Revenue for the nine months ended 30 September 2024: €445.4m (up
5.6%) / Full-year 2024 targets revised downwards
Revenue for the nine months ended 30
September 2024: €445.4m (up 5.6%)
Full-year 2024 targets revised downwards
Paris-La Défense, 24 October 2024, 5.35
p.m. (CEST) – Assystem S.A. (ISIN: FR0000074148 - ASY), an
international engineering group, today released its revenue figures
for the nine months ended 30 September 2024 and the third quarter
of 2024.
Consolidated revenue for the nine months
ended 30 September 2024
and year-on-year changes vs. 2023 (unaudited)
In millions of euros |
9 months
2023 |
9 months
2024 |
% change (reported) |
% change (organic(2)) |
|
Group(1) |
421.7 |
445.4 |
+5.6% |
+5.2% |
| |
|
|
|
|
|
France |
273.1 |
278.9 |
+2.1% |
+4.5% |
|
International |
148.7 |
166.5 |
+12.0% |
+6.3% |
(1) Consolidation of the
India-based company L&T Infrastructure Engineering Limited
(L&T IEL) and France-based Keops Automation since 1 January
2024, and deconsolidation (from the France segment) of Assystem’s
activities in the Pacific region since 1 December 2023 following
their sale.
(2) On a constant scope of consolidation and
currency basis.
In the first nine months of 2024, Assystem's
consolidated revenue totalled €445.4 million, compared with
€421.7 million in the same period of 2023. This represents
total growth of 5.6%, breaking down as 5.2% in organic growth, 0.3%
due to changes in the scope of consolidation, and a favourable 0.1%
currency effect.
In the third quarter of 2024, consolidated
revenue rose to €144.1 million (from €139.3 million in Q3 2023),
representing growth of 3.5%, which was slower than in previous
quarters. Organic growth was 3.8%, changes in the scope of
consolidation had a negative 0.5% impact, and the currency effect
was a positive 0.1%. This slowdown was due to a lack of activity
for infrastructure projects in Saudi Arabia, which could not be
offset by business in other countries in the International segment,
while the development of nuclear new-builds in France has been
lower than we expected.
FRANCE (63% of nine-month consolidated
revenue in 2024)
Revenue in France amounted to €278.9 million
versus €273.1 million in the first nine months of 2023. This 2.1%
year-on-year increase breaks down as 4.5% in organic growth and a
negative 2.4% impact from changes in the scope of consolidation
(net effect of the deconsolidation of Assystem's activities in the
Pacific region and the acquisition of Keops). Nuclear activities
accounted for 87% of the Group’s revenue in France in the first
nine months of 2024.
In the third quarter of 2024, revenue in France
rose 3.2% (including 6.4% organic growth). Nuclear activities once
again reported solid organic revenue growth, coming in at 9.7%,
driven by new projects underway related to the fuel cycle, whereas
volumes of activity for France’s nuclear installed base returned to
normal levels, and the development of nuclear new-builds slowed
compared with our expectations from the end of the quarter.
INTERNATIONAL (37% of nine-month consolidated revenue in
2024)
Revenue from International operations came to
€166.5 million versus €148.7 million in the first nine months of
2023. This 12.0% year-on-year increase includes 6.3% in organic
growth, a favourable 5.3% impact from changes in the scope of
consolidation (acquisition of L&T IEL), and a positive 0.4%
currency effect. Nuclear activities accounted for 50% of
International revenue in the first nine months of 2024.
In the third quarter of 2024, revenue growth
slowed considerably, coming in at 4.0% overall, with a 0.4% organic
decrease. Saudi Arabia recorded negative revenue growth due to an
unfavourable basis of comparison, the very gradual start-up of the
contract related to the Saudi nuclear programme, and the
later-than-expected execution of infrastructure engineering
contracts. In parallel, growth remained solid in the United
Kingdom, and in India revenue was stable on an organic basis.
FREE SHARE PLANS AND SHARE BUYBACK
PROGRAMME
On 30 September 2024, Assystem awarded a total
of 985,913 shares to the beneficiaries of its two free share plans
launched in July 2024 as part of its key personnel retention
programme (for recollection, 288,250 shares were awarded in 2023
under this programme).
For the purpose of these awards, through its
share buyback programme, the Company acquired – via its investment
services provider – 306,825 Assystem shares in the period up to and
including 18 October 2024.
FULL-YEAR 2024 TARGETS REVISED DOWNWARDS
In view of the trends observed at end-September
and the uncertainties arising from budget difficulties in France
and the United Kingdom, which have significantly slowed the
start-up of new-build nuclear engineering projects in which
Assystem is involved, the Group has decided to revise its full-year
targets for 2024. The new targets are as follows:
- consolidated revenue of around €610
million (versus around €620 million previously);
- EBITA
margin(1) of around 6.5% (versus
around 7% previously).
These targets take into account the sale of
Assystem’s activities in the Pacific region and the acquisitions
carried out as at the date of this press
release(2).
2025 FINANCIAL CALENDAR
11 February: Full-year 2024 revenue release
18 March: Full-year 2024 results
release – Results presentation on Wednesday 19 March
at 8.30 a.m. (CET)
30 April: First-quarter 2025 revenue release
23 May: Annual General Meeting
24 July: First-half 2025 revenue release
16 September: First-half 2025 results release –
Presentation meeting on Wednesday 17 September at 8.30 a.m.
(CEST)
28 October: Third-quarter 2025 revenue release
ABOUT ASSYSTEM
Assystem, one of the world's leading independent
nuclear engineering companies, is committed to accelerating the
energy transition. With more than 55 years of experience in highly
regulated sectors with stringent safety and security constraints,
the Group provides engineering and project management services as
well as digital solutions and services to optimise the performance
of complex infrastructure assets throughout their life cycle. In
its 12 countries of operation, Assystem's 7,500 experts are
supporting energy transition. To achieve an affordable low carbon
energy supply, Assystem is committed to the development of low
carbon electricity (nuclear, renewables and electricity grids) and
clean hydrogen. The Group is also helping drive the use of low
carbon electricity in industrial sectors such as
transportation.
Assystem forms part of the Euronext Tech Leaders, CAC Small, CAC
Mid & Small, CAC Industrials, CAC All-Tradable and CAC
All-Share indices. To find out more, visit www.assystem.com.
CONTACTS
Malène Korvin – Chief Financial Officer –
mkorvin@assystem.com – Tel.: +33 (0)1 41 25 29 00
Anne-Charlotte Dagorn – Marketing and
Communications Director – acdagorn@assystem.com – Tel.: +33 (0)6 83
03 70 29
Agnès Villeret – Komodo –
Investor relations – agnes.villeret@agence-komodo.com – Tel.: +33
(0)6 83 28 04 15
APPENDICES
NOTE: As the changes referred to in this press release are
calculated based on exact figures, there may be discrepancies in
the totals and percentages shown due to rounding.
QUARTERLY REVENUE BY GEOGRAPHIC
SEGMENT
|
In millions of euros |
Q1 2023 |
Q1 2024 |
% change (reported) |
% change (organic(2)) |
|
Group(1) |
143.8 |
154.3 |
+7.2% |
+5.5% |
| |
|
|
|
|
|
France |
94.8 |
97.6 |
+2.9% |
+4.3% |
|
International |
49.0 |
56.7 |
+15.6% |
+7.7% |
|
|
|
|
|
|
|
In millions of euros |
Q2 2023 |
Q2 2024 |
% change (reported) |
% change (organic(2)) |
|
Group(1) |
138.6 |
147.0 |
+6.1% |
+6.2% |
| |
|
|
|
|
|
France |
91.7 |
92.0 |
+0.4% |
+3.1% |
|
International |
47.0 |
55.0 |
+17.1% |
+12.4% |
|
|
|
|
|
|
|
In millions of euros |
Q3 2023 |
Q3 2024 |
% change (reported) |
% change (organic(2)) |
|
Group(1) |
139.3 |
144.1 |
+3.5% |
+3.8% |
| |
|
|
|
|
|
France |
86.6 |
89.3 |
+3.2% |
+6.4% |
|
International |
52.7 |
54.8 |
+4.0% |
-0.4% |
|
|
|
|
|
|
(1) Consolidation of India-based
L&T IEL and France-based Keops Automation since 1 January 2024,
and deconsolidation (from the France segment) of Assystem’s
activities in the Pacific region since 1 December 2023 following
their sale.
(2) On a constant scope of consolidation and
currency basis.
HISTORICAL DATA BY GEOGRAPHIC SEGMENT –
2023
|
In millions of euros |
Q1 2023 |
Q2 2023 |
H1 2023 |
Q3 2023 |
Q4 2023 |
H2 2023 |
Total 2023 revenue |
|
Group |
143.8 |
138.6 |
282.5 |
139.3 |
155.8 |
295.1 |
577.5 |
| |
|
|
|
|
|
|
|
|
France |
94.8 |
91.7 |
186.5 |
86.6 |
101.8 |
188.4 |
374.8 |
|
International |
49.0 |
47.0 |
96.0 |
52.7 |
54.0 |
106.7 |
202.7 |
|
|
|
|
|
|
|
|
|
(1) Operating profit before non-recurring items (EBITA –
Earnings before Interest and Taxes – from Activity) including share
of profit of equity-accounted investees (other than Expleo Group
and MPH) and excluding share-based payments and non-recurring
income and expenses, divided by consolidated revenue.
(2) Deconsolidation (from the France
segment) of Assystem’s activities in the Pacific region since 1
December 2023 following their sale, and consolidation of L&T
IEL and Keops Automation since 1 January 2024.
- ASSYSTEM CP CA T3 2024_ENG - 24102024
Grafico Azioni Assystem (LSE:0OA7)
Storico
Da Ott 2024 a Nov 2024
Grafico Azioni Assystem (LSE:0OA7)
Storico
Da Nov 2023 a Nov 2024
