21.09.16

Finance

Keyrus 2016 Half Year Results

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2016 Half-Year Results

Revenues: €113.3m

Current operating income: €2.4m (2015: €3.1m)

 


The Keyrus Board of Directors met today and finalized the consolidated accounts for the first half of 2016. These accounts have been reviewed by the Auditors.

Operating performance

In the first half of 2016 the Keyrus Group recorded consolidated revenues of 113.3 million euros, an increase of 13% as compared with the first half of 2015.

This strong increase resulted from mainly organic growth (+11.4%) driven by Large Account activities (+17.1% based on reported figures and +15.0% at constant structure and exchange rates), while Mid-Market activities saw their revenues remain stable (-0.1%).

  • The Current Operating Income from the Large Accounts segment, which stood at €0.4m, decreased in relation to that for the 2015 financial year (€1.1m). In spite of a favorable effect on the gross margin on operations thanks to increased revenues in this half-year, this result is affected by major investments undertaken in all the group's support functions - Strategy, Finance, HR, Marketing, Sales – to enable Keyrus to deploy its overall offering internationally and manage in the coming years the challenges that its growth will bring.

 

  • The Current Operating Income from the Mid-Market segment was €2.0m, showing a slight increase in comparison with the first half of 2015 (€1.9m). This performance was in line with the previous financial year and is down, on the one hand, to the solid nature of the client base and the recurring revenues from it, and on the other hand, to what were healthy revenues from licenses and services in spite of the business linked to the implementation of the DSN (Nominative Social Declaration/Déclaration Sociale Nominative) having come to an end.

 

  • Operating income for the first half of 2016 amounted to €1.6m as against €2.5m for the first half of 2015. It includes exceptional and non-recurring costs (€0.9m) partly linked to the required adaptation and renewal of certain management functions.

 

  • The net income Group share of €0.1m incorporates a stable financial result of €(0.3)m and a higher tax charge of €(1.2)m as against €(0.8)m in 2015.

 

The net debt was €15.3m as at 30 June 2016 as against €21.8m a year earlier and €13.9m as at 31 December 2015.

This significant decrease is due notably to the early reimbursements of the receivable relating to the 2012 Research Tax Credit, whereas in recent years the reimbursement took place in the second half of the year. Notwithstanding this item, the group has a increased working capital requirement, as it does every year due to the seasonal nature of the business.

 

Eric Cohen, President & CEO of the Keyrus Group, comments: "We are now firmly pursuing our strategy of strong growth to entrench our leadership as a consulting firm and integrator of Data and Digital performance solutions at international level. This strategy involves reinforcing our corporate functions and transforming our "business model" by moving towards greater specialization by economic sector our offerings. These necessary investments will be written off gradually and enable Keyrus to achieve its ambitions for 2020."

 

Keyrus will publish its revenue for the third quarter of 2016 on 8 November 2016 after the market close.

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