Operating margin: 10.7%
Dividend: €0.8 per share (proposed to the AGM of May 20, 2015)
Bagnolet, March 26, 2015
The Board of Directors, which met on March 25, 2015, approved the annual accounts for the 2014 financial year.
|In €m, as of December 31
|2014||2013||Δ 2014 / 2013|
|Consolidated turnover||157,0||142,7||+ 10,1 %|
|– Services||149,8||134,5||+ 11,4 %|
|– Softwares||7,2||8,2||– 11,6 %|
|Employee costs||71,4||66,0||+ 8,2 %|
|External loads||63,3||56,8||+ 11,5 %|
|Depreciation and amortization||2,8||3,8||– 27,3 %|
|Current operating income
as a % of turnover
|+ 16,9 %|
|Income taxes||(5,7)||(5,5)||+ 4,0 %|
|Net profit attributable to the Group
as a % of turnover
|+ 15,8 %|
Growth driven by Services
In a stable global IT services market (+0.7% in 2014, source Syntec Numérique), Infotel recorded revenue of €157.0 million, fully organic growth of 10.1% compared to 2013 .
The Services division grew by 11.4% to €149.8 million thanks to the very strong activity of the service centers, with in particular an increase in activity in the Banking/Finance sector.
The Software division, at €7.2 million, was down 11.6% in 2014.
Improved results and strong profitability
Current operating income amounted to €16.8 million compared to €14.4 million a year earlier, representing an operating profitability rate of 10.7%.
This performance is linked to the maintenance of a stable level of expenses: personnel expenses represented 45.5% of turnover for the 2014 financial year and subcontracting expenses amounted to 34.4% of the turnover in 2014.
The inter-contract rate remained very low over the year, at around 2%.
Net income, Group share amounted to €11.0 million, i.e. a net margin of 7% of revenue.
Solid financial structure
The excellent results for the year were also reflected in strong cash generation: with a cash flow of €19.7 million, a working capital requirement and controlled investments, Infotel increased its cash flow by 12. €6 million in 2014.
Infotel’s financial position as of December 31, 2014 is thus further strengthened with €57.4 million in equity, no debt and cash of €38.2 million at the end of the financial year.
Proposed dividend: €0.8 per share
Infotel’s Board of Directors will propose to the General Meeting of May 20, 2015 the payment of a dividend of €0.8 per share for the 2014 financial year. This proposal is motivated by the very good performance recorded on the financial year and the renewed confidence of management in the outlook for 2015. The payout rate will thus stand at 48.4% of net income.
Confidence for 2015
Infotel confirms for 2015 a rate of growth of the activity as sustained as in 2014 and the continuation of the improvement of the results. These favorable prospects validate the Group’s strategy, with a positioning in the growth niches of mobility and Big Data, the deployment of new service centers in France and abroad associated with the software marketing policy at global scale.
General Meeting of Shareholders: May 20, 2014 afternoon
Publication of Q1 2015 revenue: May 20, 2014 after market close
Listed on Compartment C of Euronext Paris since January 1999 (Isin code FR0000071797), Infotel is the specialist in large account management systems, from mobile to very large databases (Big Data). At the forefront of technological innovations, Infotel develops its expertise around two complementary areas of expertise: IT services and software publishing. With more than €157 million in revenue in 2014, Infotel has more than 1,700 employees.