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9-Month Turnover: +12.2%

9-Month Turnover: +12.2%

Third quarter exceeds expectations: +17.8%
€ 120 M turnover target confirmed in 2011

Bagnolet, 20 October 2011

In €M, at 30 September20112010Δ 2011 / 20102011
on a like-for-like
pro forma*
Δ 2011 like-for-like /
pro forma
9-Month Turnover89.079.3+12.2%88.777.9+13.8%
– where Services Turnover84.175.2+11.7%84.173.87+13.8%
– where Software Turnover4.94.1+21.0%4.64.1+12.9%

* 2011 on a like-for-like basis: after deduction of the turnover of the company Insoft Software GmbH (€ 0.37 M) acquired 30/06/11
** 2010 pro forma: after deduction of the turnover of Harwell Management (€ 1.37 M) accounted for from 01/07/2010

Infotel recorded an acceleration in its activity in the third quarter of 2011. The turnover for the period reached € 29.0 M, as opposed to € 24.6 M in Q3 2010, a 17.8% increase (+16.5% in financial data from acquisitions). For the nine months, the rise is 12.2% to € 89.0 M (+13.8% to € 88.7 M in financial data). The Group’s two activities witnessed a good dynamic and should benefit positively from the seasonality of the last quarter. This good development of activity bolsters the Group in achieving its target of €120 M in 2011.

Acceleration of growth in the last quarter

The Services division (94.8% of turnover) saw full activity with a very low inter-contract rate (1.3%). Regarding its recruitment strategy based on loyalty and expert subcontracting, the Group proceeded to create 102 new jobs in the third quarter. The main sectors where Infotel is present (Insurance, Pensions, Banking, Aeronautics, etc.) contributed to the good performance of activity, either through the expansion of existing contracts or the opening of new service desks. The Services activity grew 16.4% in the third quarter and 11.7% during the nine months (13.8% in financial data).

The Software division (5.2% of turnover) also had a good third quarter, with a good level of royalties from IBM sales, continuing the growth dynamic triggered by ADS in archiving, and the contribution of Insoft Software GmbH. Incorporated from 30 June 2011, Insoft Software GmbH aims to support the distribution of new software developed by Infotel through a direct commercialisation strategy. Hence the Software activity grew 48.1% in the third quarter and 21.0% during the nine months (12.9% in financial data).

Forecasts: dynamic organic growth associated with a targeted external growth strategy

Infotel has good visibility in the coming months and confirms its turnover target of € 120 M (excluding external growth).

With a solid financial structure and a cash-generating economic model, the Group also seeks a targeted external growth strategy, which will enable it to strengthen its geographical network and/or enrich its mixed Services/Software offering.

Next meeting:
Publication of turnover 2011: 31 January 2011 (after trading)

About Infotel

Listed on Compartment C of Euronext Paris since January 1999 (ISIN code FR0000071797), Infotel is an expert in database management and web applications. At the cutting edge of technology innovation, Infotel develops its expertise in two complementary divisions: IT services and high-tech software publishing. As part of its “Ambitions 2012” plan, Infotel has set itself two major goals: perform almost all service provision from its service desks, and become a front-line player in dematerialisation. In 2010, Infotel had a turnover of € 107.6 M.



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