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Annual Results 2011: Increase in results in line with strong growth in activities

Annual Results 2011: Increase in results in line with strong growth in activities

Turnover: +14.8% / Operating income: +14.4%
Operating profitability: 8.9%
Dividend 2011 : 2.25 euros / share (proposed at the Shareholders’ Meeting of 23 May)

Bagnolet, 08 March 2012

In €M, at 31 December
(audited accounts)
20112010Δ 2011 / 2010
Consolidated Turnover:123.5107.6+14.8%
– where Services Turnover116.2102.2+13.7%
– where Software Turnover7.35.4+35.1%
Recurring Operating Income11.09.6+14.4%
In % of turnover8.9 %8.9 %
Taxes(4.0)(3.4)not significant
Recurring Net Profit (Group Share)7.46.4+15.4 %
In % of turnover6.1 %6.0 %

Target surpassed € 123.5 M turnover in 2011

Infotel registered in 2011 a turnover of € 123.5 M, up 14.8% (+15.9% € 123.1 M in financial data* from acquisitions), surpassing the € 120 M target (excluding external growth) announced by the Group in March 2011.

The Group’s two divisions have had a positive dynamic. The Services division proceeded to open new accounts, both in Paris and other regions, and the Software division continues its diversification strategy, supported by the recent acquisition of Insoft.

* Financial data:
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

Results: good level of profitability maintained

The recurring operating income increased to € 11.0 M, a rise of 14.4%, with an operating profitability of 8.9%.

This good level of profitability is supported notably by a control of operating costs, where the rise (+14.8%) is in line with the increase in turnover. Given the ambitious recruitment plan designed to accompany the dynamism in activity, staff-related expenditure in 2011 represented 46.1% of turnover (as opposed to 45.8% in 2010), and external subcontracting costs were 37.7% of turnover (as opposed 36.1% in 2010). For the year, Infotel made 289 hires.

The net profit of the group rose to € 7.4 M (6.1% of turnover), an increase of 15.4%.

A solid financial structure

The financial situation of Infotel at 31 December 2011 proves to be particularly healthy, with € 38.1 M equity, no debt, and a high net cash (€ 18.7 M) after the acquisition of Insoft Software in June 2011.

Dividend proposal: 2.25 euros per share

The Board of Directors proposed to the Shareholders’ Meeting of 23 May 2012 the payment of a dividend of 2.25 euro per share for 2011.

Forecast: good visibility and continued growth

Positioned in strategic activity segments and strengthened by a recurring economic model, the Infotel group looks to continue its dynamic growth in 2012, based on proximity and a complementary Services/Software offering.

The three strategic developments which took place in 2011 and the start of 2012 (the creation of Infotel Business Consulting, the acquisition of Insoft Software, and the acquisition of Empeiria) are fully in keeping with the Group’s growth strategy and strengthen its financial model.

In 2012, Infotel forecasts a turnover of € 135 M, associated with a new increase in results.

Next meeting:
Publication of Q1 2012 turnover: 16 May 2012 (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 2011, Infotel had a turnover of €123.5 M.

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