H1 2018: results improve strongly
Net profit Group share: +24.8%
H1 2018 financial statements have been approved by the Board of Directors
during its September 11th 2018 meeting.
in MEUR H1 2017 H1 2018 Change
Revenues 1 174.7 1 216.7 +3.6%
EBITDA (1) (3) 60.3 64.6 +7.1%
in % 5.1% 5.3%
Current operating income 49.1 53.2 +8.2%
Financial income net (4.3) 2.7 NA
Profit before tax 44.3 55.7 +25.7%
Net profit 31.8 40.2 +26.4%
Net profit Group share 32.2 40.2 +24.8%
The audit procedures have been completed and the auditor's report on the
financial statements is in the process of being issued.
Group CRIT delivered a strong H1 2018 posting revenues of EUR1 216.7 million up
3.6% compared to H1 2017 (+4.9% on a like-for-like perimeter basis and constant
Staffing & recruitment division exceeded revenues of EUR 1 billion over the
period. H1 revenues amounted to EUR1 013.8 million (2), up 2.7% (up 4.2% on a
like-for-like perimeter basis and constant forex).
In France, H1 revenues amounted to EUR 774.6 million rising organically by
5.5%. This performance shows the buoyant activity despite a less favorable
International operations H1 revenues amounted to EUR 239.3 million. The
activity was penalized in the United- States by the unfavorable evolution of
the euro / dollar parity. However, revenues were up + 0.3% on a like-for- like
perimeter basis and constant forex.
Multi-services division: strong growth
Multi-services division achieved a very good first half with revenues of EUR
214.2 million (2), rising by 9.0% (up 9.2% on a like-for-like perimeter basis
and constant forex). The airport services, which account for three-quarters of
the division's business, grew by 9.8% to EUR 164.1 million (up 10.1% on a
like-for-like perimeter basis and constant forex).
Strong improvement in margins
EBITDA for H1 amounted to EUR 64.6 million, up 7.1%(3). It represents 5.3% of
revenues for the period compared to 5.1% in H1 2017.
In the staffing & recruitment division, EBITDA was stable at EUR 47.4 million.
This evolution is very positive given the reduction of the CICE in France. The
division benefited from an increase in margins abroad, with EBITDA representing
4.7% of revenues compared to 4.0% in the first half of 2017. Both the
United-States and Spain contributed to this excellent performance.
In multi-services division, EBITDA increased by 34.4% to EUR 17.2 million,
representing a margin of 8% compared to 6.5% in the first half of 2017. This
strong improvement of operating profitability is driven by the airport
division, whose EBITDA represents 9% of revenues compared to 7.2% in the first
half of 2017.
Overall, current operating income increased by 8.2% to EUR 53.2 million.
The financial result is positive for EUR 2.7 million compared to a loss of EUR
4.3 million for the first half of 2017. This change includes a positive
currency effect related to the evolution of the euro / dollar exchange rate.
Net profit Group share amounted to EUR 40.2 million, up 24.8%.
A solid financial structure
At the end of June 2018, with a cash flow of EUR 38.4 million improving, an
equity of EUR 504.7 million and a net cash position of EUR 144.1 million
(including CICE), the Group benefits from a strengthened financial structure to
continue its development in France and abroad.
2018: repeated confidence
In France, the number of temp employees assigned by the Group grew by almost 3%
Internationally, the outlook remains favorable. In the United-States, continued
improvement in margins remains the priority and Spain should confirm its solid
momentum both in terms of growth and profitability.
As announced, the group will remain attentive to external growth opportunities
that could enable it to strengthen its operations in Europe. On this continent
(excluding France), the group confirms its ambition to reach EUR 300 million in
revenues by 2020.
In Airport services, the group will benefit in the second half of the expansion
of its business aviation activities at Paris-Le Bourget airport and new
contracts signed in air cargo on Roissy CDG.
(1) Current operating income before depreciation and amortization
(2) Excluding inter-segment eliminations
(3) The undiscounted gross amount of CICE recorded by the Group in France
amounted to EUR31.8 million in H1 2018 compared to EUR35 million in H1 2017.
Detailed analysis of foreign exchange and scope impacts
(1) Foreign exchange impacts calculated by applying to the year?s foreign
exchange turnover, the exchange rate of the prior year
(2) The impact of changes in the consolidation perimeter is computed by
deducting from total revenues, the revenues generated by the acquired entities
in the year and by the one generated by the entities acquired the year before
until the anniversary date of the acquisition.
2018 Q3 revenues: October, 24th after closing of the stock exchange.
Groupe CRIT is a leading company in staffing and airport assistance in France
and abroad. The Group is listed on Euronext Paris (segment B FR0000036675) and
the CAC All-tradable, CAC All-shares, CAC Mid&Small, Euronext Family Business
et Gaïa Indexes.
Michèle Chartier: michele.chartier@groupe-crit
Tel : +33 1 49 18 55 08