Q3 2021 business growth driven by Digital
- Q3 2021 gross profit1 of €18.72 M, up 1.1% on a reported basis and LFL2.
- 9-month 20211 gross profit of €56.52 M, an increase of 3.7% on a reported basis and LFL2.
- Digital businesses showing solid growth over the quarter (Q3 up 4.5% LFL, 9-month YTD up 2.6% LFL).
- Slight business growth in
France (Q3 up 0.6% LFL; 9-month YTD up 3.4% LFL) and a positive trend in International businesses (Q3 up 4.6% LFL; 9-month YTD up 5.5% LFL).
2021 guidance confirmed
Gross Profit (in € M) | 2021 | 2020 LFL2 | 2021/2020 LFL2 change |
Q1 | 18.59 | 18.19 | +2.2% |
Q2 | 19.21 | 17.78 | +8.1% |
Q31 | 18.72 | 18.52 | +1.1% |
9-month total1 | 56.52 | 54.49 | +3.7% |
1 Unaudited data.
2 Like for like: Based on a comparable scope and at constant exchange rates (i.e. applying the average exchange rate over the period to data from the compared period).
Furthermore, in application of IFRS 5 – Non-current Assets Held for Sale and Discontinued Operations, Shelf Service businesses were reported as discontinued operations as of the fourth quarter of 2020. For reasons of consistency, the data reported for the first nine months of 2020 has been restated to account for the impact of Shelf Service. As a result, like-for-like data is equal to restated data for the first nine months of 2020.
3 Adjusted headline profit before interest and tax: Recurring operating income before restructuring costs and excluding the cost of performance share plans. Adjusted operating margin: Adjusted headline PBIT/Gross profit.
Q3 2021 BUSINESS GROWTH DRIVEN BY DIGITAL
After a healthy H1 2021 (up 5.1% like for like),
This growth was mainly driven by:
- Mobile businesses, which remained on an upward trend (up 6.4%);
- Volumes of coupons cleared, which continued to surge (up 30%), especially thanks to paperless clearing (up 41%);
- Strong business in
Belgium (up 4.4%).
Digital business grew 4.5% like for like in Q3 2021, accounting for 70.5% of the Group’s gross profit, continuing their positive trend. Meanwhile, offline businesses fell 6.2% over the quarter.
As a result, the Group’s businesses were up 3.7% over the first nine months of 2021 to €56.52 M. This growth was mainly driven by: growth in Mobile businesses (up 7%), higher volumes of coupons cleared (up 21%) and good performance in
Gross Profit (in € M) | 2021/2020 LFL change | % Total gross profit | ||
2021 | 2020 LFL | |||
Q1 | 15.98 | 15.30 | +4.5% | 86.0% |
Q2 | 16.50 | 15.66 | +5.4% | 85.9% |
Q3 | 16.30 | 16.21 | +0.6% | 87.1% |
9-month total | 48.79 | 47.16 | +3.4% | 86.3% |
In
For the first nine months of 2021, business was up 3.4%, with
International: positive business activity
INTERNATIONAL | Gross Profit (in € M) | 2021/2020 LFL change | % Total gross profit | |
2021 | 2020 LFL | |||
Q1 | 2.61 | 2.90 | -10.1% | 14.0% |
Q2 | 2.71 | 2.12 | +27.8% | 14.1% |
Q3 | 2.42 | 2.31 | +4.6% | 12.9% |
9-month total | 7.74 | 7.33 | +5.5% | 13.7% |
International gross profit for Q3 2021 rose 4.6% like for like to €2.42 M, confirming the recovery observed in Q2. This business growth came mainly from
For the first nine months of the year, International businesses grew 5.5% to €7.74 M, accounting for 13.7% of the Group’s gross profit. Digital grew 4.2% and accounted for 61.5% of gross profit.
2021 GUIDANCE CONFIRMED
With its financial performance in Q3 in line with expectations, the Group confirms its guidance for 2021:
- Slight growth in gross profit in the second half and fourth quarter (Q4 2020 gross profit: €19.67 M; H2 2020 gross profit: €38.19 M; FY 2020 gross profit: €74.16 M);
- Adjusted operating margin (adjusted headline PBIT3/gross profit) of more than 19% (2020 adjusted operating margin: 16.4%).
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Q4 and FY 2021 Gross Profit: Wednesday,
ISIN: FR0000054231
Reuters: HIGH.PA
Bloomberg: HCO FP
For further financial information and press releases, go to www.highco.com.
This English translation is for the convenience of English-speaking readers. Consequently, the translation may not be relied upon to sustain any legal claim, nor should it be used as the basis of any legal opinion.
Attachment
- HighCo CP T3 2021 MB_VDEF_EN
© OMX, source