Almaviva 3Q17 - EBITDA boosted by cost savings in Europe but disappointing performance in Brazil
Almaviva reported decent 3Q17 results. Revenue was down by 2.5% to €173m while EBITDA came in 35% stronger at €13m, thanks to strong cost savings realized in its CRM Europe division (c.16% of total revenue). However, the CRM International division (c.35% of total revenue) posted disappointing results with revenue down by 5.2% yoy and EBITDA down by 42% yoy. Management stated that some large customers in Brazil were not satisfied with the quality of the service and lowered their volumes with the company. Management added that it has taken several measures to tackle the issue, including increasing its workforce to reduce response times, and is quite confident of a return to growth in the short term.
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