H1 2022 revenue up 21.8% (€157.1 million)

Strong growth driven by Eurasia and Sub-Saharan Africa

CIS reported revenue of €157.1 million for the first half of 2022, up 21.8% from the first half of 2021.

Activity benefited from sustained business momentum and a positive impact from changes in exchange rates.

At constant exchange rates, revenue rose 14.2% to €147.3 million.

Ramp up of Eurasia and Sub-Saharan Africa

This performance was mainly driven by Eurasia and Sub-Saharan Africa, while South America showed a slight decline.

In Eurasia, the Group benefited from its strengthened presence since the end of 2021 to post a 61.5% increase in revenue.

In Sub-Saharan Africa, business volumes grew 21.6%, boosted by the successful start to a new contract in Mozambique. Selected out of many competitors, CIS was awarded this major contract by the Italian group ENI to provide catering and accommodation services for residents of the world’s largest LNG platform operating off the coast of Mozambique.

The Americas posted an anticipated, one-off drop in activity of 9.0% for the first half as some contracts came to an end. Calls for tender on these projects are currently being awaited.

Lastly, North Africa recorded a 9.1% decrease. Due to waning profitability, some contracts were not renewed, so that the Group can focus on strategic, very large-scale projects in the region. In contrast, CIEPTAL, CIS Group’s Algerian subsidiary, was selected to provide its catering and accommodation services for all participants of the Mediterranean Games in Oran. This headline international event required the delivery of 30,000 meals every day, with consumers and organisers alike completely satisfied with the service.

A positive outlook

In a complex economic and geopolitical environment, CIS demonstrates its ability to seize new growth opportunities, thanks to its expansive geographical presence, its world-renowned expertise in remote site management in extreme environments and a complete range of services integrated into its management offering.

In this context, the Group confirms its objective of continued growth in 2022.

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 hydrocarbon, 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 14,000, 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: 15 September 2022, after the close of trading: Publication of 2022 half-year results