from GROUPE CRIT (EPA:CEN)
2024 annual results
Press release March 25th, 2025
2024 Annual results
Resilience of activity and results
New international dimension with OJM integration
Paris (France) March 25, 2025, 5:45 pm - CRIT Group (FR0000036675 – CEN), a major player in temporary work and airport assistance in France and internationally, announces the results of its 2024 financial year. The financial statements were approved by the Board of Directors meeting on march 25, 2025.
In M€ | 2024 | 2023 |
Revenue | 3 124.0 | 2 536.1 |
EBITDA | 149.1 | 136.5 |
EBITDA/Revenue | 4.8% | 5.4% |
Current operating income | 98.6 | 96.9 |
Operating income | 96.6 | 96.9 |
Financial income | 11.6 | 11.5 |
Profit before tax | 109.0 | 109.1 |
Income tax | (33.5) | (33.9) |
Net profit | 75.4 | 75.2 |
Net profit group share | 73.0 | 72.8 |
Sustainability information audit is ongoing. Except for any impact of the conclusion of this work, the audit procedures have been carried out. The certification report on the consolidated financial statements will be issued after the completion of the procedures required for the registration of the Universal Registration Document. The sustainability report will be issued on the same date as the report on the consolidated financial statements.
Consolidated revenue up by 23.2%
Temporary work: resilience in France and a new international dimension Airports: maintaining activity at high levels
2024 full year was marked by a good resilience of activity, particularly in France, and the significant strengthening of the Group's presence in Europe with the integration of the Italian company Openjobmetis. With a growth of 23.2%, revenue exceeded € 3 billion for the first time. Excluding the acquisition of Openjobmetis, the Group's organic growth remained positive at 0.9%.
In Temporary work (83.4% of total activity), the Group posted a 26.5% growth with revenue exceeding € 2.6 billion(2). While this increase was driven by the integration of Openjobmetis, revenue was stable on an organic basis (-0.8%), which is a very satisfactory performance in a difficult market environment.
France : +0.7% (57.3% of the division)
Revenue reached € 1 491.7 million, up 0.7% organically for the year as a whole. The end of the year was particularly satisfactory with a 1.5% increase in sales in the fourth quarter.
International : +92.6% (42.7% de la division)
The year 2024 was an important year for the Group with the purchase of the remaining 20% of OK JOB shares in Switzerland and the completion of the acquisition of Openjobmetis in Italy, Europe's fourth largest temporary employment market.
With this transaction, the Group almost doubles its turnover from temporary work abroad and exceeds one billion euros in turnover outside France. It amounts to € 1113.1 million compared to € 577.9 million in 2023. Openjobmetis, which will be integrated as of May 2024, will contribute to € 559.2 million to this revenue over 8 months. On a pro forma basis, this acquisition brings the group's share of total temporary work activity to 48% of its international turnover (compared to 24% in 2021).
At constant scope and exchange rates, international activity held up well to market conditions and posted a limited decline of 4.7%, reflecting the difficult general economic context, particularly in the United States.
The Multiservices division (17.7% activity of the period) confirmed its dynamic with revenue of € 553 million (2), up 9.7%.
Airport activities, which still account for a 76.5% of the division's activity, performed excellently. After a year
2023 already growing by 15%, these activities posted further growth of 9.6%, with revenue of € 422.8 million (+9.1% at constant scope and exchange rates). This development once again illustrates the strength of the division's business model, backed by multi-year concessions and the structural dynamics of air traffic. This dynamic has been driven both by France and internationally.
EBITDA margin at 4.8% and a continued solid financial position
For the full year 2024, the Group's EBITDA amounted to € 149.1 million (1) compared to € 136.5 million in 2023, up € 12.6 million year-on-year for a margin of 4.8%.
On a pro forma basis (integration of Openjobmetis over 12 months from January 1, 2024), the Group's EBITDA would have amounted to € 158.5 million and the margin to 4.7%.
In Temporary work, EBITDA was € 100.9 million and the margin was 3.9%.
In the Multiservices division, airport activities generated an EBITDA of € 39.8 million and a margin of 9.4%.
After taking into account depreciation and amortization, current operating income was € 98.6 million compared to € 96.9 million in 2023. The financial result is a profit of € 11.6 million compared to € 11.5 million achieved in 2023.
After taking into account the tax expense, net income amounted to € 75.4 million compared to €75.2 million in 2023.
As of December 31, 2024, with cash flow from operations of € 149.4 million and a net debt corresponding to a cash surplus of € 151.0 million, the Group had a solid financial position.
2025 Outlook: ready to confirm despite reduced visibility
In France, in Temporary work, the Group continued to outperform its market in the first months of the year. Internationally, CRIT Group intends to finalize the integration of OpenjobMetis and remain aggressive in the implementation of commercial synergies. In the airport sector, growth remains strong and the outlook for air traffic remains positive.
In view of these elements and with a solid financial position, the Group reaffirms its confidence in its ability to support the evolution of its markets.
Dividend 2024 : 6 € /share
The General Meeting of Shareholders on June 6, 2025 will propose the payment of a dividend of € 6 per share, payable on July 4, 2025.
Detailed analysis of foreign exchange and perimeter impacts
In M€ Revenue Change Organic Forex Perimeter
2024/2023 change impact (4) impact (5)
2024 2023
M€ | % CA | M€ | % CA | |||||
Temporary work | 2 604.8 | 83.4% | 2 059.9 | 81.2% | 26.5% | (0.8%) | 0.2% | 27.1% |
Multiservices | 553.0 | 17.7% | 504.1 | 19.9% | 9.7% | 9.3% | 0.4% | 0.0% |
Airport services | 422.8 | 13.5% | 385.8 | 15.2% | 9.6% | 9.1% | 0.5% | 0.0% |
Other services | 130.3 | 4.2% | 118.2 | 4.7% | 10.2% | 10.2% | 0.0% | 0.0% |
BU eliminations | (33.8) | (1.1%) | (27.9) | (1.1%) | 21.2% | 21.2% | 0.0% | 0.0% |
GROUP TOTAL | 3 124.0 | 100.0% | 2 536.1 | 100.0% | 23.2% | 0.9% | 0.2% | 22.0% |
(1) Current operating income before depreciation and amortization
(2) Excluding inter-segment eliminations
(3) TDA (trading days adjusted) organic growth in turnover which corresponds to organic growth at constant number of trading days
(4) The exchange rate impact is computed by applying the previous year’s exchange rates to current-year revenue denominated in foreign currencies.
(5) 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.
Next release :
Q1 2025 revenue: April 23, 2025 after market close
The CRIT Group, a major player in temporary work and airport assistance in France and abroad, is listed on Euronext Paris (compartment B FR0000036675) and is part of the CAC All-shares and Euronext Family Business indices.
CONTACTS
Groupe Crit Seitosei.Actifin
Phone : 01.49.18.55.53 Phone : 01.56.88.11.11 communicationfinanciere@groupe-crit.com Investor Relations - Stéphane Ruiz : sruiz@seitosei-actifin.fr www.groupe-crit.com Press relations - Isabelle Dray : idray@seitosei-actifin.fr
www.seitosei-actifin.com