Growth of 12.2% for the first 9 months
Business in France up 7.4 percent
International operations up 15.6 percent
SII Group, which specialises in engineering business, has announced its third quarter revenue for 2023-2024 fiscal year.
Eric Matteucci, Chairman of the Management Board, commented: "Unsurprisingly, the third quarter of 2023-2024 was a continuation of the previous months. The slowdown in growth continues in an uncertain macroeconomic context, with a wait-and-see attitude taking hold. Despite this unfavourable environment, the SII Group is proving resilient and continues to post growth. Our overall performance over the first 9 months of this financial year remains above that of our benchmark market. I would like to thank our teams and our customers for continuing on this path."
The SII group, a specialist in engineering businesses, posted revenue of €287.8 million for the third quarter of the 2023-2024 financial year, an 11.0% increase. This third quarter confirms the trend observed since the start of the financial year. Reflecting the macroeconomic context, all our main markets are experiencing weaker momentum than in the last two years.
Constant growth in France
In France, the SII Group recorded revenue of €117.3m in the third quarter of the 2023-2024 financial year, showing organic growth close to that of the first half of the year.
The Activity Rate Excluding Holidays (AREH) deteriorated again during the third quarter due to the time lag between recruitment and new projects. As a result, the quarterly operating margin for France has been impacted by this situation.
Stronger international growth
Internationally, the SII Group recorded revenue of €170.5m in the third quarter of the 2023-2024 financial year, up 13.9% (of which 8.1% on a like-for-like basis and at constant exchange rates) compared to the same quarter of the previous fiscal year. Although on a downward trend, some countries are still posting sustained growth on a like-for-like basis and at constant exchange rates: Poland (+7%), Germany (+28%), Romania (+22%) and Czech Republic (+26%).
In this context, operating margin outside France remains at a satisfactory level.
Outlook
The first few weeks of 2024 have not reversed the trend seen over the past 9 months. Annual revenue is expected to fall within a range of between €1.12 billion and €1.13 billion. This would represent annual revenue growth of around 10%, still outperforming our sector.
Press release:
https://sii-group.com/en-FR/file-download/download/public/414712
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