19.09.2014 - Significant gains in earnings
GL events based in Lyon, France, announced half-year revenues of €464.7 million, up 13% at constant exchange rates or 7.5% on a reported basis. The Group's commercial momentum in international markets was confirmed in the first half, with operations outside France now accounting for 55% of total revenue. Consolidated operating profit in the first half of 2014 rose to €37.9 million, up 15.5% on the same period last year (+26% from H1 2012). The operating margin accordingly reached 8.2% (up 0.6 points from H1 2013), on track with Group targets and a return to pre-crisis standards. GL events Exhibitions concentrated the comparison base largely due to the biennial schedule of SIRHA, which will be held next in January 2015. This business unit had revenue of €78.5 million in the first half with operating profit of €5.5 million (operating margin of 7%). Net financial expense (- €5.4m) was impacted by increased borrowing costs linked to the €50 million bond issue of July 2013. Profit before tax amounted to €32.5 million, up 10% from the first half of 2013 and 26% from the same period in 2012. Despite a higher tax rate resulting from the geographic mix (35%), net income attributable to Group shareholders reached €19.7 million, up 20% from the first half of 2013 . Cash flow amounted to €38.9 million corresponding to a ratio of sales consistent with Group standards. Based on the positive international momentum as well as the good performance for France excluding the biennial effect of SIRHA, the Group raises its full-year target for organic growth in revenue to +10%. (ank)
Quelle: Sep 10, 2014 [m+a UFI Newsletter]