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Results for H1 2011

Results for H1 2011

Turnover: +12.5%
Operating margin: 8%
Net margin: 5.6%
Favourable forecast for 2011 confirmed

Bagnolet, 31 August 2011

In €M, at 30 JuneQ1 2011Q1 2010
pro forma*
Δ 2011 / 2010
pro forma
Q1 2010
Half-year Turnover60.053.3+12.5%54.7
– where Services Turnover56.750.4+12.6%51.7
– where Software Turnover3.33.0+10.8%3.0
Recurring Operating Income4.84.8(0.4 %)5.0
In % of turnover8.0 %9.1 %9.1 %
Net Profit (Group Share):3.33.0+ 12.4 %3.1
In % of turnover5.6 %5.6 %  5.6 %

*Q1 2010 pro forma : after the deduction of Harwell Management (Turnover € 1.37 M / ROI € 0.17 M / Net profit € 0.12 M) accounted for from 1 July 2010

A dynamic first half: new success for Services and increase in Software

The Infotel Group has had a dynamic first half, marked by new success in Services and new growth in Software. Overall, the half-year turnover for 2011 rose to € 60 M, an 12.5% increased compared to the first half of 2010 pro forma of € 53.3 M (after the deduction of € 1.37 M of the turnover of Harwell Management accounted for from 1 July 2010).

The Services division (94.5% of turnover) benefited from its proximity and capacity to guide customers throughout their development, both in France and increasingly abroad, notably in Germany and in China. The new agency of Infotel, opened in north France at the beginning of the year, started its deployment with the prospecting of a portfolio of customers with major potential. In parallel, Infotel Business Consulting (IBC), new subsidiary of Infotel specialised in IT project management, registered progressive expansion in its activities. In total, the Services division grew 12.6% to € 56.7 M.

The Software division (5.5% of turnover) grew 10.8% to € 3.3 M. This high turnover is brought by good performance in royalties from IBM sales and illustrates the strengthening of the partnership (deployment of the Merge Backup software by IBM from H2 2011). In parallel, Infotel continues its commercialisation strategy by intensifying its deployment of the testing software Infoscope Tests and its archiving and dematerialisation platform Arcsys in collaboration with its subsidiary ADS.

During the period, the Group proceeded to create 120 new jobs, while continuing expert subcontracting.

Half-year results: choosing growth temporarily weighs on margins

The operating income was € 4.8 M (equivalent in H1 2010 pro forma), giving an operating margin of 8.0%, compared to an operating margin pro forma in 2010 of 9.1%. The choice of growth with an intensive use of subcontracting (+17 %) temporarily weighed on margins.

The net profit (Group share) of the consolidated accounts rose to € 3.3 M (as opposed to € 3.0 M in the first half 2010 pro forma), with a stable net margin of 5.6%.

This good level of profitability is accompanied by a very solid financial situation. The Group’s equity was € 38.2 M, debt was nil, and the net cash at 30 June 2011 increased to € 13.7 M (as opposed to € 17.7 M at 30 June 2010), including the payment of dividends, the acquisition of Insoft Software GmbH (paid in cash at the end of H1), and a once-off mobilisation of the working capital requirement at the end of June (+€ 3.8 M) for growth.

Forecasts: growth of activity associated with a targeted acquisition strategy

With a higher level of activity, a very low inter-contract rate, and the signing of new contracts and customers in key accounts, the Group approaches the second half with confidence in all its activities.

The complementary nature of Services/Software, which is at the heart of Infotel’s development strategy, should enable the Group to benefit from the dynamic provided by the new software and the acquisition of Insoft Software GmbH: thanks to this acquisition, Infotel will start to distribute its software (including Arcsys) in Germany, with Insoft Software GmbH becoming Infotel’s international distribution platform for its software in the long term.

The Group confirms for 2011 its target for a turnover of € 120 M (excluding external growth) and will communicate its results targets on 16 September (before trading).

Next meeting:
Publication of updated 2011 targets : 16 September 2011 (before trading)
Investors’ meeting: 16 September 2011

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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