Dekuple - The structuring of the Consulting teams weighed on H1 margins, but growth prospects remain good
Results down despite good business momentum in H1, and well below our expectationsSharp rise in Converteo's personnel costs explains lower marginsComfortable cash position leaves room for further external growthAmbitions for 2025 confirmed, but still linked to the dynamics of the French marketing consultancy marketBuy opinion maintained, but price target lowered to €37 (vs. €40 previously)ADLPartner specializes in loyalty marketing by press subscriptions. Co. designs, markets and implements customer-relation loyalty and management services on its own behalf or on behalf of its partners (banks, the retail industry, insurance companies, etc.). Co.'s activities can be divided into two categories: loyalty-strengthening and management of private customers on behalf of business partners and acquiring subscribers for the magazine press. Co.'s offer can be divided into three categories: Open-Ended Subscriptions, Fixed-Term Subscriptions, and Books-Items-Audio-Video. Co. operates by using different distribution channels which are: mailing, advertising, telemarketing and internet.
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