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France – Groupe Crit reports strong international revenue growth

31 March 2015

French staffing firm Groupe Crit (CEN: FP) reported revenue for the full year ending 31 December 2014 of €1.7 billion; an increase of 8.8% (5.1% on an organic basis) compared with €1.6 billion in 2013. 

  2014 2013 Change Organic
Revenue €1,695.1 million €1,558.6 million +8.8% +5.1%
Operating Profit €88.1 million €73.2 million +20.3% -
Net Income €65.2 million €46.0 million +41.6% -

The company’s temporary staffing and recruitment division, which accounted for 83.9% of total sales in 2014, reported revenue growth of 9.4% to €1.42 billion compared with last year.

In addition to sales in the French market, which increased organically by 5.4% to €1.09 billion in 2014, Groupe Crit also has international operations, predominately in the US and Spain. International revenue increased by more than 25% during the year to €332 million.

The first half of the year in the US was negatively impacted by unfavourable weather conditions. However, the region recovered and achieved organic revenue growth of 4.3% in Q4 2014. Full year revenue in the US grew by 30.5% to €223 million.

Group Crit acquired two companies during 2014, both based in the US, through its Peoplelink subsidiary; Actium Consulting in July 2014 and 2AM Group.

The company’s Spanish operations reported revenue growth of nearly 28%, compared with 2013, to €67.9 million.

According to the company’s financial statement: “After another successful year, the Group enters 2015 with confidence. The beginning of the year was very promising with a combined turnover in the first two months of the year totalling €262.5 million, up 13.3% (8.9% in constant currency).”

“In France, the Group intends to take steps to strengthen its market share and expects to benefit over the next few months from more favourable general economic conditions.”

“Internationally the outlook is also good. In the US, the Group expects strong organic growth in a still buoyant market… In Spain, the increase in activity is expected to continue.”

In trading today, the company’s share price decreased slightly by 0.2% to €49.60, an increase of 12.5% compared with a year ago. Based on its current share price, the company has a market value of €559.2 million.