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AKKA - First-Half 2017 Results
Published on 27/09/2017 à 11:00
Maurice Ricci, Chairman and CEO of the Group, said: “The acquisition of GIGATRONIK has enabled us to strengthen the Group’s digital offering and to consolidate our position in Germany. Gigatronik brings compelling expertise in connectivity, HMI, ADAS (advanced driver assistance systems), predictive analysis and other digital areas. These offers will be developed across all of our sectors and geographies in order to assist our industrial customers in their digital transformation. This, in turn, will be generating additional momentum for growth in the medium term.”
- The Group generated revenues of €666.5 million in the first half of 2017. This represents an increase of 21.1%, with organic growth of 8.1%. Organic growth was strong in each of the Group’s three business units in the first half: +7.9% in France, +8.8% in Germany and +7.4% globally.
- Operating profit from ordinary activities increased by 32% to €41.5 million (€31.4 million in the first half of 2016). The operating margin from ordinary activities rose by 50bp to 6.2%. The improvement is attributable to the continued increase in margins in French operations and to the early stage margin improvement in Germany.
- Operating income has totalled €29.9 million (+14%) after taking into account non-recurring expenses of €11.6 million, mainly related to the implementation of the Management Incentive Programme and the acceleration of the reorganisation of the German BU.
- Adjusted consolidated net income increased by 25% to €21.3 million, representing 3.2% of consolidated revenue. The Group’s consolidated net income has totalled €17.4 million, compared with €17.1 million in H1 2016.
- Cash flow amounted to €41.1 million in the first half, an increase of 57% compared with the first half of 2016. The DsO are under control at 59 days, compared with 66 days in H1 2016. Generally negative in the first part of the year due to seasonal trends, operating cash flows were negative €14 million, compared with negative €11 million in H1 2016.
H1 2017 RESULTS BY GEOGRAPHY
The AKKA Technologies Group has confirmed its ability to outperform the Technology Consulting sector. Its consolidated revenue increased by 21.1% to €666.5 million in the first half of 2017 (+22.3% in Q1 and +20.0% in Q2).
Market share gains were driven by a 20.3% increase in the headcount. As of 30 June 2017, the Group had 14,916 employees, compared with 12,394 at the end of June 2016, 13,252 at the end of December 2016 and 14,578 as of 31 March 2017. Their geographical breakdown is as follows: 6,739 in France, 4,630 in Germany and 3,547 worldwide.
With revenue of €277.3 million, France delivered stellar economic growth* of 8.7% in the first half. These market share gains were accompanied by an improvement in the BU’s operating performance. The French operations recorded an operating margin from ordinary activities of 7.0%, vs 6.0% in H1 2016. Including recurring subsidies, the margin was 9.5%. The French operations also stand to benefit from continued growth in the automotive, aerospace, rail and life sciences sectors, and from their recruitment momentum in the second half.
In Germany, revenue increased by 35.3% to €243.5 million in H1 2017. Economic growth was at 8.6% (7.6% in Q1 and 10.3% in Q2). The acquisitions of Erlkönig in 2016 and Gigatronik in 2017 have strengthened AKKA’s positioning in digital technologies, while increasing the diversification of its geographic footprint and customer base. Q2 confirmed that the Group is now a key player with German OEM ecosystem. Operating profit from ordinary activities increased by 89% to €15.3 million (€8.1 million in H1 2016). The operating margin from ordinary activities rose by 180bp to 6.3%, reflecting the first positive effects of the ongoing transformation in Germany.
- The excellent first-half performance allows the Group to raise its 2017 growth targets: the Group is now anticipating organic** revenue growth above 5% in 2017, combined with a further improvement of its margins.
- The successful achievement of the transformation in France, the diversification in Germany and the maintenance of high margins internationally will enable the Group to exceed its 2018 revenue targets and deliver an operating margin from ordinary activities*** between 8% and 10%.
- AKKA Technologies enjoys unique positioning allowing it to support its customers to meet the challenges represented by Industry 4.0 trends. The portfolio of skills and the Group’s international exposure around its Franco-German pillar set the stage for the next strategic steps in its development.
* growth at constant scope, exchange rates and number of working days
Q3 2017 revenue: Thursday 9 November 2017
About AKKA Technologies
“The best way to predict the future is to invent it. Let’s share our passion for technology.”
AKKA Technologies is a European Engineering and Technology Consulting Group that supports large manufacturing and tertiary services companies, seeing their projects through from the initial studies and R&D to large-scale production. AKKA Technologies is an expert in various complementary business lines, and brings real value added to customers in sectors including aerospace, automotive, space/defence, cybersecurity, consumer electronics, telecommunications, chemicals, pharmaceuticals, steel, energy, rail, marine and service industries.
Leader in the automotive and aerospace sectors in Germany and France, AKKA Technologies works worldwide on projects at the forefront of technology thanks to the mobility of its teams and its international positioning.
The AKKA Technologies Group has more than 13,000 employees and operates in 20 countries, namely Belgium, Canada, China, Czech Republic, France, Germany, Hungary, India, Italy, Morocco, Netherlands, Romania, Russia, Spain, Switzerland, Tunisia, Turkey, UAE, UK and US. It is focused on building a group of €1.2 billion in revenue, of which more than 50% outside France.
AKKA Technologies is listed on Euronext Paris - Segment B - ISIN code: FR0004180537.
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