2013 Half-Year results
The Keyrus Board of Directors met today and approved its consolidated financial statements for the first half of 2013. These accounts have been reviewed by the Auditors.
Operating income: €1.8m (2012: €1.6m)
The Keyrus Group recorded consolidated revenues of 79.9 million euros for the first half of 2013, an increase of 4.8% compared with the first half of 2012.
This increase is mainly due to organic growth (+4.1%) driven by Large Account activities (+8.1% in published data and +7.1% at constant structure and exchange rates) whereas the revenues for Mid-Market activities have declined (-3.3%).
- The increase in Large Account activities demonstrates the very good match between Keyrus service offering and the needs of large organizations in terms of data exploitation and performance management.
The Large Account segment's current operating income has not increased as it has been affected by significant investments and efforts made in order to develop skills and offerings in pace with the rapid innovations occurring in our areas of business. Prospects for the second half-year are good, with orders headed clearly in the right direction, despite consistently high pressure exerted on prices and commitments.
- Our Mid-Market activities, essentially based in France, are slowed down by a far less dynamic market. Adaptation measures in reaction to these new circumstances have been gradually implemented during the past few months, and our sizeable client base guarantees us a solid foundation of almost-repeat business.
Our operating income for the first half of 2013 amounts to €1.8m, compared to €1.6m for the first half of 2012. This income has incurred a number of non-recurring costs (€0.3m) and benefited from asset sales proceeds amounting to €0.2m.
The group's net result of €0.5m includes a financial result of €0.4m compared to €0.6m in 2012, and an income tax expense of €0.9m compared to €0.7m in 2012.
Cash funds amounted to €8.3m as on 30 June 2013 (€9.9m on 30 June 2012). This constitutes a drop of €7.1m compared to 31 December 2012, mainly because of an increase in the need for working capital resulting from growth and especially the seasonality of the activity.
The gross financial debt increased by €1.1m to reach €31.0m. The second half year should be far more positive in terms of cash flow, particularly operating cash flow, and the group does not expect any additional financing needs for the upcoming half-year.
Regarding this first half-year and the future prospects, Eric Cohen, Chairman and CEO, comments:
"The areas pertaining to data exploitation which we cover for our Large Accounts are driven by the huge potential of digital data and digital technologies. Those are strategic areas for our clients and our market remains dynamic.
Keyrus is increasingly involved in major projects in France and abroad, ranging from strategic consulting to the implementation of innovating Business Intelligence & Big data Analytics solutions. We are therefore currently focusing on succeeding in projects carried out in complex environments.
Our Mid-Market activities, essentially based in France, are hindered by a more sluggish market, but our important client base allows us to remain stable.
We are confident regarding our level of activity for the second semester, and are focusing on our quality of service and client relations."
Keyrus will publish its revenues for the third quarter of 2013 on 7 November 2013, after market closure.