SII’s growth erodes in Q4 FY19 but remains very solid

/ May 15, 2019/ Financials, France, Germany, Poland, SII, Spain

SII posted a yoy organic growth (at CC/CS) of 11.6% in Q4 FY19. The compay’s international operations remained solid (+17.2% yoy at CC/CS) while France moved to mid-single digit territory (+7.2%).

SII’s organic growth eroded in H2 (+11.3%, vs. 14.1% in H1) but continues to be very solid. France slowed down but remains decent.

Poland, SII’s second largest geography was up by 27% (vs. +33% in Q1-Q3). Overall, the trend for Poland to continue eroding but remains at a very high level and suffers from a demanding comparison basis.

We have some concern about the other two important geographies of SII. Germany was down by 4% in Q4, and continues to fluctuate from quarter to the other, from positive to negative growth. Spain has some growth without SII providing any detail.

SII’s organic growth eroded in H2 FY19, across geographies but remained at good levels. Should we worry about the firm? We will keep on monitoring what is going on with SII.

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