GFI INFORMATIQUE: Q4 AND FULL-YEAR 2011 REVENUE
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FOURTH QUARTER REVENUE UP 7.8% TO €182.2 million
TARGETS FOR 2011 FULL YEAR REITERATED
Saint-Ouen (France), 2 February 2012 - In the fourth quarter of 2011, Gfi Informatique recorded revenue growth of 7.8% to €182.2 million. Over 2011 as a whole, revenue rose by 3.9% to €683.8 million.
€ million | Q4 2011 | Q4 2010 | Change % | Like-for-like growth[1] |
France | 135.1 | 122.7 | +10.1% | +4.0% |
International | 47.1 | 46.3 | +1.6% | -2.3% |
Q4 revenue | 182.2 | 169.0 | +7.8% | +2.2% |
€ million | 31 December 2011 | 31 December 2010 | Change % | Like-for-like growth |
France | 501.4 | 472.8 | +6.1% | +2.8% |
International | 182.3 | 185.2 | -1.5% | -0.4% |
Full-year revenue | 683.8 | 657.9 | +3.9% | +1.9% |
ACCELERATION OF REVENUE GROWTH IN FRANCE IN Q4: +10.1%
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France: Growth gathering steam
In Q4 2011, revenue growth in France accelerated for the fourth quarter in a row, increasing by 10.1% to €135.1 million. Like-for-like growth accounted for 4.0% of this gain and the takeover of Ares businesses in February 2011 for the balance. Over 2011 as a whole, revenue in France, which contributes more than 70% of total Group revenue, reached €501.4 million, for a 6.1% increase including +2.8% like-for-like growth.
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International: Real resilience
International revenue advanced by 1.6% to €47.1 million in the fourth quarter, but was down 2.3% on the previous year on a like-for-like basis. In 2011 as a whole, revenue was more or less flat, declining by just 0.4%.
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Southern Europe: Although the climate in Spain remained challenging, revenue rose by 3.6% in Q4, to €17.5 million, implying like-for-like growth of 2.6% since the start of the year. On the other hand, revenue contracted by 17.6% in Portugal in Q4, reflecting a downturn in business levels in telecommunications and the public sector, and fell 16.9% over the full year.
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Northern Europe was boosted by the acquisition of Ares in Luxembourg and the robustness of the core businesses. Revenue there advanced by 32.3% on a reported basis, to €6.6 million, and was up 12.8% like-for-like. Over the full year as a whole, like-for-like growth reached 21.6%.
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In Canada, revenue declined by 7.4% on a like-for-like basis in Q4 and ended the year 3.1% lower, with annual revenue coming in at €61.0 million.
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Morocco, thanks notably to exports, recorded like-for-like growth of 8.8% in Q4 and 12.4% growth over 2011 as a whole.
EXCLUSIVE NEGOTIATIONS FOR SALE OF CANADIAN BUSINESSES
On 10 January 2012, the Group announced that it had entered into exclusive negotiations to sell its business interests in Canada.
GROUP TARGETS REITERATED
The fact that growth accelerated steadily over 2011 is evidence of the success of the repositioning strategy adopted late in 2009. As expected, these strong results should allow the Group to deliver profitability growth in 2011 along with debt reduction.
Gfi Informatique will continue to implement this strategy, leveraging an offering that is ever more integrated, innovative and industrialised.
Although encouraged by the business growth it has achieved, the Group nonetheless remains very watchful, in these early months of 2012, for effects the current economic climate could have on its market, which has proved fairly resilient so far.
Next release: 14 March 2012, 2011 full-year earnings
Notice
The items in this press release other than historical facts are estimates. They do not constitute guarantees because of the inherent difficulties in forecasting results. Actual results may differ significantly from explicit or implicit forecasts
About Gfi Informatique
Gfi Informatique is a major player in value-added IT services and software in Europe, and occupies a strategic position in its differentiated approach to global firms and niche entities. With its multi-specialist profile, the Group serves its clients with a unique combination of proximity, sector organisation and quality industrial solutions. The Group has more than 9,300 employees and had 2011 revenues of €684 million.
Gfi Informatique is listed on the Paris Euronext, NYSE Euronext (Compartment B) - ISIN Code: FR0004038099.
For more information: www.gfi.fr
For more information, please contact: |
GFI INFORMATIQUEKEIMA COMMUNICATIONPRESS RELATIONS
Alix HERIARD
Tel: +33 1 56 43 44 62
alix.heriard@keima.fr
Investor relations
Emmanuel Dovergne
Tel : +33 1 56 43 44 63
emmanuel.dovergne@keima.fr
Administrative and Financial Director
Cyril Malher
Tel : +33 1 44 04 50 64
cyril.malher@gfi.fr
APPENDICES
Year-to-date revenue at 31 December 2011
Quarterly breakdown
[1] Like-for-like growth determined by stripping out the effects of disposals in 2010 of the electronic payment consultancy in France and Health in Canada, for revenues of €7 million and €5 million, respectively, and the impact of the acquisition of the Ares business in early 2011, for revenues of €25 million. The latter figure is an estimate, since the Ares activities have been fully integrated into those of the Group gradually.
[2] The Group does not provide absolute activity rate values as this indicator is not standardised.
[3] The Group does not provide absolute average daily rate values as this indicator is not standardised.
[4] The application of IFRS 5 would result in the Canadian businesses being recorded under discontinued operations. Particularly in the profit and loss account, all income and charges would be grouped together under profit (loss) from discontinued operations.
[5] See press release of 26 October 2011.