Groupe CRIT : First half of 2023 - Business growth, Robustness of results

First half of 2023

Business growth,

Robustness of results

Groupe CRIT (FR0000036675 - CEN), a major player in temporary work and airport assistance in France and abroad, announces the results of its first half of the 2023 financial year. The Board of Director approved the accounts on September 12, 2023.

Limited review are carried out and the limited review report is being prepared.

Turnover up by 10.5%

Solidity of the Temporary employment business, continued growth in airport activities

The Group's consolidated turnover for the first half of 2023 amounts to € 1 235.9 million, up by 10.5 % compared to the same period of 2022. This increase includes a scope impact of 4.9 % linked to the integration of OK Job, a Swiss company consolidated from January 1, 2023. Thanks to this acquisition, international operations now represent more than a quarter of the Group's activity (26.5% in the first half of 2023). At constant scope and exchange rates, the Group's organic growth was +5.6% over the half-year.

In France, the dynamic activity is confirmed with a half-year turnover of € 908.1 million, up 6.7%. International activities show an increase of 22.5 % including the integration of OK Job. At constant scope and exchange rates, International grew by 2.0%.

All business lines contributed to the good performance of the half-year, despite a contrasting economic context. A development that is all the more satisfactory as it compares to a first half of 2022 already showing organic growth of 17.0%.

In Temporary work (81.9% of total activity), turnover for the half-year stood at € 1 012.5 million (2), up by 9.0% (+2.9% at constant scope and exchange rates) compared to the first half of 2022.

France : +4.7%

In France (72.3% of division activity), turnover for the half-year reached € 732 million, up 4.7%. The food sector, aeronautics and automobiles supported the industry activity.

International : +21.9%

Internationally (27.7% of the division's activity), turnover for the half-year stood at € 280.6 million, an increase of 21.9%, mainly linked to the integration of OK Job. At constant scope and exchange rates, activity shows a decrease of 2.3%.

The Multiservices division (19.1% of activity for the period) achieved half-yearly revenue of € 236.6 million (2), up by 16.5% (+17% at constant scope and exchange rates) compared to 2022.

Airport activities (75.7% of the division's total turnover) generated turnover of € 179.1 million (2) over the half-year, an increase of 18.1% compared to the business volumes achieved in the first half of 2022 (€ 152.6 million) which was itself in strong improvement. Driven by the improvement in air traffic, this activity posted a ninth consecutive quarter of double-digit growth.

Current operating income of € 37.8 million and net cash of € 374 million

At the end of June 2023, the Group posted an EBITDA(1) of € 55.3 million, down by 5.6%, i.e. a margin of 4.5%.

In Temporary work, EBITDA stood at € 38.8 million and the margin was 3.8 % down by 50 basis points compared to the first half of 2022.

In France, with a 4.7% increase in turnover, the Group achieved an EBITDA of € 26.7 million and a margin of 3.7%, the change from which compared to 2022 is mainly explained by the impact of the CVAE reduction and the increase in participation.

Internationally, EBITDA amounted to € 12.1 million and the operating margin was 4.3% with a good performance achieved in the United States

In the Multiservices division, airport activities generated an EBITDA of € 13.1 million and a margin of 7.3% including the investments made in the development of the cargo activity, and lags in the adjustment of prices to inflation.

After taking into account net depreciation charges, current operating income comes to € 37.8 million.

Net income was stable compared to the first half of 2022 at € 29.9 million, including a positive financial result of € 6.2 million and a tax expense of € 13.5 million.

As of June 30, 2023, with cash flow of € 54 million and net cash of € 374 million, the Group has a solid financial position.

Outlook: still offensive

With strategic business locations and an extremely solid financial situation, the Group remains confident in its development prospects.

Thus, in Temporary work, the Group will continue to demonstrate its ability to adapt in a market environment with reduced visibility, by remaining focused on the most dynamic sectors.

In the airport activities, all indicators remain green after a summer of 2023, which confirmed the good performance of air traffic and solid visibility on flight programs for the coming months.