In challenging market conditions, SYNERGIE continues to grow while preserving its financial robustness
PRESS RELEASE | September 25th 2024, 5.45pm
IN CHALLENGING MARKET CONDITIONS, SYNERGIE CONTINUES TO GROW WHILE PRESERVING ITS FINANCIAL ROBUSTNESS
Revenue: €1,555.4 million
EBITDA: €63.3 million
Net profit: €31.7 million
On September 25th, 2024, the SYNERGIE Board of Directors, chaired by Mr Victorien Vaney,
approved the consolidated half-year financial statements for the period ended 30 June 2024. The auditing procedures for these financial statements are complete and the corresponding reports are being issued.
| Consolidated - in € million | H1 2024 | H1 2023 | Change % |
| Revenue | 1,555.4 | 1,511.0 | +2.9% |
| EBITDA | 63.3 | 75.8 | -16.5% |
| EBITA* | 50.4 | 63.7 | -20.8% |
| Operating profit | 46.2 | 61.4 | -24.6% |
| Net profit | 31.7 | 41.2 | -23.1% |
| Net profit Group share | 29.4 | 38.9 | -24.5% |
* Recurring EBIT before amortisation and impairment of intangible assets
REVENUE OF €1,555.4 MILLION
SYNERGIE, a European leader in the Human Resources sector, generated revenues of €1,555.4 million, up +2.9% (+1.6% on a like-for-like basis), amid a market downturn in the Group's main countries. This performance was possible thanks to the contribution of all geographic areas where the Group operates. Synergie outperformed a declining market validating the Group's business strategy of a diversified portfolio of clients, sectors, and geographies.
In France, the first half of the year was marked by a decline in growth (-2.6%), driven by a decrease in staffing market volumes with a significant downturn in the last two months due to the climate of political and economic uncertainty.
International reached 59% of total revenues (versus 57% in 2023), with Southern Europe achieving revenues of €531.8 million. International growth of +7.1% was driven by organic growth (excluding exchange rates impact) of +4.8% and the impact of the acquisition of the RUNTIME Group in Germany (completed in May 2023), which generated €16 million during the period. The performance of Northern and Eastern Europe (+9.8%) remained strong despite the economic slowdown also felt in these countries.
EBITDA AND CURRENT OPERATING PROFIT (EBITA)
In the first half of 2024, SYNERGIE achieved an EBITDA of €63.3 million (4.1% of revenue), versus €75.8 million in H1 2023. This decline in EBITDA is attributed to the economic slowdown, the effects of regulatory changes in some countries and the Group's continued investment efforts to support its growth and digitalization.
The Current Operating Profit (EBITA) reached €50.4 million (3.2% of revenue) with a €22.1 million (43.9% of Current Operating Profit) contribution from International business, while France contributed €28.3 million (56.1% of Current Operating Profit).
OPERATING PROFIT
Operating profit came to €46.2 million, in line with the trend of Current Operating Profit.
NET PROFIT
After Tax expenses of €18.7 million and a Financial Result of €4.1 million, the consolidated Net Profit amounted to €31.7 million (of which the Group’s share is €29.4 million).
A STRENGTHENED FINANCIAL STRUCTURE
With shareholders’ equity of €690.3 million as of June 30 and cash position net of debt of €313.0 million, the Group reinforces its financial strength.
OUTLOOK FOR H2
Despite the economic challenges faced in certain markets during the first half of 2024, with the contraction of the staffing market in France and other European countries, SYNERGIE remains confident, thanks to its continued diversification and international expansion strategy, in its ability to achieve higher revenues in the second half of the year, but in this context remains very cautious about its capacity to improve operational profitability.
SYNERGIE financial structure remains strong, and the company intends to pursue new acquisitions, both in France and abroad.
NEXT EVENT
Communication of Revenues for the 3rd quarter of 2024 on Wednesday October 23rd, 2024,
after the stock market closing.
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