First half 2017 results
Turnover of €219.4 million
Current operating income of €31.4 million
The Tessi Group Supervisory Board met on 14 September 2017 and approved the first half 2017 financial statements. The Statutory Auditors have carried out a limited review of these consolidated financial statements.
- Consolidated income statement (1 January - 30 June)
€m | H1 2017 | H1 2016 |
Turnover | 219.4 | 203.1 |
Current operating income | 31.4 | 26.6 |
Current operating margin | 14.3% | 13.1% |
Operating income | 30.1 | 26.8 |
Net income (Group share) | 15.1 | 16.3 |
Tessi posted first half 2017 turnover of €219.4 million, up 8% like-for-like from first half 2016.
Current operating income rose 18.1% to €31.4 million.
The current operating margin was 14.3%, up from 13.1% in first half 2016, driven mainly by Tessi documents services but also by strong performances from the Group's other two business lines:
- Tessi documents services posted turnover of €184.4 million and current operating income of €25.2 million, up 14.8% from H1 2016, mainly driven by one-off campaigns (support for customer social security returns under the French DSN procedure) and the start-up of contracts signed in 2016 and 2017.
- Tessi customer marketing posted turnover of €14.1 million and current operating income up 1.6% to €0.8 million.
- CPoR Devises reported turnover of €20.9 million, down €3.4 million, and current operating income up 41.8% to €5.5 million.
After non-recurring operating expenses of €1.4 million, mainly related to the consequences of the operational and legal restructuring carried out in the wake of the Pixel transaction, operating income came to €30.1 million, up 12.3% from first half 2016.
After a net financial expense of €3.1 million, corporate income tax of €10.9 million and €0.9 million in minority interests, consolidated net income Group share came to €15.1 million.
- Financial structure
€m | 30/06/2017 | 31/12/2016 |
Net cash excluding net cash dedicated to CPoR Devises | (47.6) | 15.0 |
Equity capital (Group share) | 142.8 | 195.5 |
Operating cash flow amounted to €30.5 million, up from €15.3 million in first half 2016.
Capital expenditure amounted to €5.4 million, while investments in acquisitions amounted to €5.1 million.
An exceptional dividend payment of €67.6 million was MADE during the period.
As a result, free cash flow amounted to a €40.0 million outflow, compared to a €15.2 million outflow in H1 2016.
Next release Q3 turnover, 7 November 2017 after market close |
Next update An information meeting will be held at 10am on 26 September 2017 at the offices of the SFAF. |
About Tessi:
- Tessi is the No. 1 document processing specialist in France
- Listed on Euronext Paris Compartment B - isin code - FR0004529147 - Ticker: TES
- Head office in Grenoble, France (38)
- Founded in 1971 and acquired by Pixel holding on 12 January 2017
- French No. 1 in cheque receipt and processing
- French No. 1 in foreign exchange and gold trading
- French No. 1 in managing deferred promotional operations
For further information visit: www.tessi.fr
Contacts
Tessi | Actus |
Olivier Jolland |
Amalia Naveira / investor Relations |
General Manager | Marie Claude Triquet / Media relations |
Tel. +33 (0)4 76 70 59 10 | Tel. +33 (0)4 72 18 04 90 |
communication@tessi.fr | anaveira@actus.fr / mctriquet@actus.fr |