Groupe CRIT SA
Overview
Founded in 1962 by Claude Guedj, the CRIT Group (EPA:CEN) is a major player in Human Resources and Business Services. 1st family group for temporary work and recruitment in France and 18th in the world, it has an international network of 600 employment agencies and more than 60,000 permanent and temporary employees worldwide.
N ° 1 in airport assistance in France and one of the top 10 worldwide in the sector, the group operates with the largest international airlines in Europe, Africa and the United States.
The group also develops activities in the fields of engineering and industrial maintenance.1
Financial highlights
The group had a good first half of 2019 with revenue of € 1,232.5 million, up 1.3% from compared to the same period of the previous year. This increase constitutes a solid performance after the first half of 2018, up almost 4%. She is accompanied by solid results, illustrated by a strong increase in EBITDA and an increase in pre-tax profit. The two business divisions of the group participated in this performance.2
The Temporary Work and Recruitment division, which represents 82.1% of total activity, records a turnover of€ 1,011.4 million, reflecting a good level of activity in a more demanding market context. In France, which accounts for 76% of the division's total activity, turnover came to € 768.2 million, down slightly by 0.8% from report for the first half of 2018.In adjusted data corrected for working days, activity is stable, which is a good performance compared to a1 st half of 2018 which recorded sustained organic growth (+ 6.4% adjusted for working days). This development illustrates the good resilience of activity despite the market contraction in the second quarter. Internationally, sales amounted to € 243.1 million compared to € 239.3 million, up 1.6% including currency effects favorable. At constant scope and exchange rates, activity fell 2.4%.
The Multiservices division posted strong growth over the first half, with revenues of € 233.5 million compared to € 214.2 million in9.0% growth (+ 8.2% at constant scope and exchange rates).The Airport, which concentrates more than three quarters of the division's total activity, grew by 12.4% to € 184.5 million (+ 9.5% at constant scope and exchange rates).This excellent performance was mainly driven by France, where the group posted solid growth of 16.4%, of which 12.8%in organic growth
The group's EBITDA stood at € 78.1 million compared to € 64.6 million in 2018, up 20.9%. It represents 6.3% of turnover against5.3% in the first half of 2018, up 100 basis points. This development includes the positive impact of the application of the IFRS 16 accounting standard relating to the accounting for rental, effective January 1 , 2019, which the group has decided to apply according to the simplified retrospective method without restatement from the previous year. The implementation of this standard has an impact on the presentation of the consolidated financial statements, with the entry in debt on the balance sheet. the present value of future rents and the capitalization of a right of use for the same amount; on behalf of result, the rent is eliminated by counterpart of the repayment of the debt and the financial interests of the debt and the right of use made subject to amortization over the term of the rental agreement
The comparable group share of net income excluding IFRS 16 amounted to € 32.6 million and € 32.5 million with the application of the new standard, or a marginal IFRS 16 impact.
