HighCo: Q4 2021 gross profit
Aix-en-Provence, 19 January 2022
(6.00 p.m.)
HIGHCO: RETURN TO
GROWTH IN 2021 (GP: UP 3.2%) WITH PROFITABILITY REVISED UPWARDS
(Op.M
> 20%); RECOMMENDATION OF A STRONG
DIVIDEND INCREASE
Return to growth in 2021 with Q4 in line with
expectations
- Q4 2021 gross
profit (GP)1 of €20 m, up 1.7% on a reported basis and
LFL2.
- FY 2021 gross
profit1 of €76.52 m, up 3.2% on a reported basis and
LFL2.
- Growth in digital
businesses (Q4 up 2.6% LFL; FY up 2.6% LFL) and good performance of
offline businesses (Q4 down 0.2% LFL; FY up 4.5% LFL).
- FY 2021 business
growth in France (Q4 up 2.9% LFL; FY up 3.3% LFL) slightly higher
than for International business (Q4 down 7% LFL; FY up 2.3%
LFL).
2021 financial performance exceeds
expectations
- Growth in headline
PBIT3 expected to be up more than 25%.
- Adjusted operating
margin (adjusted headline PBIT/gross profit)3 rising from more than
19% to more than 20%.
- Shareholder
returns: recommendation of a strong dividend increase (up 18.5% to
€0.32 per share).
Stock markets: HighCo remains eligible
for France’s SME equity savings plans (“PEA-PME”)
Gross Profit (in € m)1 |
2021 |
2020 LFL2 |
2021/2020LFL2
change |
Q1 |
18.59 |
18.19 |
+2.2% |
Q2 |
19.21 |
17.78 |
+8.1% |
Q3 |
18.72 |
18.52 |
+1.1% |
Q4 |
20.00 |
19.67 |
+1.7% |
12-month total |
76.52 |
74.16 |
+3.2% |
1 Data currently being audited.2 Like for like:
Based on a comparable scope and at constant exchange rates (i.e.
applying the average exchange rate over the period to data from the
compared period).Furthermore, in application of IFRS 5 –
Non-current Assets Held for Sale and Discontinued Operations, Shelf
Service businesses were reported as discontinued operations as of
the fourth quarter of 2020. For reasons of consistency, the data
reported for the first nine months of 2020 has been restated to
account for the impact of Shelf Service. As a result, like-for-like
data is equal to restated data for the first nine months of 2020.3
Adjusted headline profit before interest and tax: Recurring
operating income before restructuring costs and excluding the
impact of performance share plans. Adjusted operating margin:
Adjusted headline PBIT/Gross profit.
Didier Chabassieu, Chairman of the Management
Board, stated, “After two years marked by a complex health and
economic environment, HighCo posts a return to growth (up 3.2%),
mainly driven by the sharp growth in Mobile businesses (up 6.8%).
This growth in our businesses, combined with sound cost control,
has enabled us to deliver very strong profitability (Op.M >
20%), higher than the pre-pandemic level in 2019. Thanks to this
good financial performance, the Group can move forward in its
aggressive innovation strategy through significant financial and
human investment in its new businesses, while offering high
shareholder returns with a dividend per share of €0.32.”
RETURN TO GROWTH IN 2021 WITH Q4 IN LINE
WITH EXPECTATIONS
As anticipated, HighCo showed growth in
Q4 2021 and posted a 1.7% increase in gross profit to
€20 m. Digital business grew 2.6% like for
like in Q4 2021, driven by the strong performance of
Mobile businesses (up 6.3%). Meanwhile, offline
businesses fell slightly by 0.2% over the quarter.
As a result, the Group’s businesses grew
3.2% for FY 2021 to €76.52 m.This growth was
mainly driven by:
- Digital, up 2.6%,
which now accounts for 66.9% of business, especially with the
strong performance of Mobile businesses (up
6.8%);
- Sharp rise in volumes of
coupons cleared (up 14%), thanks to
paperless clearing (up 30%) and the significant
increase in digital coupons issued on Click & Collect
sites (up 27%);
- Good performance in offline
businesses (up 4.5%), benefiting from a favourable comparison
base.
The Group’s revenue for FY 2021 came to
€137.4 m.
FY 2021 business growth in France
slightly higher than for International business
FRANCE |
Gross Profit (in € m) |
2021/2020LFL change |
% Total gross profit |
2021 |
2020 LFL |
Q1 |
15.98 |
15.30 |
+4.5% |
86.0% |
Q2 |
16.50 |
15.66 |
+5.4% |
85.9% |
Q3 |
16.30 |
16.21 |
+0.6% |
87.1% |
Q4 |
17.66 |
17.16 |
+2.9% |
88.3% |
12-month total |
66.45 |
64.32 |
+3.3% |
86.8% |
In France, Q4 2021 gross profit grew
2.9% to €17.66 M. Digital
businesses grew 2.8%, driven by Mobile (up 5.8%). The good
quarterly business activity was also driven by the good performance
of offline businesses (up 3.2%).
As a result, business grew 3.3% for
FY 2021, with France accounting for 86.8% of the
Group’s gross profit. Digital businesses grew 2.4%, and their share
represented 67.4% of gross profit. Thanks to an extremely
favourable comparison base, mainly in Q2 (up 25.3%) offline
businesses grew 5.1% for the financial year.
INTERNATIONAL |
Gross Profit (in € m) |
2021/2020LFL change |
% Total gross profit |
2021 |
2020 LFL |
Q1 |
2.61 |
2.90 |
-10.1% |
14.0% |
Q2 |
2.71 |
2.12 |
+27.8% |
14.1% |
Q3 |
2.42 |
2.31 |
+4.6% |
12.9% |
Q4 |
2.34 |
2.51 |
-7.0% |
11.7% |
12-month total |
10.07 |
9.84 |
+2.3% |
13.2% |
In International businesses,
after two quarters of strong growth, gross profit in
Q4 2021 declined 7% like for like to
€2.34 m.
For FY 2021, International business
therefore rose 2.3% to €10.07 m, accounting for 13.2%
of the Group’s gross profit. This business growth came both from
Belgium (up 2.1%), with a rise in the volume of
coupons cleared (up 7%), and from other countries (up 4.3%).
Digital grew 3.3% for FY 2021 and accounted for 63.1% of gross
profit.
2021 FINANCIAL PERFORMANCE EXCEEDS
EXPECTATIONS
Based on the year-end closing in progress, business growth
combined with sound cost control shows a strong increase in
headline PBIT of more than 25%. As a result, the
Group has raised its guidance for operating margin, now
forecasting adjusted operating margin3 up from
more than 19% to more than 20% (reported 2020
adjusted operating margin of 16.4%). This profitability is also
higher than the pre-pandemic level (reported 2019 adjusted
operating margin of 18.5%).
In light of the Group’s expected results and
solid financial position, the Management Board plans to
deliver high shareholder returns:
- by recommending to the Supervisory
Board to propose at the next Annual General Meeting a
dividend per share of €0.32, representing
a strong increase of 18.5%, doubling the
pre-pandemic dividend paid in 2019 (€0.16 per share);
- and by moving forward with its
share buyback programme.
2021 annual earnings will be released on
22 March after market close. A conference call for financial
analysts is scheduled for Wednesday, 23 March at
11.00 a.m.
STOCK MARKETS: HIGHCO REMAINS ELIGIBLE FOR FRANCE’S SME
EQUITY SAVINGS PLANS
In line with regulations (France’s Action Plan
for Business Growth and Transformation, or PACTE, of 22 May
2019), HighCo remains eligible for France’s government
initiative supporting SME equity savings plans
(“PEA-PME”). Eligibility 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 500 employees and has achieved Platinum
status from EcoVadis, meaning that the Group is ranked in the top
1% of companies in terms of CSR performance and responsible
purchasing.
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.
2021 Annual Earnings: Tuesday, 22 March
2022Conference call on 2021 annual earnings: Wednesday, 23 March
2022 at 2.00 pmQ1 2022 Gross Profit: Tuesday, 26 April 2022Q2
and H1 2022 Gross Profit: Thursday, 21 July 20222022 Half-year
Earnings: Wednesday, 24 August 2022Conference call on 2022
half-year earnings: Thursday, 25 August 2022Q3 and 9-month YTD
2022 Gross Profit: Wednesday, 19 October 2022Q4 and FY 2022
Gross Profit: Wednesday, 25 January 2023
HighCo is a component stock of the indices CAC®
Small (CACS), CAC® Mid&Small (CACMS), CAC® All-Tradable (CACT),
Euronext® Tech Croissance (FRTPR) and Enternext® PEA-PME 150
(ENPME).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 2021 MB_VDEF_EN
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