ALTEN Reports Modest Growth in Q1 2024 Amid Economic Challenges

ALTEN announced a 3.1% year-over-year revenue increase in the first quarter of 2024, achieving a total of €1,067.0 million compared to €1,035.4 million in Q1 2023. France showed notable resilience with a 6.0% increase, but international growth was tepid at just 1.6%. Organic growth globally was 0.8%, impacted negatively by slight declines in several non-French markets.

The company cited unfavorable seasonal impacts, with Q1 2024 experiencing 0.9 fewer working days than the same period the previous year. Despite these challenges, sectors like Defence & Security, Civil Aeronautics, Automotive, and Railways maintained strong performance.

During the quarter, ALTEN also expanded its international presence through the acquisition of a software development company in Asia (Vietnam/Japan), which currently boasts an annual revenue of €20 million and employs 950 consultants. This acquisition aligns with ALTEN's strategy to bolster its capabilities and market reach in Asia.

For the outlook of 2024, ALTEN anticipates the current slowdown to persist until the second half of the year, with improvement expected around September/October. The company remains cautiously optimistic, forecasting a stable organic growth rate of approximately 3% for the year.