HighCo
Half-year results 2020
Aix-en-Provence, 26 August 2020 (6.00 p.m.)
HIGHCO: HEALTHY RESULTS IN H1 2020 DESPITE THE COVID-19 PANDEMIC
Decline less steep than expected
- H1 2020 gross profit of €40.42 M, down 16.1% on a reported basis and LFL1.
- Better resilience of digital businesses: decline limited to 9.4% LFL, i.e. 59.3% of the Group’s total business in H1 2020.
Drop in earnings but healthy profitability
- Adjusted headline PBIT2 of €7.03 M, down 44.7%.
- Adjusted operating margin2 of 17.4% (H1 2019: 26.4%).
- Recurring operating income of €7.63 M, down 36.4%.
- Attributable net income of €4.13 M, down 37%.
Cash generation
- Net cash3 of €71.49 M at 30 June 2020, up €8.96 M compared with 31 December 2019.
- Net cash excluding operating working capital of €8.01 M at 30 June 2020, for an increase of €4.75 M compared to 31 December 2019.
- €30 M government-backed loan, unused to date.
Guidance: Business decline of more than 5% expected for H2 2020 and 2020 adjusted operating margin forecast at over 10%.
(€ M) | H1 2020 | H1 2019 |
H1 2020/H1 2019 Change |
Gross profit | 40.42 | 48.20 |
-16.1% (-16.1 LFL1) |
Adjusted headline PBIT2 | 7.03 | 12.72 | -44.7% |
Adjusted operating margin2 (%) | 17.4% | 26.4% | -900 bp |
Recurring operating income | 7.63 | 12.00 | -36.4% |
Attributable net income | 4.13 | 6.56 | -37.0% |
Net cash3 Net cash3 excluding operating working capital |
71.49 8.01 |
62.544 3.254 |
+€8.96 M +€4.75 M |
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Didier Chabassieu, Chairman of the Management Board, stated, “In this unprecedented health and economic crisis, HighCo has shown sound financial performance in the first half of 2020, mainly due to the strong resilience of its digital businesses. COVID-19 has significantly influenced the digital transformations under way. To help our clients navigate these major changes, the Group will accelerate its innovation policy, primarily by investing in its startup studio HighCo Venturi.”