth running of the video conference, I will ask you to make sure that your microphone is switched off. I will ask especially to Laurent. Is that okay, Laurent?
That's okay.
Okay. And then you will be able to turn it back on later during the Q&A session, but not you, Laurent. Without further ado, I will hand over now to Laurent to start the comment on our Q1 revenue figures.
Thank you, Pascal, for this introduction. So, during the first quarter of this fiscal year, Wavestone generated consolidated revenue of EUR 232.4 million, an increase of 62% compared with Q1 of the last fiscal year. Revenue in Q1 was stable on a constant scope and pro forma basis. On a pro forma basis, calculated as if the combination with Q_PERIOR and Aspirant had taken place on April 1st, 2023, sorry, organic growth was 1%. As anticipated, given a significant baseline effect and a hardening economic environment, the organic growth in Q1 was slower than the one targeted for the fiscal year as a whole. Let's now look at our KPIs. As planned, we will now provide consolidated KPIs across the whole firm. However, please note that consolidated order book computation remains to be fine-tuned. In Q1 2024-2025, the consultant utilization rate was 73%, the same as constant scope.
It also remains stable compared with the rate seen over the whole of the last year. The average daily rate in Q1 was EUR 944. At constant scope, it amounted to EUR 901, representing a slight increase of 0.3% compared with the entire previous year. Regarding commercial activity, the order book amounted to about 4.3 months of work at the end of June, including Q_PERIOR and Aspirant. At constant scope, it was 3.9 months of work. Regarding human resources, given the uncertain economic environment and the low staff turnover rate, we have maintained a cautious approach to recruitment. At the end of June 2024, the staff turnover rate was 13% on a rolling 12-month basis, including Q_PERIOR and Aspirant. It stood at 14% on the constant scope, stable with the one for the last year.
At the end of Q1, the firm's workforce stood at 5,868 employees, 26 lower than at the end of March. The slight decrease is typical for Wavestone at this time of year. One last piece of information before I hand over to Pascal. We've just signed a lease contract to move our Paris head office from La Défense to a new building in the Saint-Ouen business district. With these new premises, we intend to reduce our carbon footprint, increase our attractiveness towards talents, and strengthen our image with major international accounts. The move is scheduled for the first half of 2027. This decision will have no impact on the firm's objective of delivering a normative annual recurring operating margin of 15%. Thank you. Pascal, I hand over to you now. I mute my mic.
Thank you, Laurent. In this first part of the 2024-2025 fiscal year, we are seeing an economic environment that remains changing. In fact, I should say that it is becoming even slightly more changing. The decision cycles are getting longer, the wait-and-see attitude is more pronounced, and overall, the demand for consulting services is turning out to be slightly lower than what we had expected. This is the result of persistent economic and geopolitical uncertainties, as well as, for France, the consequence of a turbulent political backdrop following the dissolution of the National Assembly. The dissolution of the National Assembly that is compounded by the specific slowdown linked to the Olympic Games. Banking, retail, industry, and the French public sector remain the most difficult sectors.
I should say that in addition, we are beginning to see some signs of a slowdown among certain clients in the insurance and luxury sectors. Now, more than ever, we are ensuring that we focus our efforts on clients and sectors that remain resilient, such as energy, transport, or life sciences. At the start of the 2024-2025 fiscal year, we had three priorities. First, the successful merger of Wavestone and Q_PERIOR, obviously. Second, the pursuit of unwavering business development activity focused on the most promising sectors and topics. Third, a focus on profitability rather than growth, with a cautious approach to hiring. Given the business environment I have just described, a more complicated situation than we expected, these priorities are more relevant than ever, especially the second and third.
Regarding our 2024-2025 objectives, despite the unfavorable economic environment, we are reiterating our objective of generating an annual organic growth of 3%-5% compared with pro forma revenue for 2023-2024. We are also confirming our objectives of achieving an annual recurring operating margin of over 17%. These objectives are at constant forex. They exclude any new acquisition and include the contributions of Q_PERIOR and Aspirant Consulting over the entire fiscal year. Final point, I will remind you that growth in H1 will be lower than the growth targeted over the entire fiscal year, given the strong baseline effect. Profitability will also be lower than the annual target, but this is usual due to the seasonality of our fiscal year. That covers the points on our Q1 numbers for fiscal 2024-2025. Our next publication about our H1 2024-2025 revenue is scheduled for the evening of October 30th.
Until then, I wish you a very good end of day and a wonderful summer. Goodbye.
Goodbye.