Press Release

Strong momentum in the First Half, 2019 outlook confirmed

Jul. 25 2019

H1 2019 Key Figures

  • Revenue of EUR 2,477 million in H1 2019, +5.9% year-on-year of which +5.3% at constant currency (cc). Organic growth1 reached +4.0% in H1 2019 of which +4.0% in the second quarter
  • Adjusted operating profit of EUR 380.5 million (15.4% margin) after applying IFRS 16
  • Adjusted operating profit of EUR 375.5 million (15.2% margin) before applying IFRS 16; At constant currency and before applying IFRS 16, margin progressed by 25 bps year-on-year to 15.1%
  • Adjusted net profit of EUR 206.6 million (EUR 0.47 per share) after applying IFRS 16
  • Free cash flow of EUR 140.9 million after applying IFRS 16; Before applying IFRS 16, free cash flow stands at EUR 97.6 million, up 55.2% year-on-year
  • Adjusted Net debt / EBITDA ratio reduced from 2.82x at the end of June 2018 to 2.25x at the end of June 2019

H1 2019 Highlights

  • Growth Initiatives generated 5.1% organic revenue growth while Base Business was up 3.4%
  • 4 transactions closed year-to-date supporting Growth Initiatives in Agri-Food and Buildings & Infrastructure, adding c. EUR 45 million of annualized revenue
  • Disposal of the non-strategic North American HSE Consulting business (c. USD 30 million of revenue in 2018)
  • Successful dividend payment in shares, opted for by 78% of shareholders

2019 Outlook confirmed

  • Solid organic revenue growth
  • Continued adjusted operating margin improvement at constant currency
  • Sustained strong cash flow generation

Didier Michaud-Daniel, Chief Executive Officer, commented:
“In the first half of 2019, we recorded solid organic revenue growth of 4.0%, building upon the good momentum achieved in 2018. Thanks to the Group’s successful transformation, we are well poised to continue growing at a steady pace and to enhance further our cyclical resilience. We continue to focus on margin improvement and have delivered 15.4% in the first half with a major improvement achieved in Agri-Food & Commodities business.
Our active portfolio management to deliver top line growth, geographical diversification and margin improvement continued in the first half. New acquisitions were focused on our Growth Initiatives in Buildings & Infrastructure and Agri-Food in the US, France and Asia. 
In the light of our first half performance, we confirm our 2019 outlook: we expect a solid organic revenue growth with a continued adjusted operating margin improvement at constant currency, and a sustained strong cash flow generation.”

1Organic growth represents the percentage of revenue growth, presented at Group level and for each activity, based on constant scope of consolidation (i.e. acquisitions excluded) and exchange rates over comparable periods

Presentation slides and live and on-demand audio webcast : Financial results
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