French software publishers continue to invest, despite fall in profits in 2009. - Truffle Capital, the European investment company, has published its 6th “Truffle 100 France”, which is a list of the 100 leading software publishers in France. Bernard-Louis Roques, the co-founder and director general of Truffle 100 declared: “2009 was a particularly difficult year. However, in the midst of this major crisis, the French software industry demonstrated that it was surprisingly resilient. Turnover grew slightly and the industry remained profitable while innovating, preparing for the future and continuing to invest heavily in R&D. The 100 software companies of the Truffle 100 announced the net creation of 500 skilled jobs”. He added that “the software industry continues to innovate and is resolutely turned towards the future, creating new jobs in the midst of the crisis and investing more in R&D in 2009 than in 2008. Rather than giving way to short-termism, software companies are pragmatic optimists and 45% believe that they will do well as the economy recovers”. Industry turnover increased from €3.8 billion in 2008 to €4 billion in 2009, although profits fell from 7.6% to 4.3% of total turnover. The economic crisis hit large companies harder than it did SMEs, since only 60% of the top 50 companies maintained or grew their sales, versus 76% of the 50 smallest. In 2009, €750 million were spent in France for R&D (700 million in 2008), reflecting the resumption of investment in this promising sector. A significant trend in 2009 was the dynamism displayed by small publishers, now considered as driving forces in the motor industry. 76% of the between 50th and 100th position published positive or stable turnovers, as opposed to 60% of the 50 biggest publishers. At a ratings level, the crisis has not upset any of the rankings. Dassault Systèmes is by far the uncontested leader (it represents almost a third of the panel's revenue), with a turnover of €1.251 billion, a 9% fall over the last 12 months, followed by Axway (€317.9 million) and Murex (€265 million), which is included in the ratings for the first time. (I.L./transl.fl)