Sales up 19% at €371.5M
Marked increase in profitability up 96% at €18.8M
Business dynamic in all activities
The Board of Directors' meeting of MAISONS FRANCE CONFORT, held on 19 September 2017, has approved the accounts for the first half year of 2017. These consolidated accounts have been examined by their Statutory Auditors.
|Consolidated (€M)||30.06.2017||30.06.2016||Var. in %|
|Operating margin||5.1%||3.1%||+2.0 pts|
|Net group income||12.2||6.3||+93.7%|
|Net group margin||3.3%||2.0%||+1.3 pt|
1st half 2017 Sales and results up sharply
1st half 2017 Sales of the MAISONS FRANCE CONFORT group stands at €371.5M, up 19% over last year. At constant scope, first half growth is 14.2%. To take into account ifrs 3 standard, the first two month's of business of the L'Atelier des Compagnons sub-group is no longer integrated into these figures thus impacting turnover to the tune of €10.6M as compared with the data published on 8 August last.
Over the period, the house construction activity stands at €334.6M, up 15.6%. The BtoC renovation activity (Rénovert, Camif and Illico Travaux) and BtoB (Atelier des Compagnons Group consolidated since 1 March 2017) represents overall €36.9M in growth of 60.9% over 30 June 2016.
The operating income recorded a very sharp improvement and stood at €18.8M against €9.6M on 30 June 2016, representing an operating margin of 5.1% against 3.1% at first half 2016.
This sharp increase in operating income includes:
- Expected favourable growth in the net contribution margin of the home construction activity (+0.5 pts).
- A level of net contribution margin on BtoB renovation activity generated by ADC higher than the home construction activity (about 30%)
- Control of fixed costs, the latter having only progressed by 2% at constant scope.
Net income stands at €12.2M against €6.3M at first half 2016. Net profitability represents 3.3%, up 1.3 point.
The FINANCIAL structure of the Group remains very solid. Group equity stood at €153.5M on 30 June 2017, active cash flow at €109.5M and indebtedness at €97.2M. Despite the impact of the 100% consolidation of the L'Atelier des Compagnons Group (with for effect the entering in the accounts of a debt linked to the remaining 49% of the capital to be acquired), the cash position net of debts remains positive and stands at €12.3M.
Good sales momentum for the Group as a whole
The home construction activity, despite a demanding base and an election effect during the months of May and June, remained dynamic. The orders at end August 2017 reached 5,025 sales and represent a turnover of €571.3M excl. tax, up 5.6% in number and 8.7% in value over 2016.
The BtoC renovation activity order intake at end August 2017 stands at €32.7M, up 11% over 31 August 2016 and those of the BtoB renovation activity progressed by 32.8% to €34.3M.
This healthy level of orders confirms the relevance of the diversification strategy initiated three years ago. In 2017, the renovation activity should therefore represent a turnover of €100M and offer highly favourable growth prospects.
Moreover, the MAISONS FRANCE CONFORT Group awaits with interest the measures to be announced within several hours by the government in the context of the housing bill. Whatever the guidelines to be adopted, the MAISONS FRANCE CONFORT Group remains fully confident in its ability to pursue its development, backed by the strengths of a Group leader in house construction and renovation, this latter activity coming within this context as an additional asset and a high potential growth relay.
Strong growth and improved profitability assured for 2017
Solid business performances and the level of projects in progress allow MAISONS FRANCE CONFORT to confirm double-digit growth of production for the 2017 financial year.
Considering the volume effect in the house construction activity and the dynamic within the renovation activity, there will be improvement in 2017 operating profitability in comparison to 31 December 2016.
Next meeting: on 20 September 2017 at 10 a.m. at Palais Brongniart – Paris
Next press release: 3rd quarter 2017 Sales, on 2 November 2017, after stock exchange closing.
ABOUT MAISONS FRANCE CONFORT:
Founded in 1919, MAISONS FRANCE CONFORT is the oldest builder of single-family homes in France and the largest builder of single-family homes on individual plots. Already leader in the house construction, MAISONS FRANCE CONFORT became in 2015 the French No. 1 in house renovation. The Group operates in all 12 regions in France, with more than 375 sales offices.
Staff at 30 June 2017: 1,858 people.
MAISONS France CONFORT equities are eligible for PEA-PME equity savings plan.
MAISONS FRANCE CONFORT is listed on the Euronext Paris - Compartment B.
ISIN Number: FR 0004159473 - Index: CAC Small, CAC Mid & Small, CAC All-Tradable, CAC All-Share
Commercial site: www.maisons-france-confort.com – Financial site: www.groupe-mfc.com
MAISONS FRANCE CONFORT
Chairman and Managing Director
Tel. +33 (0)2 33 80 66 61
Tel. +33 (0)4 72 18 04 90
Finance & Administration Manager
Tel. +33 (0)2 33 80 66 61
|Marie Claude Triquet
Tel. +33 (0)4 72 18 04 93