Update: Profitability gains but international delays
Store Electronic Systems (SES) has published interim results following the trading update on 31 July 2014. The strong international revenue growth (32% y-o-y) and the return to growth in France (5% y-o-y) were slightly lower than forecast, so while still believing that €100m of revenue is achievable for FY14e, we have lowered our forecast to €95m. This does not alter our positive outlook and we see the combination of SES’s leadership position in an underpenetrated but fast-growing market, with the potential for margin expansion, as drivers for sustainable mid- to long-term growth.Ses Imagotag SA Formerly known as Ses-Imagotag SA. Ses Imagotag SA is a France-based company, which designs and markets electronic shelf labeling systems for food and non-food retail industries. The Company's solutions include store electronic systems (SES), electronic labels, software, radio and mounting systems. The Company's solutions are designed for every type of retail environment, including hypermarkets, supermarkets, electronics stores, garden centers, pharmacies and service stations. The Company's products are distributed in approximately 50 countries worldwide. Ses Imagotag SA's main clients include Intermarche, E. Leclerc, Monoprix, Groupe Casino, Carrefour and Auchan. The Company has a global presence, through its own subsidiaries and representations, in Italy, Spain, the United Kingdom, Scandinavia, Canada, Mexico and Singapore, as well as more than 60 international partners. It operates through imagotag GmbH, a manufacturer of electronic components.
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