Groupe Crit - H1 in line with business plan, even if the slowdown is coming
H1 results just below our forecastsSlight decline in operating profitability due to specific factors (lower CVAE returned to customers and higher employee profit-sharing), but net income risesUnsurprisingly, business is slowing down, but not collapsing for the time beingA cash position that will see us through a potentially more complicated 2024BUY opinion maintained given already low valuation multiplesGroupe Crit provides HR solutions to companies. Co.'s activities are divided into three segments: Temporary employment and Recruitment; Airport services; and Other services. In the Temporary employment and Recruitment segment, Co.'s offering includes temporary employment, permanent placement, secondment, outsourcing, training and consulting. The Airport services segment includes all services performed on an airplane from its landing to its take-off such as services to passengers and airplanes. The Other services segment comprises services in engineering and maintenance, and miscellaneous activities. At Dec 31 2010, Co. operated 431 branches, and was the partner of more than 25,000 companies.
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