Unaudited Figures (in €M) | Q3 2012 | Q3 2011* | Var. | 9 months 2012 | 9 months 2011* | Var. |
Revenue | 26.3 | 28.2 | -6.7% | 84.2 | 87.6 | -3.9% |
Third Quarter revenue breaks down as follows: 40% in France,
25% in Benelux, 23% in
Germany and 12% in Southern Europe (Spain, Portugal, and
Italy).
Unaudited Figures (in €M) | Revenue Breakdown 9 months 2012 | Revenue Breakdown 9 months 2011* | Variation |
France | 33.5 | 33.7 | -0.6% |
Benelux | 20.9 | 22.8 | -8.3% |
Germany | 19.9 | 20.9 | -4.8% |
Southern Europe | 9.9 | 10.2 | -2.9% |
Franceholds well with a slight growth registered for the third quarter (+0.1%) compared to
2011 figures, despite a small decrease in revenue after 9
months (-0.6%). Strong pressure on prices from a few large
customers, especially in the banking sector, remains a major
factor hindering growth.
In Benelux, Belgium remains steady with slight growth after
nine months (+1.0%). In the Netherlands, restructuring
activities in 2011 continued to heavily impact revenue after
9 months (-13.5%) while margins continue to improve. The
region is heavily penalized by Luxembourg, which shows a
decrease of 16.1% in revenue over the 9-month period.
Reorganization measures are currently taking place to revive
growth and enable the entity to return to its historic
margins. In particular, a new General Manager with a strong
sales background arrived on October 17 to boost sales
activities and reinforce the management.
* 2011 figures adjusted without Switzerland in accordance with IFRS 5 rules
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Germanyrecorded a decrease of 4.8% of its revenue over 9 months mainly because of ongoing recruitment difficulties that severely impact growth. The Group has also decided to reduce volume with low margin customers.
The Group maintains a decent level of profitability in Southern Europe. However, a continuing difficult economic climate and a no-growth market in Spain and Italy hamper the region, which experienced a decrease in revenue of 2.9% over the 9-month period.
Outlook
Vision IT Group proceeds to sign new contracts despite a
difficult economic context. However, strong pressure on
prices coming from clients will have negative repercussions
on the second half of the year results.
Nevertheless, the Group confirms its goals to continue its
strategy to return to levels of historic margins. Starting
with the reorganization measures that are in progress in
Luxembourg, and to be followed thereafter by similar measures
in Germany, the Group remains confident that margin increase
and organic growth will be back on track starting in
2013.
Next Press Release on 05 March 2013 after market closure:
2012 Full Year Revenue
About Vision IT GroupA European Group founded in 2001, chaired by Marc Urbany and Philippe Muffat-es-Jacques, Vision IT Group is a consultancy and expertise Group specializing in IT center performance management and optimization, the development of business applications based on innovative technologies, and consultancy via Vision Consulting Group (business consultancy, software quality consultancy and training).
Vision IT Group enables its clients to focus on their core business and gain market share by implementing innovative IT solutions. With a presence in nine European countries articulated around four strategic regions (France, Germany, Benelux, and Southern Europe), Vision IT Group boasts
1,066 experts.
Listed simultaneously on the Alternext NYSE Euronext Brussels and Paris, Vision IT Group realized
€117.3M of revenue for 2011. Its rapid development relies primarily on the quality of its consultants (90% experts) and on its "Grid Company" operating model which consists of pooling the expertise of the companies in the Group.
Alternext NYSE Euronext Brussels and Paris (VIT) - ISIN Code : BE0003882025 Vision IT Group Contact InformationEllen Walker, Responsible for Financial Communication
Tel: +33 (0)1 41 09 77 00 - ewalker@visionitgroup.fr
Philippe Muffat-es-Jacques, Co-President
Tel: +33 (0)1 41 09 77 00 - investors@visionitgroup.com
www.visionitgroup.com
www.visionconsulting.com
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