SII : Fiscal 2023-2024 first half financial results
Paris, November 29, 2023 – 6 p.m.
Fiscal 2023-2024 first half financial
results
Revenue: €538.4m (up 12.8 percentOperating
income: €48.5m (operating margin: 9.00 percent)
SII Group, which specialises in
engineering business, has announced its half-yearly results, which
will approved by the Management Board on December 4, 2023, and
which are currently under audit.
Eric Matteucci, Chairman of the Management
Board, commented: “The SII group ended this first half of the
financial year 2023-2024 on plan. There is a contrast between sales
at the top end of our forecast and an operating margin at the
bottom end of our ambition. However, this performance is set
against a backdrop that is becoming increasingly complex with each
passing month. I would therefore like to pay tribute to the work
carried out by our teams, both in France and internationally, which
has enabled us to post good results once again. We are entering the
second half of the year with vigilance and confidence.”
in €mPeriod ended September 30 |
H12022-2023 |
H12023-2024 |
Change |
Revenue |
477.28 |
538.36 |
+12.8% |
Gross income from operations |
45.32 |
49.82 |
+9.9% |
Gross operating margin (% of revenue) |
9.50% |
9.25% |
-0.25 pt. |
Operating income |
44.52 |
48.45 |
+9.1% |
Operating margin (% of revenue) |
9.33% |
9.00% |
-0.33 pt. |
Consolidated net income |
34.85 |
41.08 |
+17.9% |
Net income after minority interests |
34.78 |
41.09 |
+18.1% |
|
|
|
|
Average headcount |
10,475 |
10,997 |
+522 |
Headcount at the end of the period |
10,741 |
10,984 |
+243 |
Appreciable Business Growth in the first
half of the year
The SII group posted a turnover of €538.4m in
the first half of 2023-2024, up 12.8%. Business growth is in line
with the targets announced. In a difficult environment marked by a
calendar with 3 fewer working days, a slowdown in the economy and a
sensitive geopolitical context, this performance should be
highlighted.
In France, sales increased by 12.8% (of which
3.4% was organic) to €214.4m. The performance was driven by the
sector Aerospace-Defence remained the leading contributor to
turnover in the first half of the year. The group has adjusted its
recruitment policy to adapt to the fall in demand. During the first
half 723 new employees joined the Group’s workforce in France. At
the same time, staff turnover returned to a level (21.3%) close to
historical levels.
Outside France, sales grew at a more sustained
rate of 16.5% (of which 13.8% was organic). Sales for the half-year
came to €324.0m. Poland, the largest contributor to sales,
continued to expand, with growth of 16.8% (including 12.5% at
constant exchange rates). Germany is also continuing the strong
upturn begun last year, with entirely organic growth of 35.2% over
the period. The Aerospace and Automotive sectors accounted for the
bulk of performance. Other countries, such as Romania, the United
Kingdom, the Czech Republic, Sweden and Switzerland, played a full
part in the growth of the Group’s international activities. Spain
(-14.2%) and Belgium (-21.9%) posted significant declines with the
discontinuation of a number of unprofitable activities.
Overall, growth as driven mainly by several
sectors, including Aerospace-Space-Defence (+11.1%), Energy
(+22.9%), Automotive (+34.9%) and Healthcare (+23.7%).
Profitability was
maintained
The SII Group’s results were impacted by 3 fewer
working days in the first half than in the previous year. On the
other hand, the TACE (Rate of Activity Excluded Leaves) in France
is in fall of more than 1 percent on this period. Lastly,
investments in structuring the Group continued during this
semester. Despite all the unfavourable factors, operating margin
was maintained at a satisfactory level of 9.00% for the SII Group
as a whole.
The operating margin stood at 3.6% in France,
impacted by three fewer working days and the fall in TACE. The
international operating margin came to 12.6%, boosted by a rebound
in business in Germany, a very good performance in Poland and
several subsidiaries, which helped to offset the negative impact of
the calendar.
After taking into account the financial result
and taxes, the net result amounted to €41.1 million, i.e. a
net margin of 7.6%.
At September 30, 2023, the balance sheet showed
a net cash position (excluding IFRS 16) of €169.7m, compared
with €163.7m at the end of March 2023. Shareholders’ equity stood
at €282.0 m, compared with €266.5 m at the end of March
2023.
Outlook
As expected, the SII Group continued to grow at
a strong pace during the first half of its 2023-2024 financial.
However, the changing geopolitical and, above
all, economic climate on a global scale makes it difficult to
project over a time horizon longer than q quarter. In line with the
announcement made at the time of the first-half revenue’s
publication, the SII Group confirms that it expects to achieve
growth of between 7 and 10% for the third quarter of its 2023-2024
financial year.
***
Next financial
announcement:
Fiscal 2023-2024 third quarter revenue, Tuesday,
February 13, 2024 after the close of trading
-
Contacts:
SII - Eric Matteucci:
+33(0)142 848 222
-
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About SII Group
Founded in 1979 by qualified engineer Bernard
Huvé, the SII Group’s activity is balanced between engineering and
technology consulting (ETC) and digital services (DSC).
The SII Group provides employment for more than
16,000 people, structured in a way that offers all the
responsiveness and flexibility of a local service. It operates in
20 different countries across four continents throughout 80
locations with full operational capabilities. Each year, the SII
Group recruits over 4,000 consultants and engineers on average. On
a daily basis, these committed individuals strive to develop and
integrate new technologies within future products and services, and
to continuously enhance our clients’ information systems.
Always looking to provide innovative,
value-added solutions, the SII Group works with major international
groups in a variety of sectors, including Aeronautics, Defence,
Space, Banking, Insurance, Telecommunications, Energy, Retail,
Automotive, Transport and Industry. Certified EcoVadis Platinum and
a Great Place to Work, the SII Group stands out for its social
policy focused on creating a digital, sustainable world and its
corporate culture firmly rooted in quality of work life and
inclusion.
In the 2022-2023 financial year, which ended on
March 31, 2023, SII Group recorded revenues of €1,022.5
million.
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