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Revenues were up by +16.3% from 1.13 billion Euro in 2009 to 1.31 billion Euro in 2010 at Groupe CRIT (CRIT:PAR), the temporary staffing, airport assistance and industrial maintenance group.
Annual results for the year ended 31 December 2010 published last night reveal that operating income was up almost threefold from 13.7 million Euro in 2009 to 37.5 million Euro in 2010.
Operating income was favourably impacted by +15 million Euro, now recorded as income tax, following a change in the French business tax law (CVAE). Excluding the CVAE impact, operating income increased by +64%.
Earnings before tax were up from 11.4 million Euro in 2009 to 35.8 million Euro in 2010.
Net results were up by +89% from 7.4 million Euro in 2009 to 14 million Euro in 2010.
Revenues generated from temporary and permanent placements (83.5% of total) were up by +15.9% to 1.09 billion Euro in 2010.
In France, sales amounted to 1 billion (+ 16.7%). The final part of the year has been particularly dynamic with a fourth quarter, up by +20% to 270.6 million Euro. Abroad, sales amounted to 84.8 million Euro (+7.3%). Spain strongly contributed with sales above than 50 million Euro (+12.4%).
Operating income generated from temporary and permanent placements was up from 11.4 million Euro in 2009 to 31.7 million Euro in 2010. In France, operating income stood at 30.7 million Euro. International activities are profitable with an operating income of 1 million Euro.
Revenues generated from multi-services including airport activities (16.5% of total) were up by +18% to 233.7 million Euro in 2010.
This strong performance stems from the airport activities with sales of 175 million Euro (+29%). Airport activities benefited from the new contracts signed since the extension of the scope of intervention of Groupe Crit at Roissy and Orly airport, which represented sales of almost 50 million Euro on the whole year.
Operating income generated from multi-services amounted to 5.8 million Euro compared with 2.3 million Euro in 2009.
The group says in a statement "with 191.6 million Euro shareholder's equity and a net cash and cash equivalent of 41 million Euro, the group benefits from a solid financial structure which gives the ability to take full advantage of recovery and consider new operations of acquisitions to accelerate its development."
"In France, the number of temporary employees increased by more than +20% in Q1 2011. This allows the group to have new ambitions abroad. Strengthening of positions in the five countries where the group is present (Spain, Germany, Switzerland, Morocco, Tunisia) and the search for external growth opportunities will conduct this strategy. The objective of the group is to double its international sales within three years."
"In airport activities, the group intends to consolidate its number one position on the French market. The air traffic recovery and the potential of new airlines commercial gain will contribute to support the growth. Abroad, our success on the African continent will continue in new countries and in new activities. In the medium-term, International business will become important for our growth."
In early trading Groupe Crit's shares were up by +3.51% to 22.70 Euro.