H1 2022 results
Published on 15/09/2022
Excellent first half with strong growth surpassing targets
- Revenue: up 22% (€157.1 million)
- Current operating profit: up 37% (€7.1 million)
- Net profit attributable to shareholders: up 158% (€6.3 million)
1 The Board of Directors met on 15 September 2022 to adopt the financial statements for the six-month period ended 30 June 2022. The Statutory Auditors have completed their procedures for these accounts and the issuance of their report is pending. 2 CC: constant currencies.
An active and high-performance first half
CIS Group posted revenue on a reported basis of €157.1 million for the first half of 2022, up 21.8% from the first half of 2021.
Business benefited from the ramp-up of major contracts in Eurasia signed in 2021, the successful launch of strategic LNG contracts off the coast of Sub-Saharan Africa, and the positive impact of changes in exchange rates.
PRESS RELEASE
At constant exchange rates, revenue rose 14.2% to €147.3 million.
Strong improvement in profitability
CIS registered a 37% rise in current operating profit to €7.1 million, outperforming revenue growth (22%).
Current operating margin came out at 4.5% of revenue, continuing on from the profitability achieved in 2021 (4.4%) and the full effects of the performance plans implemented.
Net profit attributable to shareholders increased substantially by 158% to €6.3 million, up from €2.5 million in the first half of 2021, due to the combined effects of strong operating performance and improved financial income.
CIS enjoys a solid financial position. The results delivered in the first half of 2022 enabled the Group to bolster its shareholders’ equity to €63.4 million. At 30 June 2022, net cash amounted to €52.9 million, and bank debt totalled €24.6 million, down from €3.0 million.
Outlook: Exceed the mark of €300 million in revenue in 2022
CIS Group will be accelerating its development in the energy, mining, infrastructure and armed forces sectors by taking advantage of the many opportunities identified.
Building on its world-renowned expertise and complete range of integrated services, the Group plans to exceed the mark of €300 million in revenue in the current financial year.
About CIS
CIS was created in 1992 by its Chairman and Chief Executive Officer, Régis Arnoux. CIS Group has been supporting major players in the energy, mining, construction and armed forces sectors, at every stage of their projects, in the most remote offshore and onshore environments. As a provider of integrated services, CIS has a full range of services and turnkey solutions designed to assure the well-being and safety of the residents of our remote sites so that our customers can concentrate on their own core businesses.
Present in 19 countries with nearly 270 operating sites and a worldwide staff today numbering nearly 13,000, CIS has a strong commitment to contributing to the economic and social development of the local populations and countries where it operates.
Next press release: 19 October 2022, after the close of trading: Publication of Q3 2022 revenue
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