2022 third-quarter revenue
Published on 19/10/2022
FY 2022 revenue targets raised: €325m, +20%
Nine-month revenue: €243.5 million, +23.5%
Q3 growth momentum remains on track
Revenue not audited by the Statutory Auditors CC: constant currency
In line with previous announcements, CIS reported revenue of €243.5 million for the first nine months with strong growth of 23.5% compared to last year’s same period.
Reflecting this trend, the positive growth momentum of the first half remained on track in Q3. Business has continued to benefit from strong growth in Eurasia and the Sub-Saharan Africa regions, and a positive currency effect, which contributed €11.3 million to Q3 revenue.
At constant exchange rates, Group revenue also increased significantly to €222.4 million, from €197.1 million for the same period in 2021 (+12.8%).
Growth driven by Sub-Saharan Africa and Eurasia
All countries in Eurasia are strengthening CIS’ positions in this region. On that basis, revenue grew 56.0% year-on-year, boosted by increasing contributions from contracts signed at the end of 2021.
In Sub-Saharan Africa, revenue rose 11.8%, largely in response to two major new offshore contracts in Mozambique and Mauritania.
The Americas experienced a 33.6% drop in revenue in a period marked by renewals and calls for tender for certain contracts. This situation is expected to have a temporary adverse impact on Q4 followed by a rebound in in FY 2023.
Lastly, North Africa was down 11.7% after selected contracts offering diminishing returns were not renewed in order to focus on larger-scale strategic projects in the region.
Revenue by region
Annual revenue now expected to exceed €325 million
Reflecting the performances of the first nine months, CIS has raised its initial guidance for annual revenue of €300 million. Based on the exchange rate at 30 September, the Group is now expecting to achieve record revenue since the Group was founded in 1992 of more than €325 million for the full 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.
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