Synergie Group 2012 half-yearly results show Record turnover: 707.9m
Synergie Group 2012 half-yearly results show Record turnover: &euro707.9m
Operating profit: &euro15.7m - Net profit: &euro6.0m
"Our results for the 1st half of the year 2012 reflect a particularly tough economic environment in which our Group has nevertheless managed to maintain an excellent level of business thanks to its international development strategy. In the second half of the year, we will pursue our efforts to improve and maximise our profitability in order to consolidate our financial strength and drive our ambition to integrate the European market."
Mr Daniel Augereau, Chairman & CEO of SYNERGIE
Turnover for the first half of the year at a record level of &euro707.9m
In the 1st half of 2012, SYNERGIE achieved a consolidated turnover never witnessed before of &euro707.9m, a growth of 2.7% compared to the same period in 2011. This performance has been boosted by International operations which continued to surge (10%) while the business in France was particularly resilient against the backdrop of a market contraction of almost 10%. SYNERGIE thus continues to outperform all its markets by leveraging on an innovative offering (OpenCenter: Services and High Tech jobs Global Cross Sourcing: international sourcing of expertise, Synergie.Aéro: cutting-edge specialisation in aeronautics, etc.).
Profitability driven by exogenous factors
During the 1st half of 2012, the Group faced difficult market conditions leading to a slight contraction in margins. Moreover, at a time when competition is intensifying again, some countries have seen an increase in social contributions which cannot be passed on to customers. Finally, SYNERGIE had to recognise a significant provision in respect of major French clients which went into receivership.
The Group’s current operating income thus stands at &euro17.4m compared to &euro22.3m as at 30 June 2011 and the net profit at &euro6.0m.
A sound financial structure
As at 30 June 2012, capital and reserves amounted to &euro190.6m compared to &euro183.4m, thereby providing SYNERGIE with the necessary resources to implement its internal and external development strategy. Cash flow from operations remains at a very good level (&euro10.2m) with an increase in capital expenditure of &euro2.7m compared to &euro2.0m previously.
Outlook: maximisation of profit
Given the difficult situation, SYNERGIE is stepping up its efforts to streamline its cost structure in order to tackle the current competitive pressure and will pursue its strategy of acquiring new market shares by expanding its presence in the most dynamic economic sectors, regions and countries in Europe and Canada.