HIGHCO : Q4 2019 Gross Profit
Aix-en-Provence, 22 January 2020
(6.00 p.m.)
HIGHCO CLOSES 2019 WITH A VERY GOOD
FOURTH QUARTER, BETTER THAN EXPECTED AT 6.5% LFL (GROSS
PROFIT)
A seventh consecutive year of growth at
4.6% LFL
- Q4 20191 gross profit of €24.74 M, up 6.7% on a reported
basis and 6.5% LFL2.
- FY 20191 gross profit of €95.22 M, up 8.7% on a reported
basis and 4.6% LFL2.
- Continued strong growth in digital businesses: Q4 up 7.4% LFL,
FY 2019 up 7.8% LFL.
- Offline businesses held up well: Q4 up 5.3% LFL, FY 2019 up
0.9% LFL.
- Strong growth in France: Q4 up 7.7% LFL, FY 2019 up 5%
LFL.
- Improvement in international business: Q4 up 3.4% LFL, FY 2019
up 3.5% LFL.
Improved profitability for FY 2019 in
line with guidance
§ Rise in adjusted operating margin (adjusted headline
PBIT/gross profit)3 of about 20 bp.
Stock markets: HighCo eligible for
France’s SME equity savings plans (“PEA-PME”)
§
Gross Profit (in € M)1 |
2019 |
2018 reported |
2018 LFL2 |
2019/2018 Reported change |
2019/2018 LFL2 change |
Q1 |
23.17 |
20.73 |
22.48 |
+11.8% |
+3.1% |
Q2 |
25.03 |
22.47 |
24.09 |
+11.4% |
+3.9% |
Q3 |
22.28 |
21.19 |
21.22 |
+5.2% |
+5.0% |
Q4 |
24.74 |
23.19 |
23.22 |
+6.7% |
+6.5% |
12-month total |
95.22 |
87.57 |
91.02 |
+8.7% |
+4.6% |
1 Data currently being audited.2 Like for like:
Based on a comparable scope (i.e. including Useradgents over
12 months in 2018 and 2019, as of 1 January) and at
constant exchange rates (i.e. applying the average exchange rate
over the period to data from the compared period).3 Adjusted
headline profit before interest and tax: Recurring operating income
before restructuring costs and excluding the cost of performance
share plans. Adjusted operating margin: Adjusted headline
PBIT/Gross profit.4 Net cash: Cash (asset) minus gross financial
debt (liability).
Didier Chabassieu, Chairman of the Management
Board, stated, “With like-for-like growth of 4.6%, HighCo closes a
seventh consecutive year of growth, thanks mainly to a
better-than-expected performance in the fourth quarter (up 6.5%
like for like). At the dawn of its 30th anniversary, and with
continued strong growth in digital businesses, the Group is moving
forward in its innovation strategy, working with our clients to
meet the retail challenges of tomorrow. As a result, HighCo expects
another year of growth in 2020.”
VERY GOOD PERFORMANCES IN Q4
2019
The Group’s gross profit totalled
€24.74 M in Q4 2019, reflecting a
further pick-up in its business growth, up 6.7% on
a reported basis and 6.5% like for like
(Q1 2019: up 3.1%, Q2 2019: up 3.9%, Q3 2019: up
5%).
This steady acceleration in business growth over
the year has enabled the Group to post gross profit of
€95.22 M for 2019, showing strong growth of 8.7% on a
reported basis and 4.6% like for like.
The Group’s revenue for FY 2019 came to
€175.7 M.
Growth in Digital remained healthy in
Q4 2019, with a like-for-like increase of 7.4%. The
share of Digital in total Group business reached a new high of
58.7% in Q4 2019, up from the reported figure of 58.3% in
Q4 2018. Reporting better-than-expected performance, offline
businesses grew 5.3% like for like over the quarter.Over
the year in 2019, the share of Digital business in the Group’s
total business activity came to 56.2% (reported figure of
52.9% in 2018), for a strong like-for-like increase of 7.8%. Thanks
to a good performance in the last quarter, offline businesses
showed slight growth for 2019, coming out at 0.9% like for
like.
STRONG GROWTH IN FRANCE
FRANCE |
Gross Profit (in € M) |
2019/2018 Change |
% Total gross profit |
2019 |
2018 reported |
Reported |
LFL |
Q1 |
17.70 |
15.31 |
+15.7% |
+3.8% |
76.4% |
Q2 |
18.62 |
16.18 |
+15.1% |
+4.6% |
74.4% |
Q3 |
16.92 |
16.25 |
+4.1% |
+3.9% |
75.9% |
Q4 |
18.27 |
16.93 |
+7.9% |
+7.7% |
73.8% |
12-month total |
71.52 |
64.68 |
+10.6% |
+5.0% |
75.1% |
|
|
|
|
|
|
In France, Q4 2019 gross profit
totalled €18.27 M, a strong rise of 7.7% like for
like, accounting for 73.8% of the Group’s gross profit.
This growth continues to be driven by the very positive trend in
digital businesses (up 9.2% like for like); their share of total
business generated in France stood at 68% for the
quarter.For 2019, gross profit in France amounted to
€71.52 M, up 5% like for like, with strong growth in
Digital (up 8.8% like for like). The share of
Digital in total French business increased from 59.8% for 2018 to
63.9% for 2019, benefiting from a sustained
performance across all businesses.
IMPROVEMENT IN INTERNATIONAL
BUSINESS
INTERNATIONAL |
Gross Profit (in € M) |
2019/2018 Change |
% Total gross profit |
2019 |
2018 Reported |
Reported |
LFL |
Q1 |
5.47 |
5.42 |
+0.8% |
+0.8% |
23.6% |
o/w Benelux |
5.18 |
5.14 |
+0.7% |
+0.7% |
22.4% |
Q2 |
6.41 |
6.28 |
+2.0% |
+2.0% |
25.6% |
o/w Benelux |
6.14 |
6.01 |
+2.2% |
+2.2% |
24.5% |
Q3 |
5.37 |
4.94 |
+8.7% |
+8.7% |
24.1% |
o/w Benelux |
5.10 |
4.72 |
+8.2% |
+8.2% |
22.9% |
Q4 |
6.47 |
6.26 |
+3.4% |
+3.4% |
26.2% |
o/w Benelux |
6.19 |
5.93 |
+4.3% |
+4.3% |
25.0% |
12-month total |
23.71 |
22.90 |
+3.5% |
+3.5% |
24.9% |
o/w Benelux |
22.61 |
21.80 |
+3.7% |
+3.7% |
23.7% |
After a good second half with like-for-like
growth of 5.7%, International businesses posted gross
profit of €23.71 M for 2019, up 3.5% like for
like.
In Benelux, gross profit
increased 4.3% like for like over the fourth quarter, enjoying
growth in all the region’s business segments. Following a 2.6%
decline on a like-for-like basis in 2018, business picked
up, with like-for-like growth of 3.7% in 2019. Despite an
unfavourable comparison base (2018: up 7.3% like for like), digital
businesses remained buoyant in 2019 (up 2.6% like for like) and
accounted for 29.6% of gross profit in Benelux.
Business in Southern Europe remained stable over
the year, accounting for 1.2% of the Group’s gross profit.
IMPROVED PROFITABILITY FOR FY 2019 IN
LINE WITH GUIDANCE
Based on the year-end closing in progress, HighCo
confirms its 2019 guidance and expects a rise in adjusted operating
margin3 of about 20 bp (2018 adjusted operating
margin: 18.3%).
Estimated net cash4, including working capital
resources from the Data businesses, totalled approximately
€62 M at 31 December 2019 (€52.17 M at
31 December 2018).
The 2019 annual earnings will be released on
24 March after market close. A financial analysts’ meeting is
scheduled for Wednesday, 25 March at 2.30 p.m.
STOCK MARKETS: HIGHCO ELIGIBLE FOR FRANCE’S SME EQUITY
SAVINGS PLANS
As announced on 21 January, and in line
with regulations passed in 2019 (France’s Action Plan for Business
Growth and Transformation, or PACTE of 22 May 2019),
HighCo is eligible for France’s government initiative
supporting SME equity savings plans (“PEA-PME”). This
means that HighCo shares can be included in these individual equity
savings plans (“PEA-PME”).
About HighCo
As an expert in data marketing and
communication, HighCo continuously innovates to work with brands
and retailers in meeting the retail challenges of
tomorrow.Listed in compartment C of Euronext
Paris, and eligible for SME equity savings plans (“PEA-PME”),
HighCo has more than 750 employees and since 2010 has been
included in the Gaia Index, a selection of 70 responsible
Small and Mid Caps.
Your contacts
Cécile
Collina-Hue
Cynthia LeratManaging
Director
Press Relations+33 1 77 75 65
06
+33 1 77 75 65
16comfi@highco.com
c.lerat@highco.com
Upcoming
events
Publications take place after market
close.
2019 Annual Earnings: Tuesday, 24 March 2020SFAF
financial analysts meeting: Wednesday, 25 March 2020 at
2:30 p.m. (8 rue de la Rochefoucauld – 75009 Paris)Q1 2020
Gross Profit: Wednesday, 22 April 2020Q2 and H1 2020 Gross Profit:
Thursday, 16 July 20202020 Half-year Earnings: Wednesday, 26 August
2020Conference call on 2020 half-year earnings: Thursday, 27 August
2020Q3 and 9-month YTD 2020 Gross Profit: Wednesday, 14
October 2020Q4 and FY 2020 Gross Profit: Wednesday, 20 January
2021
HighCo is a component stock of the indices CAC®
Small (CACS), CAC® Mid&Small (CACMS) and CAC® All-Tradable
(CACT) and Euronext® Tech Croissance (FRTPR).ISIN: FR0000054231
Reuters: HIGH.PA Bloomberg: HCO FP For further financial
information and press releases, go to www.highco.com.
This English
translation is for the convenience of English-speaking readers.
Consequently, the translation may not be relied upon to sustain any
legal claim, nor should it be used as the basis of any legal
opinion. HighCo expressly disclaims all liability for any
inaccuracy herein.
- HighCo CP T4 2019 MB_VDEF_EN
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