SII : Fiscal 2021-2022 first half financial results
Paris, December 7, 2021 – 6 p.m.
Fiscal 2021-2022 first half financial
results
SII Group takes full advantage of the recovery in
the sectorand shows a clear improvement in results
Operating income multiplied by 3.1 to €35.2mNet
income after minority interests multiplied by 3.9 to €27.9m
SII Group, a
specialist
in engineering, announces its 2021-2022 half-yearly
results, approved by the Management Board on December 6, 2021 and
currently under audit.
Eric Matteucci, Chairman of the Management
Board, states: “The results of SII group this first half of the
financial year 2021-2022 stand above our expectations. Several
factors contributed to this high level of performance. Besides the
favourable basis for comparison, the momentum in our business and
the confidence of our customers, the work done by all our teams
during this period has been a key factor in our success. We
approach the second half of the year with confidence and
enthusiasm, bearing the current sensitive context in mind.”
in €mPeriod ended September 30, 2021 |
H12020-2021 |
H12021-2022 |
Change |
Revenue |
301.21 |
376.30 |
+25.6% |
Gross income from operations |
12.03 |
35.84 |
x 3 |
Gross operating margin (% of revenue) |
4.0% |
9.5% |
+5.5 pt. |
Operating income |
11.27 |
35.22 |
x 3,1 |
Operating margin (% of revenue) |
3.7% |
9.4% |
+5,6 pt. |
Consolidated net income |
7.15 |
27.84 |
x 3,9 |
Net income after minority interests |
7.22 |
27.89 |
x 3,9 |
|
|
|
|
Average headcount |
8,428 |
8,976 |
+548 |
Headcount at the end of the period |
8,334 |
9,348 |
+1,014 |
Strong growth in the first half of
2021-2022
The SII group posts a record turnover on this
first half-year of €376,3m. The group is back to its pre-crisis
growth dynamic and has experienced a 25.6% increase in turnover
compared to the turnover achieved in the first half of 2020-2021
and a 15.5% increase compared to the turnover achieved in the
2019-2020 financial year.
Turnover in France reached €176.3m in the first
half of the 2021-2022 financial year, an increase of 25.8% compared
to the same period in the previous financial year and 4.2% growth
compared to the 2019-2020 financial year. This performance was
driven by all business lines, with a large proportion of turnover
generated in the Aerospace-Defence sector, which is recovering from
the low point in the health crisis.
Internationally, business continues to grow
half-year after half-year and reached €200m in turnover over the
period, an increase of 24.2%. Poland, which contributes more than
half of the international turnover, shows a growth of almost 30% at
constant rates. Spain, the second largest contributor to turnover,
showed marked signs of recovery with growth of 43.2% in the first
half. In Germany, the fall was kept in check during the first half
of the year thanks to the ongoing restructuring and the synergies
implemented with the group.
This first half-year was the occasion for the
SII group to intensify its recruitment policy. At the end of
period, the total number of employees of the group reaches 9,348
against 8,789 at the end of March 2021. Both in France and
throughout the world, the group is continuing its efforts to
maintain a high level of quality of life at work for its employees
- whether they work remotely or on site - or to strengthen the
skills of its teams. As a result of this approach, seven
international subsidiaries have now been awarded the Great Place To
Work label alongside the French entity.
Significant improvement in
profitability
At the end of September 2021, the group’s
profitability increased significantly in France and
internationally, with operating income tripling compared to the
first half of the previous financial year to reach a record level
of €35.2m. This improvement can be explained by the combination of
several factors: the positive effect of the organisation deployed,
the pooling of work and management tools, and the group’s AREH
(Excluded Leave Activity Rate) reaching levels close to those
prevailing before the health crisis at 89.3%. Overall, the
operating margin was 9.4% (+5.6 points). In France, the operating
margin rose by 7.3 points to 5.9%. The international operating
margin was 12.5%, compared with 8.3% at the end of September 2020,
driven by a very good performance in Poland, a rebound in business
in Spain, the development of activities in Romania and Chile, and
improved performance in other countries.
After taking into account the financial result
and taxes, the net result amounts to €27.8m, i.e. a net margin of
7.4% (2.37% at the end of September 2020).
At the end of September 2021, the balance sheet
showed a net cash position (excluding IFRS 16) of €101.0m, compared
with €88.4m at the end of March 2021. Shareholders’ equity stood at
€204.3m compared with €180.9m at the end of March 2021.
Prospects
On the first half-year, the SII group knew
financial performances higher than its expectations carried by the
strong recovery of its markets and the commitment of its teams. New
referrals have also been won which should fuel growth.
Uncertainties due to the impact of the pandemic add complexity to
projections, although the company has not yet identified any signs
of a slowdown. In this context, the SII group asserts its intention
to reach, at least, for the financial year 2021-2022 its objectives
of growth already revised upwards, namely an organic growth of the
turnover of at least 15%, and that its level of operating margin at
the end of the financial year should remain, as in the 1st
half-year, higher than the level of before sanitary crisis
(financial year closed on March 31, 2019).
***
Next financial
announcement:
Fiscal 2021-2022 third quarter revenue, Thursday,
February 10, 2022 after the close of trading
-
Contacts:
SII - Eric Matteucci:
+33 (0)142 848 222
Financial Press Contact: CIC Market Solutions -
Stéphanie Stahr: +33 (0)153 488 057
-
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About SII
Serving as a true partner for technology
matters, SII Group provides solutions with added value to projects
at major companies. Relying on teams of expert engineers and
methods applying the highest quality standards, SII’s business has
a balanced focus on:
- Technology
consulting (IT, electronics, and telecoms),
- Digital services
(technical IT and networks).
SII Group has organized itself to offer the
responsiveness and flexibility of personalized service. SII has
nine offices in France serving as profit centers with robust
operational resources and the ability to support major
international clients, serving companies in 18 countries on four
continents.
In the 2020-2021 financial year, which ended on 31
March, SII Group recorded revenues of €654.2 million.
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