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GOOD HALF-YEAR RESULTS 2013: CONFIRMED INCREASE IN PROFITABILITY
Revenue: €71.7 million
Operating margin rate: 9.0%
Net margin rate: 6.4%
Confidence in the outlook for the second half of the year
Bagnolet, August 28, 2013
| In M€, as at 30 June | 2013 | 2012 | Δ 2013 / 2012 |
| Revenue 1st half | 71,7 | 68,8 | +4,3 % |
| – of which Services revenue | 67,0 | 64,7 | +3,7 % |
| – of which Software revenue | 4,7 | 4,1 | +13,3 % |
| Employee costs | 32,9 | 32,4 | +1,5 % |
| External loads | 28,9 | 30,1 | -3,9 % |
| Profit from recurring operations | 6,4 | 4,5 | +42,2 % |
| % of turnover | 9,0 % | 6,6 % | |
| Net income (group share) | 4,6 | 3,1 | +47,8 % |
| % of turnover | 6,4 % | 4,5 % |
In line with its objectives, Infotel confirms that its business growth in the 1st half of 2013, outpacing the market, combined with a solid recovery in its margins.
Growth in activity in the 1st half of 2013
Infotel generated revenue of €71.7 million in the 1st half of 2013, an increase of 4.3% compared to the first half of 2012.
Revenue from the Services division (93.5% of total revenue) increased by 3.7% to €67.0 million over the period, despite a still difficult economic situation.
The Software division (6.5% of turnover) grew strongly with revenue of €4.7 million over the half-year, i.e. +13.3% compared to the end of June 2012, benefiting from a particularly strong first quarter.
Solid recovery in profitability
The aggressive commercial policy pursued in 2012 is now proving profitable with the rise of several service centers among key accounts.
Profit from recurring operations in the first half of 2013 was €6.4 million, representing an operating margin rate of 9.0% compared to 6.6% in the first half of 2012. This increase of 42.2% is the result of measures taken at the beginning of the year to optimize the Group’s operational efficiency, which resulted in a stabilization of staff costs, with an intercontract rate of around 2% and a decrease in external subcontracting expenses.
Without the provision of €800k taken on a disputed adjustment on the CIR, the operating margin rate would be 10.1%.
The Group’s average workforce for the six-month period was 1,092 employees compared to an average number of employees for 2012.
Net income (group share) for the consolidated half-year was €4.6 million, up 47.8% (compared to €3.1 million in the first half of 2012), representing a net margin rate of 6.4% compared to 4.5% in the first half of 2012.
€2.8 million in cash generated in the 1st half of 2013
Infotel’s financial position remains very strong. The Group’s equity amounted to €45.7 million (compared to €42.6 million at 30 June 2012) and the Group has no debt. Cash was significant at €19.7 million at 30 June 2013, an increase of €2.8 million compared to €16.9 million at 31 December 2012, after the payment of dividends.
Confidence for the end of 2013
Thanks to the strength of its business model (nearly 70% of the Services business carried out with flat-rate services) and the dynamism of its sales teams, Infotel has managed both to consolidate its positions and to raise its margins in a still complex economic context.
In line with the 1st half of 2013, the Group is confident in its prospects for business growth and improved profitability for 2013.
It will specify its year-end objectives on September 18, 2013.
Next appointments:
Analyst meeting and press release: September 18, 2013
Revenue for the 3rd quarter of 2013: October 30, 2013 (after the stock market)
About Infotel
Listed on Compartment C of Euronext Paris since January 1999 (Isin code FR0000071797), Infotel is the specialist in key account management systems, from mobile to very large volume databases. At the forefront of technological innovations, Infotel develops its expertise around two complementary areas of expertise: IT services and software publishing. With more than €134 million in turnover in 2012, Infotel has more than 1,500 employees.
