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2011 ANNUAL RESULTS: EARNINGS GROWTH IN LINE WITH STRONG BUSINESS GROWTH

2011 ANNUAL RESULTS: EARNINGS GROWTH IN LINE WITH STRONG BUSINESS GROWTH
#Communiqués Financiers

2011 ANNUAL RESULTS: EARNINGS GROWTH IN LINE WITH STRONG BUSINESS GROWTH

Revenue: +14.8% / Operating income: +14.4%
Operating profitability: 8.9%
2011 dividend: €2.25 / share (proposed at the AGM on 23 May)

Bagnolet, March 8, 2012

In M€, at 31 December
(audited accounts)
2011 2010 Δ 2011 /2010
Consolidated revenue 123,5 107,6 +14,8 %
– Services 116,2 102,2 +13,7 %
– Softwares 7,3 5,4 +35,1 %
Profit from recurring operations 11,0 9,6 +14,4 %
as % of turnover 8,9 % 8,9 %
Taxes (4,0) (3,4) ns
CEO net income 7,4 6,4 +15,4 %
as % of turnover 6,1 % 6,0 %

Target exceeded: €123.5 million in revenue in 2011

In 2011, Infotel recorded revenue of €123.5 million, up 14.8% (+15.9% to €123.1 million on restated data* from acquisitions), exceeding the target of €120 million (excluding external growth) announced by the Group in March 2011.

In 2011, Infotel recorded revenue of €123.5 million, up 14.8% (+15.9% to €123.1 million on restated data* from acquisitions), exceeding the target of €120 million (excluding external growth) announced by the Group in March 2011.

The Group’s two divisions benefited from positive momentum. The Group’s two divisions benefited from positive momentum. The Services division has opened new accounts and the Software division is pursuing its diversification strategy, reinforced by the latest acquisition of Insoft.

* Restated data:
2011 constant scope: after deduction of the turnover of Insoft Software GmbH (€0.37 million) 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

Results: maintaining a good level of profitability

Profit from recurring operations amounted to €11.0 million, up 14.4%, representing an operating profitability of 8.9%.

This good level of profitability is based in particular on the control of operating expenses, the increase of which (+14.8%) is in line with the increase in turnover. Taking into account an ambitious recruitment plan designed to support the dynamism of the activity, 2011 personnel costs represented 46.1% of turnover (compared to 45.8% in 2010), and external subcontracting costs reached 37.7% of turnover (compared to 36.1% in 2010).

Over the entire year, Infotel made 289 recruitments.

Net income Group share amounted to €7.4 million (6.1% of turnover), an increase of 15.4%.

A solid financial position

Infotel’s financial situation at 31 December 2011 remains healthy with €38.1 million in equity, no debt and a still high level of cash (€18.7 million) after the acquisition of Insoft Software in June 2011.

Proposed dividend: €2.25 per share

The Board of Directors will propose to the Annual General Meeting on 23 May 2012 the payment of a dividend of €2.25 per share for the 2011 financial year.

Outlook: good visibility and continued growth momentum

Positioned in strategic business segments, and with a recurring business model, the Infotel group is expected to pursue dynamic growth in 2012, based on a local network and a complementary Services/Software offer.

The three strategic advances that took place in 2011 and early 2012 (creation of Infotel Business Consulting, acquisition of Insoft Software and acquisition of Empeiria) are fully in line with the Group’s growth strategy and strengthen its business model.

In 2012, Infotel anticipates revenue of €135 million, combined with further earnings growth.

Next appointment:
Publication of revenue for the 1st quarter of 2012: May 16, 2012 (after the stock market)

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 2011, Infotel had a total turnover of €123.5 million.

Michel Koutchouk Co fondateur