French IT and ER&D services vendor, SII, had an impressive growth in Q1 FY23 (corresponding to calendar Q2 22). Year-on-year organic growth reached 27.5%, despite demanding comps (Q1 FY22: +27.1%).

French IT and ER&D services vendor, SII, had an impressive growth in Q1 FY23 (corresponding to calendar Q2 22). Year-on-year organic growth reached 27.5%, despite demanding comps (Q1 FY22: +27.1%).
Assystem has put an end to its oil & gas debacle with the end of 51% of MPH to its management.
Alten enjoyed high organic growth in Q2 2022, despite challenging comps. Revenue growth was 18.9% yoy at cc/cs. The performance was strong given that Q1 2021 revenues were up +19.7%. This is the fifth consecutive quarter of ~20% organic growth.
AFRY is hoping for the best but expecting the worse for H2 2022. The company made clear that the macro-economic conditions and the geopolitical context were uncertain as ever.
Bertrandt announced its first acquisition in years: Philotech will help the firm to (modestly) shift its portfolio. The company had an estimated EUR40m in revenues and is headquartered in Taufkirchenn, close to Munich, Germany.
lten finished 2021 with an India-growth rate. For the third consecutive quarter, Alten has an organic (cc/cs) revenue growth close to 20%, reaching 23.2% in Q4. The company benefitted from favorable comps (-17.4% in Q4 2020) and HR decisions.
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Assystem Sells Assystem Care to Expleo to Accelerate Growth As disclosed during its H1 2021 results,
Semcon To Spin Off Product Information (PI) Semcon will spin off its Product Information (PI) unit and
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mployees from the other five divisions. It has approximately a revenue of SEK 1bn (USD 110m) and 800 employees. AFRY is gradually ramping up its digital investments and expects to spend SEK 100m in 2022, up from SEK 50m in Q1-Q3 2021.
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II was simply the best this quarter. The France-headquartered ER&D services vendor had its revenues up 24.0% yoy (at cc/cs) in Q3 2021/Q2 FY22. SII matched Alten’s excellent performance (+24.0% at cc/cs) despite relatively demanding comps. Unlike peers, SII had limited exposure to automotive and aeronautics. In FY21, its revenues were only slightly down, by 1.5% at cc/cs. SII, therefore, managed to grow its Q2 FY22 revenues despite relatively demanding comps (-4.5%). Alten’s decline during the same quarter was 9.4% yoy.
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Ricardo announced in September its priorities for the years to come: further client diversification, a focus on Asia and North America, a continued refresh of its service portfolio, and sustainability in all its forms. These priorities are very much in line with Ricardo’s strategy in the past few years.
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Alten Using Mid-Sized Acquisitions to Counterbalance the Pandemic Impact Alten had told investors it would increase
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Is there a space left for ER&D pure-plays? We think the question is relevant. The ER&D market is an attractive market with solid growth prospects and has attracted outsiders. Growth prospects are solid (with the situation in commercial aviation somewhat better than planned).
ER&D services largest pure-play, Alten, has ambitions as a clinical trials contract research organization (CRO). During Q2 2021, the company completed the acquisition of Cmed. Cmed, a clinical trial CRO based in the UK. It is a small firm with EUR 20m in revenues and 180 consultants. It has specialized in oncology, immuno-oncology, cell therapy, and rare disease.
Alten impressed investors with its Q2 rebound: revenues had a big rebound (+19.7% yoy at cc/cs) to EUR 714m. We had anticipated this solid rebound: the comps were very favorable (Q2 2020 was down 18.4% yoy organically).
Modis came into the light two weeks ago when Adecco announced the acquisition of Akka. Modis is a decently large IT services firm with 2020 revenues of EUR 2,179m. It is little-profitable with an adjusted EBITA margin of 5.7% (2019: 6.3%). Like everyone, the company faced headwinds in 2020, with revenues down 9% in 2020 (2019: -3%).
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It has been five years since Sweco made its last significant acquisition. In 2015, the company took over Grontmij, which brought 6,000 employees and revenues of EUR 659m.
Sweco had a relatively mild financial performance in Q2 2021 with a 2% yoy growth at cc/cs to SEK 5,643m (USD 649m). The company did not benefit from favorable comps (Q2 2020: +2% yoy at cc/cs). Sweco suffered from its lower utilization rate and headcount