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06.11.2014 18:38:00
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Devoteam : Organic Growth of 3.6% in Q3 2014
Regulatory News :
Devoteam (Paris:DVT) :
| In million of euros | Q3 2014 | Q3 2013 | 9m 2014 | 9m 2013 | ||||
| France | 47.4 | 42.6 | 137.9 | 149.2 | ||||
| Variation | 11.2% | -7.6% | ||||||
| L-f-l variation (1) | 0.9% | -0.5% | ||||||
| Rest of the world | 57.7 | 59.2 | 183.4 | 189.9 | ||||
| Variation | -2.6% | -3.5% | ||||||
| L-f-l variation (1) | 5.6% | 2.7% | ||||||
| L-f-l variation (1) excl. Between(2) | 1.8% | -0.8% | ||||||
| Total | 105.0 | 101.8 | 321.2 | 339.1 | ||||
| Variation | 3.2% | -5.3% | ||||||
| L-f-l variation (1) | 3.6% | 1.3% | ||||||
| L-f-l variation (1) excl. Between(2) | 1.4% | -0.7% |
(1) At constant perimeter and exchange rates.
(2)
"Between”, a subsidiary operating in the Netherlands on the market of
sourcing of IT professionals, has a very volatile contribution to
revenue since, depending on the terms and conditions of the contract
they sign with their subcontractors and their client, revenue
consolidated at Group level may be based on the contract’s gross margin
or on the full amount invoiced to the final customer. As a consequence,
the Group decided to isolate this subsidiary when calculating the growth
rate of consolidated revenues.
Devoteam (NYSE Euronext Paris: DVT) reported revenues for the third quarter of 2014 of € 105 million, a 3.6% increase, at constant exchange rates and perimeter, compared to the third quarter of 2013. The development of « Devoteam Cloud Services », which incorporates our new offers around Cloud and « SaaS », the emerging successes of the Digital and Mobility businesses, as well as the successful recovery of our German entity, strongly contributed to the growth of the quarter and compensated for a slight negative effect of the number of working days.
Newly consolidated entities, gPartner and Axance, contributed € 4.4 million to consolidated revenues over the quarter, above initial expectations. On the other hand, following the divestment of AuSystems Italy, which was deconsolidated on April 30th, 2014, the Group divested two additional non-core assets. CRM Poland and Devoteam AB Sweden have been deconsolidated on respectively July 1st, 2014 and September 30th, 2014. Revenue information of these changes in scope can be found in the Appendix.
Considering the dynamic of the third quarter, and despite the recent divestments, the Group increases its 2014 consolidated revenue target. Revenues for 2014 should be over € 430 million.
Q3 2014 Consolidated revenues – analysis by region
| In million of euros | Q3 2014 | Q3 2013 | 9m 2014 | 9m 2013 | ||||
| New Mediterranean | 34.7 | 35.4 | 109.5 | 111.8 | ||||
| Variation | -2.1% | -2.0% | ||||||
| L-f-l variation (1) | -2.1% | -2.0% | ||||||
| Northern Europe | 11.3 | 11.5 | 38.3 | 41.1 | ||||
| Variation | -1.7% | -6.9% | ||||||
| L-f-l variation (1) | -3.8% | -5.9% | ||||||
| Central Europe | 11.7 | 10.7 | 34.6 | 33.6 | ||||
| Variation | 9.3% | 3.1% | ||||||
| L-f-l variation (1) | 9.2% | 3.1% | ||||||
| Middle East & Turkey | 4.7 | 4.9 | 14.5 | 14.3 | ||||
| Variation | -5.0% | 1.7% | ||||||
| L-f-l variation (1) | -3.8% | 7.8% | ||||||
| Single entities | 13.5 | 14.2 | 42.3 | 45.4 | ||||
| Variation | -4.8% | -6.8% | ||||||
| L-f-l variation (1) | -4.8% | -6.8% | ||||||
| Others (3) | 28.6 | 19.5 | 74.2 | 60.2 | ||||
| Variation | 46.2% | 23.3% | ||||||
| L-f-l variation (1) | 24.3% | 17.4% | ||||||
| L-f-l variation (1) excl. Between | 18.1% | 9.1% | ||||||
| Divestments (2) | 0.5 | 5.4 | 7.7 | 32.7 | ||||
| Variation | -90.1% | -76.3% | ||||||
| L-f-l variation (1) | -0.2% | -1.5% | ||||||
| Total | 105.0 | 101.8 | 321.2 | 339.1 | ||||
| Variation | 3.2% | -5.3% | ||||||
| L-f-l variation (1) | 3.6% | 1.3% | ||||||
| L-f-l variation (1) excl. Between | 1.4% | -0.7% |
(1) At constant perimeter and exchange rates.
(2) For 2014,
Divestments include the subsidiary AuSystems Italy, CRM Poland and
Devoteam AB Sweden. For 2013, it also included the T&M activity sold to
Ericsson and Teligent Russia.
New initiatives and entries in the consolidation scope, all integrated in the « Others » operating segment, were the main drivers of the growth of the quarter. The commercial success of entities offering digital project management in France (S’Team) and management consulting for IT in Norway (Fornebu Consulting), as well as the development of the broker business in the Netherlands, were all strong factors in the organic growth of the segment and of the Group. Newly consolidated entities, operating in the field of design of mobile services and around the Google partnership, explain the rest of the growth of the segment.
On the historical perimeter, the Cloud, Big Data and Mobility strategic offers encountered a strong demand, more particularly in Belux and Germany, where the business with the automobile industry is growing rapidly. On the contrary, the decreasing volume of business around "on-premise” infrastructure management has a negative impact on growth. Furthermore, continuous pressure in the labor market generated a high employee attrition in « Northern Europe », partially compensated by a good dynamic in « IT Service Excellence » SaaS solutions.
Headcount and utilization rate
As of September 30th, 2014, Devoteam employed a workforce of 3.594 people compared to 3.545 at the end of June 2014. This increase is mainly explained by the effect of perimeter variations.
| Utilization rate of internal resources, excluding divested entities* | ||||||||||||||
| Q1 2013 | Q2 2013 | Q3 2013 | Q4 2013 | FY 2013 | Q1 2014 | Q2 2014 | Q3 2014 | |||||||
| 79.3% | 81.5% | 82.2% | 84.0% | 81.7% | 82.5% | 83.8% | 84.5% | |||||||
* For 2014, Divestments include the subsidiary AuSystems Italy, CRM Poland and Devoteam AB Sweden. For 2013, it also included the T&M activity sold to Ericsson and Teligent Russia.
As of September 30th, 2014, the ratio of billable headcount to total staff stood at 85%, identical to that of June 30th 2014.
During the third quarter, the Group showed an improvement in utilization rate of internal resources1 excluding divestments, at 84.5% compared to 82.2% in the same period in 2013.
2014 Outlook
As announced at the beginning of this press release, and despite recent divestments, full-year 2014 revenue target has been increased to reflect the better business trend of the third quarter.
2015 Financial calendar and press releases
|
Press release after market close |
||
| Q4 revenues & FY results 2014 | Q1 2015 revenues | |
| March 3rd, 2015 | May 13, 2015 | |
Appendix
Pro forma information on revenues
| In million of euros | Q1 2013 | Q2 2013 | Q3 2013 | Q4 2013 | FY 2013 | Q1 2014 | Q2 2014 | Q3 2014 | ||||||||
| CRM Poland(1) | 0.3 | 0.3 | 0.3 | 0.4 | 1.4 | 0.3 | 0.2 | - | ||||||||
| Devoteam AB Sweden(2) | 0.8 | 0.8 | 0.6 | 0.7 | 2.9 | 0.7 | 0.7 | 0.5 | ||||||||
| Acquisitions(3) | - | - | - | - | - | - | - | 4.4 |
(1)
reported in the « Divestments » segment as of Q3 2014
publication, in the « Central Europe » segment in previous publications.
(2)
reported in the «Divestments » segment as of Q3 2014 publication, in
the « Northern Europe » segment in previous publications.
(3)
reported in the « Others » segment as of Q3 2014 publication.
About Devoteam
Devoteam is an IT consulting Group created in 1995. The combination of a consulting offer with a range of technological solutions allows Devoteam to speed up the clients' transformation of services toward cloud and digital.
In 2013, Devoteam achieved revenues of € 453 million. The Group has a workforce of 3,600 employees in 20 countries across Europe North Africa and Middle East.
ISIN : FR 0000073793, Reuters : DVTM.PA, Bloomberg : DEVO FP
http://www.devoteam.com
1 Utilization rate measures the percentage of working hours (excluding paid holidays) of billable employees that were billed to a client
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