Majorel Group Luxembourg S.A. / LU2382956378
06.11.2023 - 18:15:22Majorel Group Luxembourg S.A. : Net revenue growth, excl. COVID-19 related business, of +8% in 9M 2023
| EQS-Ad-hoc: Majorel Group Luxembourg S.A. / Key word(s): 9 Month figures/9 Month figures 06-Nov-2023 / 18:15 CET/CEST Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by EQS News - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. THIS ANNOUNCEMENT RELATES TO THE DISCLOSURE OF INFORMATION THAT QUALIFIED OR MAY HAVE QUALIFIED AS INSIDE INFORMATION WITHIN THE MEANING OF ARTICLE 7(1) OF THE MARKET ABUSE REGULATION (EU) 596/2014. Net revenue growth, excl. COVID-19 related business[1], of +8% in 9M 2023 Luxembourg, November 6, 2023: Majorel Group Luxembourg S.A. (Euronext Amsterdam: MAJ) (“Majorel”, the ‘’Company”), a global customer experience (CX) leader, today reports on topline results for 9M 2023 and Q3 2023[2]. HIGHLIGHTS Solid topline growth in the first 9 months of 2023: Group revenue of €1,604 million, +4% YOY (9M 2022: €1,537 million) and net revenue[3] of €1,591 million, +5% YOY (9M 2022: €1,516 million). Excluding COVID-19 related business, net revenue growth in 9M 2023 of +8% YOY. Like-for-like net revenue growth in 9M 2023[4] of +6% YOY. Group revenue growth was impacted by FX headwinds with -1% YOY[5] (FX impact 9M 2022: +2% YOY). Softening topline demand in Q3 2023, as indicated before: Group revenue in Q3 2023 of €536 million, -2% YOY (Q3 2022: €545 million) and net revenue in Q3 2023 of €532 million, -1% YOY (Q3 2022: €540 million). Excluding COVID-19 related business, net revenue growth in Q3 2023, would be 0% YOY. Like-for-like net revenue growth in Q3 2023[6] of -1% YOY. FX headwinds of -2% YOY5 impacted group revenue development in Q3 2023 (Q3 2022: +3% YOY). Development across business Segments in 9M 2023: strong net revenue development in EASA (Europe, Africa, and South America) with net revenue of €1,140 (9M 2022: €1,065 million). Like-for-like net revenue4 in EASA in 9M 2023 increased by +9% YOY. GEMS (Global English, Middle East, and Southeast Asia) net revenue was at €355 million (9M 2022: €363 million), while CEA (China and East Asia) showed a healthy topline development in 9M 2023 with net revenue of €95 million (9M 2022: €88 million), despite FX headwinds in Q3 2023. Thomas Mackenbrock, CEO of Majorel Group said: “Our assured delivery during 9M 2023 is testimony to the expertise and commitment of our teams worldwide. As indicated before, we saw softening demand, in particular in our GEMS Segment, which has impacted revenue. We are looking forward to embarking on the next stage of our incredible journey as part of the Teleperformance Group.” Revenue, net revenue, and net revenue by business Segment
Michèle Negen ir@majorel.com Media Relations Andrew Slater media@majorel.com DISCLAIMER This announcement is released by Majorel Group Luxembourg S.A. (the “Company” or “Majorel”) and contains information that qualified or may have qualified as inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 (MAR). The Company’s financial information presented in this announcement has been derived from the management accounts of the Company and are not presented in accordance with IFRS. Such financial measures are not measures of financial performance in accordance with IFRS and may exclude items that are significant in understanding and assessing Majorel’s financial results. Therefore, these measures should not be considered in isolation or as an alternative to loss for the period or other measures of profitability, liquidity or performance under IFRS. You should be aware that the presentation of these measures may not be comparable to similarly titled measures used by other companies, which may be defined and calculated differently. This financial information is subject to updating, revision, amendment, verification, correction, completion and change without notice. It does not purport to contain all information required to evaluate the Company or the Majorel group and/or its financial position. The information does not constitute a recommendation regarding any loans or securities of the Company. In providing access to this announcement, neither the Company nor any other person undertakes any obligation to provide you with access to any additional information or to update the information as part of this announcement or to correct any inaccuracies in any such information. No representation, warranty or undertaking, express or implied, is made by the Company or any other person as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained therein or any other statement made or purported to be made in connection with the Company or any of the Company’s respective affiliates, for any purpose whatsoever, including but not limited to any investment considerations. In addition, no duty of care or otherwise is owed by the Company or any of the Company’s respective affiliates to recipients of the information within this announcement or any other person in relation to the information. This announcement includes forward looking statements. All statements other than statements of historical or current facts contained in this announcement, including statements regarding the Company’s future results of operations and financial position, industry dynamics, business strategy and plans and its objectives for future operations, are forward looking statements. These statements represent management’s opinions, expectations, assumptions, beliefs, intentions, estimates or strategies regarding the future, which may not be realized. Forward looking statements are often indicated by terms such as "anticipate," "believe," "could," "estimate," "expect," "forecast," "goal," "intend," "look forward to," "may," "plan," "potential," "predict," "project," "should," "target" "will," "would" and/or the negative of these terms or other similar expressions that are intended to identify forward looking statements. The forward looking statements included in this announcement are based largely on Majorel’s current expectations and projections about future events and financial trends that Majorel believes may affect its financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs. These forward looking statements involve known and unknown risks, uncertainties and assumptions that are difficult to predict or are beyond Majorel’s control, and actual results may differ materially from those expected or implied as forward looking statements. For a detailed description of these factors and uncertainties, please refer to the “Risk Factors” section of Majorel’s Prospectus, available at https://www.bourse.lu/issuer/MajorelGroupSA/105258. Majorel undertakes no obligation to publicly update or revise any of these forward looking statements. Moreover, new risks emerge from time to time. It is not possible for the Company’s management to predict all risks, nor can it assess the impact of all factors on Majorel’s business or the extent to which any factor, or combination of factors, may cause actual results to differ from those contained in any forward looking statements. In light of these risks, uncertainties and assumptions, the forward looking events and circumstances discussed in this announcement may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward looking statements. Majorel cautions you therefore against relying on these forward looking statements, and Majorel qualifies all of its forward looking statements by these cautionary statements. The forward looking statements included in this announcement are made only as of the date hereof. Although Majorel believes that the expectations reflected in the forward looking statements are reasonable, it cannot guarantee that the future results, levels of activity, performance or events and circumstances reflected in the forward looking statements will be achieved or occur. Neither Majorel nor any other person assumes responsibility for the accuracy and completeness of the forward looking statements. Moreover, neither Majorel nor any other person undertakes any obligation to update any forward looking statement to reflect events or circumstances after the date of this announcement or otherwise. You should read this announcement with the understanding that Majorel’s actual future results, levels of activity, performance and events and circumstances may materially differ from what Majorel expects. This announcement does not constitute an offer of securities for sale or a solicitation of an offer to purchase the securities described in this announcement in the United States. In particular, any securities referred to in this announcement have not been and will not be registered under the US Securities Act of 1933 (the Securities Act), or under the securities laws of any state or other jurisdiction of the United States and may not be offered, sold or delivered, directly or indirectly, in or into the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in compliance with any applicable securities laws of any state or other jurisdiction of the United States. There will be no public offering of securities in the United States. NOTES [1] Adjusted for the delta of COVID-19 related business in 9M 2023 versus 9M 2022. [2] All financials are based on preliminary unaudited and non-reviewed management reporting. [3] Net revenue for the Group corresponds to revenues as reported in our management reporting less certain direct, order-related external costs which are part of external expenses and costs of materials and consist mainly of cost of services purchased (subcontracted or outsourced services). Net revenue for each Segment corresponds to the according Segment revenues less certain direct, order-related inter-Segment and external costs. Management reporting data excludes revenues from minor activities (primarily the Sonopress Business) outside Majorel Group’s core business which are reported in the Condensed Consolidated Interim Financial Statements (the “Sonopress Business” is defined as certain non-core business activities historically carried out by Arvato de Mexico, S.A. de C.V., which was wound down in 2021). Management believes that the inclusion of supplementary adjustments to Revenue applied in presenting net revenue are appropriate to provide additional information. Management believes that net revenue is a non-IFRS measure representing a core business growth indicator. For more information on the definitions we refer to the Annual Report FY 2022, Chapter 4, Alternative Performance Measures (APMs). [4] Like-for-like net revenue growth corresponds to net revenue growth year over year, adjusted for certain specific non-recurring items. For 9M 2023 and 9M 2022, adjustments were made for the reduction in COVID-19 related business and the (pro-rata) contributions of first-time consolidated acquisitions – Alembo, Findasense, and IST (excluding the Mayen acquisition already completed in January 2022). Management believes that like-for-like net revenue growth is a non-IFRS measure representing a business growth indicator. For more information on the definitions, we refer to the Annual Report FY 2022, Chapter 4, Alternative Performance Measures (APMs). [5]Change in revenue at constant currency exchange rates is calculated as current year revenue less prior year revenue at current year exchange rates. [6]Like-for-like net revenue growth corresponds to net revenue growth year over year, adjusted for certain specific non-recurring items. For Q3 2023 and Q3 2022, adjustments were made for the reduction in COVID-19 related business and the (pro-rata) contributions of first-time consolidated acquisitions – Alembo, Findasense, and IST (excluding the Mayen acquisition already completed in 9M 2022). Management believes that like-for-like net revenue growth is a non-IFRS measure representing a business growth indicator. For more information on the definitions, we refer to the Annual Report FY 2022, Chapter 4, Alternative Performance Measures (APMs). [7]We define “Offshore” as net revenue from the following countries (even if some local business is included): Armenia, Azerbaijan, Colombia, Costa Rica, Croatia, Egypt, Estonia, Georgia, Ghana, Greece, India, Ivory Coast, Kenya, Lithuania, Malaysia, Mexico, Morocco, North Macedonia, Peru, Philippines, Poland, Portugal, Romania, Senegal, Suriname, Togo, and Turkey. [8]Net revenue retention (NRR) for 9M 2023 is defined as net revenue generated by clients in 9M 2023 divided by net revenue generated by the same cohort of clients in 9M 2022 (excluding Alembo, Findasense, and IST as well as effects from the ending of the COVID-19 related business). Net revenue retention H1 2023 is defined as net revenue generated by clients in H1 2023 divided by net revenue generated by the same cohort of clients in H1 2022 (excluding net revenue contributed by Alembo, Findasense, and IST that were acquired during 2022 and the COVID-19-related business that ended at the end of 2022). For more information on the definitions, we refer to the Annual Report FY 2022, Chapter 4, Alternative Performance Measures (APMs). End of Inside Information 06-Nov-2023 CET/CEST The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.eqs-news.com |
| Language: | English |
| Company: | Majorel Group Luxembourg S.A. |
| 18, boulevard de Kockelscheuer | |
| L-1821 Luxembourg | |
| Luxemburg | |
| Phone: | +352 42 142 56 11 |
| E-mail: | michele.negen@majorel.com |
| Internet: | www.majorel.com |
| ISIN: | LU2382956378 |
| WKN: | A3C3EP |
| Listed: | Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt, Munich, Stuttgart; Amsterdam |
| EQS News ID: | 1766349 |
| End of Announcement | EQS News Service |
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1766349 06-Nov-2023 CET/CEST
