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France — Revenues up by +14.6% at Groupe Crit

15 September 2010

Revenues were up by +14.6% from 528 million Euro in H1 2009 to 605.2 million Euro in H1 2010 at Groupe Crit (CRIT:PAR), the temporary staffing, airport assistance and industrial maintenance group.

Interim results for the first six months ended 30 June 2010 published last night show that operating profit was up from 4.4 million Euro in H1 2009 to 13.7 million Euro in H1 2010. Profit before tax was up from 3.2 million Euro in H1 2009 to 12.7 million Euro in H1 2010.


However, the 2010 figures contain a windfall of 6.8 million Euro's worth of VAT re-classification (CVAE). Stockbrokers Gilbert Dupont had expected a higher operating profit (excluding the tax windfall) of 9.7 million Euro and net profit of 5.4 million Euro.

In fact, net profit was up from 1.9 million Euro in H1 2009 to 3.9 million Euro in H1 2010.

All revenues generated by temporary and permanent employment services were up by +13.4% to 499.5 million Euro in H1 2010. Revenues generated by temporary and permanent employment services in France were up by +13.8% to 460.2 million Euro in H1 2010, outperforming the market, which according to industry association PRISME, grew by +12.8% during the same period.

Revenues generated by temporary and permanent employment services outside France were up by +8.3% to 39.4 million Euro in H1 2010. The Company operates in Switzerland, Spain, Germany, Morocco and Tunisia. Revenues generated by temporary and permanent employment services in Spain (two thirds of international revenues) were up by almost +18% to 24.7 million Euro.

In France, operating profit generated by temporary and permanent employment services was up from 4 million Euro in H1 2009 to 12.4 million Euro in H1 2010.

Outside France, operating profit generated by temporary and permanent employment services was up from a loss of -0.8 million Euro in H1 2009 to a profit of 0.2 million Euro in H1 2010.

Revenues generated by airport assistance and industrial maintenance services were up by +20.3% to 113.6 million Euro in H1 2010. Operating profit generated by airport assistance and industrial maintenance services was stable at 1.1 million Euro in H1 2010. This result includes a reduction in profitability due to the volcanic ash disaster earlier this year. The group expects profits in this segment to be up significantly during H2 2010.

The group says in a statement "the positive market developments in temporary and permanent employment services should continue during the second half of the financial year. The number of placements was up by +15% during July and August in France. In Spain, we are equally seeing positive developments, despite the difficulties in the local market."

"Airport assistance services should benefit from the recovery of air travel in Europe as well as the new airport terminals in Roissy and Orly (both in Paris). We have equally put a margin improvement programme in place, which should increase our profitability during H2 2010."

The market seems to have anticipated a good performance as the Company's shares gained +4.32% to 20.75 Euro yesterday at the Paris Bourse before the publication of results. in early trading today, however, Crit's shares cooled off by -3.61% to 20 Euro.

 

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