First half of 2021
EBITDA multiplied by 2
The Board of Directors meeting on September 14, 2021 approved the financial
statements for the first half of 2021.
In MEUR June 2020 June 2021 (% or MEUR)
Revenue 814.1 944.1 +16%
EBITDA (1) 20.2 43.7 +23.5
EBITDA/Sales % 2.5% 4.6% +84%
Current Operating Income (1.5) 24.2 +25.7
Operating Income (1.8) 24.2 +26.0
Net Financial Income / (Expense) (0.9) (0.5)
Profit before Tax (3.7) 23.0 +26.7
Income Tax (7.1) (11.9)
Net Profit (10.8) 11.1 +21.9
Net Profit group Share (10.1) 11.1 +21.2
Limited review are carried out and the limited review report is being
After a first quarter down 12.5% at constant scope and exchange rates, activity
improved significantly in the second quarter with growth of nearly 66% at
constant scope and exchange rates, including a significant basis effect and the
clear recovery in demand.
In this context, revenue for the period amounted to EUR944.1 million, up 17.2%
organically (+20.6% in France and +7.8% internationally).
In Temporary Work (89.2% of the period's activity), revenue for the first half
of the year amounted to EUR842.5 million(2), up 22.9% at constant scope and
exchange rates compared to the same period in 2020.
In France, revenue reached EUR641.9 million, up 27.9%. In a limited decline of
3.7% in the first quarter, revenue grew by 76.1% in the second quarter. This
good performance benefited from the solid momentum observed in the logistics
and trade sectors. On the other hand, the activity of the period remains
impacted by the sectors still penalized by the sanitarity measures
(aeronautics, hotels and restaurants, etc.). Their recovery should support
growth as early as the second half of the year.
Internationally (23.8% of the division's activity), half-year revenue amounted
to EUR200.5 million, up 9.6% at constant scope and exchange rates.
In the Multi-service division, half-year revenue was EUR108.5 million (2), down
15% compared to the first half of 2020. Airport activities (66% of the
division's revenue) remain significantly affected by air traffic restrictions.
In this context, they recorded revenue of EUR71.3 million, down 24.3% at
constant scope and exchange rates. In the airport division, the first part of
the financial year was also marked by the group's success in the renewal of all
its airport assistance licenses on the Roissy and Orly terminals, respectively
for 4 and 7 years. This success secures our ability to bounce back.
Strong increase in results
Over the half-year, the Group posted a strong growth in its results and a clear
improvement in its margins. EBITDA stood at EUR43.7 million compared to EUR20.2
million in the first half of 2020, representing a margin of 4.6% compared to
2.5% in the first half of 2020 (+210 basis points).
In the Temporary Work division, EBITDA stood at EUR33.6 million and the margin
amounted to 4.0% compared to 3.9% in the first half of 2020.
In the Multi-services division, EBITDA stood at EUR10 million compared to a
loss of EUR7 million recorded for the first half of 2020. This improvement is
the result of cost base adjustment measures carried out in 2020. It also
includes the benefits of government support measures implemented to cope with
the unprecedented situation that the sector has been going through for several
After taking into account net depreciation and amortization, current operating
income amounted to EUR24.2 million compared to a loss of EUR1.5 million in the
first half of 2020.
Net income Group share amounted to EUR11.1 million (compared to a loss of
EUR10.1 million in the first half of 2020) including a financial result of
EUR(0.5) million and an income tax expense of EUR11.9 million.
Net cash of more than EUR277 million at the end of June
At 30 June 2021, with a cash flow of EUR79.2 million and net cash of EUR277.3
million, the Group has a solid financial position.
Outlook: confirmation of the trajectory of improvement in activity and
In the Temporary Work division, the rebound in activity initiated in the second
quarter should intensify in the coming months. In July and August, the increase
in activity showed an increase of 18% compared to the same period of 2020. In
the coming months, activity should also benefit from the recovery in the
restaurant and events sectors. Internationally, all indicators remain in the
green on Iberian locations and the United States has regained more favorable
business conditions over the months.
At the airport, activity has improved over the summer and the evolution of air
traffic is now encouraging. Here again, the group reaffirms its confidence with
a resized cost structure, allowing it to to serenly support the gradual restart
of the sector.
Detailed analysis of foreign exchange and perimeter impacts
Revenue Change Organic Forex Perimeter
In MEUR 2020 2021 2021/2020 change Impact(3) Impact(4)
Temporary Work 693.6 842.5 21.5% 22.9% (1.4%) 0.0%
Multi-services 127.6 108.5 (15.0%) (14.9%) (0.1%) 0.0%
Eliminations (7.1) (6.8) (4.1%) (4.1%) 0.0% 0.0%
TOTAL GROUP 814.1 944.1 16.0% 17.2% (1.2%) 0.0%
(1) Unaudited data
(2) Excluding inter-segment eliminations
(3) The exchange rate impact is computed by applying the previous year's
exchange rates to current-year revenue denominated in foreign currencies.
(4) Changes in consolidation perimeter 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,
* for 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.
Q3 2021 revenue October 20th after market closing
Groupe CRIT is a French leading company in staffing and airport assistance, in
the global top 20. The Group is listed on Euronext Paris (Compartment B
FR0000036675) and is included in the CAC All-tradable, CAC Allshares, CAC
Mid&Small, Euronext Family Business.
Tel : 01.49.18.55.55