Groupe CRIT : Second quarter 2024 revenue : 807.9 M€ (+23.7%). Strong growth in international Temporary work, driven by OPENJOBMETIS’ integration.

Press release                                                                                                                          July 24th, 2024

Second quarter 2024 revenue : 807.9 M€ (+23.7%)

Strong growth in international Temporary work,  driven by OPENJOBMETIS’ integration

Another quarter of double-digit growth in airport activities

Paris (France) July 24, 2024, 5:45 p.m. - Groupe CRIT (FR0000036675 – CEN), a major player in temporary work and airport services in France and internationally, announces its turnover for the 2^nd quarter of the 2024 financial year  (April 1 - June 30).

The Group's consolidated revenue for the second quarter of 2024 amounts to € 807.9 million ⁽¹⁾, up 23.7% on a consolidated basis compared to the same period of the previous year (€ 652.9 million). This increase includes a 23.0% scope impact related to the integration of OPENJOBMETIS, company under Italian law consolidated since May 2024. At constant scope and exchange rates, the Group's organic growth was +0.6% in the same quarter.

In France, activity remained at satisfactory levels with revenue of € 486.5 million over the past quarter, up 1.0% organically (+1.1% in organic TDA ⁽²⁾) compared to the same quarter of the 2023 financial year.

Internationally, the business is fully benefiting from the integration of OPENJOBMETIS. It posted an 87.5% increase over the quarter and represented a 39.8% of the Group's revenue at the end of June 2024. At constant scope and exchange rates, international business was down slightly by 0.8%.

Temporary work : +26.8%  Resilience of the business in France and integration of Italian activities abroad

In Temporary Work (83.6% of total activity), second-quarter revenue was € 675.8 million ⁽³⁾, up 26.8% compared to the same quarter of 2023, including the scope impact of OPENJOBMETIS’ integration. At constant scope and exchange rates, revenue was down 1.5% in a market context marked by weak economic growth.

France : Stability of the activity in organic TDA ⁽²⁾

In France (56.9% of the division's business), revenue for the quarter was € 384.7 million, stable on an organic TDA ⁽²⁾ basis. Activity was supported by industry (particularly aeronautics and agri-food) and logistics, while hotels & restaurants, and construction remained in decline.

International : +99,1%

Internationally (43.1% of the division's activity), revenue for the quarter was nearly double the revenue of the second 2023 quarter thanks to OPENJOBMETIS’ integration (-4.2% at constant scope and exchange rates).

In Italy, OPENJOBMETIS' proforma revenue in the second quarter was up 12.2% compared to the same quarter of 2023. This increase itself includes a 15.2% scope impact related to the integration of the Just on Business subsidiary since January 1^st, 2024. On a like-for-like basis, proforma revenue was down slightly by 3%. In the United States, in a volatile market (-12% vs. 2023⁽⁴⁾), revenue was € 62.0 million (-3.9% in organic TDA ⁽²⁾) supported by its Staffing Professional division as well as a better dynamic in permanent placements. In Spain, with the effects of the implementation of the legislative reform driven by the government at the beginning of 2022 now included in the basis of comparison, activity was stable at € 34.0 million.

Multiservices : +11.2% Another quarter of double-digit growth

The Multiservices Division (17.5% of activity for the period) achieved quarterly revenue of € 141.7 million ⁽³⁾, up 11.2% compared to the same quarter of 2023.

Airport activities (76.2% of the division's total revenue) generated revenue of € 108.0 million in the past quarter, up 10.7% compared to the revenue volumes achieved in the second quarter of 2023 (€ 97.5 million). This business posted a 13^th consecutive quarter of double-digit organic growth.

In a complex economic context in France and abroad, the solid performance of the Group's activities during this quarter illustrates the quality of its service offering and its network of geographical locations with a view to achieving all of its short- and medium-term objectives.

Detailed annex of exchange rate and scope impacts

                  en M€                                                      Revenue                                  Variation         Organic          Forex           Perimeter

                                                                                                                                    2024/2023        change        impact ⁽⁵⁾         impact⁽⁶⁾

                                                                   2024                       2023  

⁽¹⁾  Unaudited figures

⁽²⁾  TDA (trading days adjusted) organic growth in turnover which corresponds to organic growth at constant number of trading days

⁽³⁾  Excluding inter-segment eliminations

⁽⁴⁾  Source SIA : Staffing industry analysis

⁽⁵⁾  The exchange rate impact is computed by applying the previous year’s exchange rates to current-year revenue denominated in foreign currencies.

⁽⁶⁾  Changes in consolidation scope computed by restating revenue for :

•       the contribution of entities acquired during the current year and the contribution of entities acquired the previous year until the anniversary date of their acquisition.

•       entities sold during the current year, the contribution to revenue during the months of the previous year for which the entities are no longer consolidated in the current year and for entities sold the previous year, the contribution to revenue of the previous year until the date of their sale. 

Next release : 

H1 2024 results: September 17, 2024 after closing of the stock exchange

Groupe CRIT is a French leading company in staffing and airport assistance, in France and Internationally. The Group is listed on Euronext Paris (Compartment B FR0000036675) and is included in the CAC Allshares and Euronext Family Business.

isabelle.dray@seitosei-actifin.com