HighCo: Increased dividend pay-out
The French specialist in operational marketing and discount coupons saw its gross margin decline by 7.1% on a like-for-like basis in Q4 2020. This decline (gross margin was down only 2.1% in Q3) was expected and foreseeable given the new lockdown over the period. Nevertheless, it remained bad news. On the other hand, the sharp upward revision of the operating margin and the announcement of a significant dividend were not expected. This confirms our strong conviction about the company.
High Co SA is a France-based marketing services group for mass-market retailers and consumer goods manufacturers. The Company offers marketing solutions, such as coupon issuing, a promotional technique that entitles the customer to a discount on a product; sampling, which consists in offering free samples to test a product; point-of sale, which ranges from shelf tags to in-store radio announcements, floor graphics and in-store field marketing; clearing, which consists of processing discount coupons and money-back offers; marketing communication agencies, which provide support for brands and retailers in their marketing campaigns, and digital services with the subsidiary, HighCo 3.0., which advises and assists clients on the integration of digital technologies for distributors and brands. The Company operates in France, Spain, United Kingdom, Poland, Russia and Turkey, among others.
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