HighCo : 2019 results in line – Marked decline anticipated for H1 – Target price cut to € 4.7
>Adjusted earnings on ordinary activities of € 17.6m, i.e. an operating margin up 20bp to 18.5% (in line) - HighCo yesterday evening published 2019 results that were broadly in line with our forecasts. For a gross profit (already published) up 8.7%, of which +4.6% l-f-l to € 95.2m, Adjusted earnings on ordinary activities (excluding free share allocation costs) was up 9.9% to € 17.6m (vs € 16m in 2018). The operating margin (earnings on ord. act./GP) thus improved 20...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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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