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Good half-year results for 2013: Confirmed increase in profitability

Good half-year results for 2013: Confirmed increase in profitability

Turnover: € 71.7 M
Operating margin: 9.0%
Net margin: 6.4%
Confidence in the forecast for the second half

Bagnolet, le 28 August 2013

In €M, at 30 June20132012Δ 2013 / 2012
Turnover for H171.768.8+4.3 %
– where Services Turnover67.064.7+3.7 %
– where Software Turnover4.74.1+13.3 %
Staff-related expenditure32.932.4+1.5 %
External costs28.930.1-3.9 %
Recurring Operating Income6.44.5+42.2 %
In % of turnover9.0 %6.6 %
Net Profit (Group Share):4.63.1+47.8 %
In % of turnover6.4 %4.5 %

In line with its targets, Infotel has achieved growth above market in its activity in the first half of 2013, associated with a solid recovery of margins.

Strong growth in activity in H1 2013:

Infotel achieved a turnover of € 71.7 M in H1 2013, increasing 4.3% compared with H1 2012.

The turnover for the Services division (93.5% of total turnover) showed for the period an increase of 3.7%, at € 67.0 M, despite the difficult economic climate.

The Software division (6.5% of turnover) made good progress with a turnover of €4.7 M for the first half, +13.3% compared to the half-year at June 2012, taking advantage of a particularly high first quarter.


Solid recovery of profitability

The aggressive sales policy implemented in 2012 has proved to be successful with increased activity in several service desks among corporate accounts.

The recurring operating income for H1 2013 was € 6.4 M (as opposed to € 4.5 M for H1 2012), with an operating margin of 9.0% as opposed to 6.6% in H1 2012. This 42.2% increase results from actions implemented at the start of the year to optimise operating efficiency in the Group, which have resulted in a stabilisation in staff-related expenditure, an inter-contract rate of around 2%, and a drop in external subcontracting costs. Without the provision of € 800 K taken on a disputed adjustment on the CIR, the operating margin would be 10.1%.

The average workforce of the Group for the first half is 1,092 employees, compared to an average workforce in 2012 of 1,024.

The net profit (Group share) of the consolidated accounts jumped to € 4.6M, increasing 47.8% (as opposed to € 3.1 M in the first half 2012), with a net margin of 6.4% compared to 4.5% in H1 2012.


€ 2.8 M net cash generated in H1 2013

Infotel‘s financial situation remains solid. The Group’s equity grew to € 45.7 M (as opposed € 42.6 M at 30 June 2012) and the Group’s debt is nil. Net cash is considerable at € 19.7 M at 30 June 2013, increasing € 2.8 M as opposed to € 16.9 M at 31 December 2013, after the payment of dividends.

Confidence for 2013 year-end

Thanks to the solidness of its economic model (almost 70% of Services are performed under consulting contracts) and its dynamic sales teams, Infotel has managed to both strengthen its position and recover its margins in a demanding economic context.

Continuing the results of H1 2013, the Group is confident about its outlook for growth in activity and looks to improve its profitability in 2013.
It will define its year-end targets on 18 September 2013.

Next meetings:
Analyst meeting and press release: 18 September 2013
Publication of Q3 2013 turnover: 30 October 2013 (after trading)

About Infotel

Listed on Compartment C of Euronext Paris since January 1999 (ISIN code FR0000071797), Infotel is an expert in enterprise management systems, from mobile technology to big data databases. At the cutting edge of technology innovation, Infotel develops its expertise in two complementary divisions: IT services and software publishing. With € 134 M turnover in 2012, Infotel has more than 1,500 employees.



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