Continued High Organic Growth for SII SII truly impressed us with its high organic growth in
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Continued High Organic Growth for SII SII truly impressed us with its high organic growth in
In Q3 2022, Sweco achieved its best organic growth of the past ten years. Revenues were up 9% yoy organically, primarily thanks to price increases.
AFRY had double-digit organic growth in Q3 2022. We think that AFRY has completed its transformation initiated with the 2019 Poÿry acquisition
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%).
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.
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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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 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).
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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
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AFRY: the Energy Division Has Completed its Portfolio Transformation and Is Back to Growth AFRY finally
Nuclear engineering remains promising for Assystem. Revenues of nuclear engineering proved slightly more resilient during 2020 (with a 4.2% revenue decline at cc/cs) than the company itself (-5.3%). In H1 2020, the activity was impacted by the lockdown in Europe, as nuclear engineering requires a higher level of onsite work than ER&D services. Revenues bounced back in H2, reaching a slight organic growth.
Sweco Was Profitable in Q4 despite the Write-Down Swedish infrastructure engineering Sweco remained profitable despite a
Akka had a busy end of the year: it completed its capital increase and unveiled a
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At first glance, SII performed very well during calendar Q3 2020 (corresponding to its Q2 FY21). Revenues were down by only 4.5% yoy at cc/cs. By comparison, Alten’s revenues were down by 19%! SII continued to overperform its French and European peers by a very significant margin.