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).
Sweco: Is Sustainability Good Enough?
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
AFRY: High Growth and Surprises in Q2
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Assystem: Nuclear Engineering Drives Growth in Q1
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Alten: Toward A Growth Acceleration in Q2!
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AFRY Gets its Energy Division Back to Organic Growth
AFRY: the Energy Division Has Completed its Portfolio Transformation and Is Back to Growth AFRY finally
Nuclear Engineering Remains Promising for Assystem
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 Profitable Despite Write-Down in Germany
Sweco Was Profitable in Q4 despite the Write-Down Swedish infrastructure engineering Sweco remained profitable despite a
UPDATED: Akka Completes its Capital Increase. More Restructuring
Akka had a busy end of the year: it completed its capital increase and unveiled a
More of the Same for SII in its Q3 FY21
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SII Performed Very Well This Quarter. Really?
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.
Europe Has Entered its Second Lockdown. A Look at Financial Implications
Europe has now entered its second lockdown. The lockdowns have different restrictions levels and different lengths. The UK and France are running for the full month of November. Officials in the two countries have, however, warned the lockdown might last longer, until Christmas at least.
AFRY Protected Well Its Bottom Line In Q3
AFRY, once again, protected its bottom line during the pandemic. The company limited its Q3 2020 EBITA margin decline to 40 bps to 6.7%. AFRY reduced its expenses by SEK 480m in Q3, a level similar to QA (SEK 490m).
Assystem Lowers its Guidance Two Day Before a New Lockdown
Assystem announced its results two days before France back into a full lockdown. Despite a good financial performance in Q3 2020, the company changed, again, its guidance for full-year 2020.
Cyient Gradually Back to Expansion
Cyient Suffering from its Vertical Mix From the numbers, it may not show. But Cyient is
Alten Accelerates its M&A Activity
Alten will accelerate its M&A activity in 2020. This is one of the tactical changes that the company announced during its H1 2020 results presentation. The company is also shifting its commercial effort to financial services, energy, and life science, and slightly accelerating its offshore deployment.
Assystem Upbeat about Nuclear Engineering
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Ricardo Suffers from its Exposure to Automotive in FY20
Ricardo paid the price for its exposure to the automotive sector, which represents 55% of total revenues. After a stable H1 FY20 (the ending June 30, 2020), H2 collapsed with revenues down 23% at cc/cs (our estimate). Surprisingly, Ricardo performed worse than an automotive pure-play such as EDAG (-14.8% during the same period) and Akka (-20.3% at cc/cs).
SII Does Better Than Expected in Q1 FY21
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Bertrand Does Better than Competitors in Q3
Bertrandt reported its Q3 FY20 results (calendar Q2 2020). Revenues were EUR 205m, down by a massive-20.9% yoy, and the EBIT margin was -0.9% (Q3 FY19: +2.7%). Yet, Bertrandt’s results were better than those of EDAG ( yoy revenues down by 32.6%) and Akka (-31.4% yoy at CC/CS).
Altran Benefits from its Diversified Client Mix in Q2 2020
We got a glimpse of the performance of Altran when Capgemini announced its H1 2020 results
EDAG Declined by 33% in Q2 2020
We were expecting EDAG would have a difficult Q2, as the company is very European and services mostly the automotive sector. However, we had not anticipated a decline of this scale: revenues were down by 32.6% in Q2. Unsurprisingly, the EBIT margin was significantly in negative territory (-14.4%).
Assystem Bounced Back in June
As expected, Assystem suffered in Q2 2020: revenues declined by 13.7% yoy CC/CS during the quarter. Staffing was down by 16.3%, while Energy & Infrastructure did somewhat better (-13.3%). The core nuclear engineering business was down by 10.1% (our estimate).
Alten Does Better than Expected in Q2. H2 Outlook Is Uncertain
Alten announced better than expected revenues in Q2 with a CC/CS decline of 18.4% (we expected -23%), after a growth of 4.0% in Q1. During H1, the decline was 7.3% (guidance: -9%).
UPDATED: Akka Suffers Greatly from its Lack of Client Diversification in H1 2020
Revenues Collapsed in H1 2020 Akka suffered greatly in H1 2020, with revenues down by 20.3%