#Communiqués Financiers


A third quarter above expectations: +17.8%
Confirmation of the €120 million turnover target in 2011

Bagnolet, October 20, 2011

In M€, as at september, 30th 2011 2010 Δ 2011 /2010 2011
constant scope*
pro forma**
Δ 2011 pc /
pro forma
1st quarter 30,0 27,8 +7,9 % 30,0 27,2 +10,4 %
2nd quarter 30,0 26,9 +11,6 % 30,0 26,1 +14,7 %
3e quarter 29,0 24,6 +17,8 % 28,6 24,6 +16,5 %
9-MONTH REVENUE 89,0 79,3 +12,2 % 88,7 77,9 +13,8 %
– Services revenue 84,1 75,2 +11,7 % 84,1 73,87 +13,8 %
– Software revenue 4,9 4,1 +21,0 % 4,6 4,1 +12,9 %


* 2011 constant scope: after deduction of the turnover of Insoft Software GmbH acquired on 30/06/11
** 2010 pro forma: after deduction of Harwell Management’s turnover (€1.37 million) accounted for as from 01/07/2010

Infotel recorded an acceleration in the growth of its activity in the 3rd quarter of 2011. Revenue for the period amounted to €29.0 million, compared to €24.6 million in the third quarter of 2010, an increase of 17.8% (+16.5% on a restated acquisition basis). Over 9 months, the increase was 12.2% to €89.0 million (+13.8% to €88.7 million on a restated basis). The Group’s two activities show good momentum and should benefit from a positive seasonality effect in the 4th quarter. This good business orientation reinforces the Group’s achievement of its €120 million target in 2011.

Acceleration of growth in Q3

The Services division (94.8% of turnover) experienced full activity with a still very low inter-contract rate (1.3%). As part of its recruitment strategy based on a loyalty policy and a controlled use of subcontracting, the Group made 102 new hires in the 3rd quarter.

All the main sectors in which Infotel is positioned (Insurance, Retirement, Banking, Aeronautics, etc.) contributed to the good direction of the activity, either by scaling up existing contracts or by opening new service centers. The Services business grew by 16.4% in the 3rd quarter and by 11.7% over 9 months (13.8% on a restated basis).

The Software division (5.2% of turnover) also had a good 3rd quarter, with a good level of royalties from IBM sales, the continuation of the growth momentum initiated by ADS in terms of archiving, and the contribution of the activity of Insoft Software GmbH. Integrated since 30/06/11, Insoft Software GmbH aims to support the distribution of new software developed by Infotel as part of its direct marketing strategy.

Outlook: continued organic growth momentum combined with a targeted external growth strategy

Infotel has good visibility over the coming months and therefore confirms its target of a turnover of €120 million (excluding external growth).

With a solid financial structure and a cash-generating business model, the Group is pursuing a targeted external growth strategy enabling it to strengthen its network in the territory and/or enrich its mixed Services/Software offer.


Next appointment:
Publication of 2011 turnover: January 31, 2011 (after stock exchange)

About Infotel

Listed on Compartment C of Euronext Paris since January 1999 (Isin code FR0000071797), Infotel is the specialist in the management of databases and their Web applications. At the forefront of technological innovations, Infotel develops its expertise around two complementary areas of expertise : IT services and high-tech software publishing. As part of its “Ambitions 2012” plan, Infotel has set itself two main objectives: to achieve almost all of its services in Service Centers and to become a key player in dematerialization. In 2010, Infotel had a total turnover of €107.6 million.

Michel Koutchouk Co-founder