AFRY had double-digit organic growth in Q3 2022. We think that AFRY has completed its transformation initiated with the 2019 Poÿry acquisition
SII – Impressive Growth thanks to Poland and Staff Augmentation
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 – High Organic Growth in Q2 2022 Despite Challenging Comps
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 Hoping for the Best…
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.
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
Sweco Demonstrates Its Resilience Despite COVID-19
Sweco had already demonstrated its resilience in Q1, with a +4% organic growth. In Q2, despite COVID-19, the company remained in positive territory (+2%). The performance is a surprise, as Sweco is very sensitive to the number of working days.
Dassault Sytems Lowers its Q1 2020 Guidance: Read-Throughs for the ER&D Service Industry
Dassault Systems lowered it Q1 2020: the company is now expecting revenue growth in the range of 14%-17%, down from a 20-23% guidance (that includes the acquisition of Medidata). The company has suffered from weaker than expected new license and services revenues. Meanwhile, revenues of Medidata were on a “momentum and license renewals were up too.
Altran Suffers from a Temporary Slowdown in Q4
Altran’s organic growth slowed down to +3.3% yoy in Q4. The company suffered from two main effects: Brexit delaying decision-making in the UK and deteriorating market conditions in the German automotive market. As a result, Altran’s North Europe and Central Europe business units were down by respectively 9.6% and 8.4% yoy in Q4.
Alten Slows Down in Q4. Points to Market Adjustment
Alten’s revenues in Q4 slowed down to a growth of +7.3% yoy (at CC/CS ), following double-digit CC/CS growth during Q1-Q3 2019. The company suffered from a demanding comparison basis (+13.7% in Q4 2018), and one lesser working day in several countries (a 0.15% impact on the group’s revenues).
Wipro Still Reinventing its Industrial and Engineering Business in Q3 FY20
Wipro announced a mild growth in the revenues of its Industrial and Engineering (I&E) business unit in Q3 FY20: I&E revenues were up by 3.1% only (to USD 151m). Revenues included a small contribution from the recent ITI acquisition and were impacted by the market conditions in the semiconductor industry and softness in 5G adoption.
UPDATED: Bertrandt Ends its FY19 with a Low Point
Bertrandt had a mixed Q4 FY19 performance with revenues up 2.6% and an EBIT margin of 5.2% (down 330 bps). For the full year, revenues reached EUR 1,060m, up 3,8%, within the guidance range the company had provided (EUR 1,041-1,071m).
Poland Continues to Shine at SII in H1 FY20
SII improved its profitability in H1 FY20 despite its reorganization
investments. Its adjusted operating margin was up by 30 bps to 7.2%. France’s margin remained low to 5.6%, improving slightly by 20 bps.
KPIT Had A Solid Q2. Strategic Questions Remain
Automotive engineering pure-play KPIT continued on its growth momentum in Q2 FY20 (+15.2% yoy), enjoying a satisfactory EBITDA margin of 13.4%. KPIT’s financial performance was, however, a notch below that of Q1 both in terms of revenue growth (Q1: +19.3%) and margin (14.6%).
Assystem In Line in Q3. Continues to Review its Non-Nuclear Operations
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Sweco: Steady Performance in Q3 2019
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SII’s Revenues Up 10.5% at CC/CS in Q2 FY20. In Line with Q1
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EDAG: More of the Same in Q3 2019
EDAG’s financial performance in Q3 2019 was very similar to that of Q2: revenues were down
Alten Points to Slowing Market in 2020 Despite Good Performance in Q3 2019
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Altran in Q3 2019: North America Soft Despite Reassuring Telecom Business
Altran’s CC/CS revenue growth in Q3 2019 reached +6.0%, to EUR 779m. The company slowed down somewhat from Q1: +8.1%, and Q2: +6.8%, despite the improvement in its operations in North America.