For the 2018 first half, the Group reported revenue of €131.0 million at constant exchange rates, up +1.3% from last year's same period. Even though the currency effect on sales narrowed in the second quarter, for the full first half it had a negative impact of €15.7 million. On a reported basis, first-half revenue came to €115.3 million.
On that basis, operating profit reached €5.4 million, 4.6% of reported revenue. At constant currency, the operating margin was 5.2%, improving +0.4 points in relation to last year's same period.
Net profit for the 2018 first half amounted to €2.7 million and net profit attributable to the Group grew +30.3% to €2.4 million.
The Group has a solid balance sheet with €57.3 million in shareholders' equity, €46.4 million in net cash, up +9% from June 30, 2017, and a ratio of gross debt to equity of 28.2%.
First half business highlights
The new contracts won in North Africa will not offset the impact on Group revenue beginning in the second half from the non-renewal of a significant contract.
The Group has maintained good growth momentum in the other African countries and responded to a number of calls for tender for large-scale projects.
In the Americas region, CIS is pursuing its diversification, opening a new country operation in the Bahamas with a major French construction and civil engineering group. The Group is also participating in a number of consultations in Brazil (development and renewals).
Finally, growth by the Group in the Eurasia region has remained sustained. In Russia, CIS signed new contracts with key accounts (petroleum and mining). The Group deployed its ARISE strategic plan in Kazakhstan and is supporting the ramp up of operations launched in 2017.
Outlook
Underlying trends of geopolitical instability and trade tensions have significantly impacted commodity and energy prices. Renewed investments in the oil and gas and the mining sectors have been delayed, though the Group is responding to major consultations which should contribute to a rebound in activity starting in 2019.
CIS is continuing to implement its ambitious growth strategy by:
strengthening business development initiatives in key fast-growing regions,
pursuing actions to complete one or more targeted acquisitions.
Finally, to improve the Group's operating performance, CIS' ARISE plan is being gradually implemented at its main subsidiaries.
About CIS
CIS is specialised in the management of remote sites in extreme environments, onshore and offshore. As a services integrator, the Group has developed a comprehensive service offering (catering and living accommodations, facility management and support services) that allows it to provide customers with turnkey solutions. Present in more than 20 countries with 180 operating sites and a worldwide staff today numbering nearly 11,000, 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: 24/10/2018 after the close of trading: 2018 third-quarter sales
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Contact
CIS - Communications Department 04 91 16 53 00 communication@cis-catering.com
ACTIFIN - Victoire Demeestere 01 56 88 11 11 vdemeestere@actifin.fr
