Press Release

2017 Annual Results

  • #Finance & Investors
  • #Financial Publications and Information

Revenues: €257.4m +12.9%

Current operating income: €14.1m +54%

Operating income: €12.2m +66%

Net income (Group share): €7.1m +62%

The Keyrus Board of Directors met on 20 March 2018 in the presence of the auditors and finalized the audited consolidated accounts for the 2017 financial year.

2017 Operating Performance

The Keyrus Group recorded consolidated revenues of €257.4m for the 2017 financial year, representing an increase of 12.9% as compared with the 2016 financial year (11.8% at constant structure and exchange rates). Based on reported figures, the revenues of the Large Account segment grew by 14.3% and those of the Mid-Market segment by 7.8%.

With organic* growth of 13.3%, Large Account activities delivered a very good performance in all Group countries, notably with average growth rates that reached around 40% for operations in the two Americas (United States, Canada, Brazil, and Colombia), along with excellent momentum achieved in France.

Mid-Market activities increased by 6.1% in 2017 at constant structure, as against 1.2% for the 2016 financial year. More generally, 2017 revenues were driven by sales of services for the Sage FRP 1000, Sage® X3, and Microsoft Dynamics 365 solutions in the mid-sized company market.

Current operating income thus increased to €14.1m as against €9.2m for 2016.

Operating income and net income Group share were €12.2m and €7.1m respectively, as against €7.4m and €4.4m for 2016.

Net financial indebtedness as at 31 December 2017 increased to €20.2m as against €15.0m as at 31 December 2016. This rise is primarily due to the financing of business working capital requirements, as well as investments in office working environments necessary to promote our employer brand and develop collaborative and agile working methodologies.

The net cash position** as at 31 December 2017 was relatively stable at €20.5m (€20.0m as at 31 December 2016).


The 2018 financial year should consolidate the performance achieved in 2017 both on the quantitative and qualitative fronts for all Large Account activities in France and internationally.  It should also see the value proposal be enriched by increasingly "integrated" offerings that combine our entire Data, Digital, and Transformation know-how, are boosted by methodology/framework/startup assets, and stand out for their innovation and/or use of new business models.

These unique, "Keyrus signature" offerings will be deployed in a vertical manner in sectors or corporate functions.

Mid-Market activities, which have once again posted an excellent level of operating income in 2017, also look set to deliver profitable growth, with the challenge of developing new offerings around the Cloud solutions of our partners Sage and Microsoft.

Eric Cohen, President and CEO, comments: "In a promising 2018 in which digital transformation projects and the imminent arrival of the GDPR will support the growth of the digital sector, Keyrus should, given its specialization, once again benefit from this dynamic and thus achieve solid growth across all its markets, whilst at the same time seeking to further improve its operating profitability."

Keyrus will publish its first quarter 2018 revenues after market close on 9 May 2018.

Table showing the breakdown of revenues by operational sector


The notion of organic growth in revenues involves presenting the revenues of the preceding year (N-1, in this case, the 2016 financial year) re-worked in such a way as to use the exchange rates and scope of consolidation of the current year (N, in this case, the 2017 financial year). The Group thus calculates revenues for N-1 by:

  • using the exchange rates of year N to calculate the reported revenues of companies outside the Eurozone for the year N-1
  • adding to the reported revenues for year N-1 the N-1 revenues of companies that came within the scope of consolidation in year N
  • deducting from the reported revenues for year N-1 the N-1 revenues of companies that went out of the scope of consolidation in year N

In 2017, the reworkings to go from reported 2016 revenues to organic 2016 revenues look as follows:


Cash and cash equivalents, recorded as assets in the balance sheet, after deduction of bank overdrafts

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