Revenue of €1,611 million, up 13% on a comparable basis1
- Retail continued to grow at 11% in the first semester 2019
- B&A growth reached 16 % driven by Latin America and Asia-Pacific
- €254 million EBITDA2, representing 15.8% of revenue
- Excluding IFRS 16 impact, EBITDA was up 12% at €237 million
- Strong €120 million free cash-flow already reaching 47% conversion rate
- €80 million net result Group share +48% vs. H1’18 reported
All 2019 objectives raised on H1’19 performance
- 2019 organic growth guidance raised to above 9 % (vs. c. 6 %)
- EBITDA (after IFRS 16) raised to above €590 million (from >€580 million)
- Free Cash Flow conversion rate raised to c. 50% (from c. 47%)
Nicolas Huss, Chief Executive Officer of Ingenico Group, commented:
Activity has been very strong throughout the semester leading the Group to grow by 31% thanks to the 13% organic performance and the benefit from the Paymark and BS Payone contributions. The Retail performance is fully in-line with our expectations with 11% growth, whilst B&A performed above expectations at 16%, driven by an over-performance in Brazil and Asia. This achievement, coupled with the roll-out of cost-savings initiated in Retail in 2018, and the implementation of our Fit for Growth program across the Group, enabled us to deliver a solid EBITDA. At the same time, the deployment of a redesigned cash control process allowed the Group to reach a record €120 million free cash-flow for the first semester. For the second part of the year, the performance in B&A is expected to normalize whilst Retail will continue to deliver solid double-digit growth with operating leverage.
Our teams are now fully executing our Fit for Growth transformation plan including B&A Revival, Retail Acceleration and Corporate actions. The early achievements of the first semester have created a solid foundation for our mid-term ambition, as communicated last April. In the light of the first half over-performance, we are raising all our 2019 objectives.”
All 2019 objectives raised
- Revenue: The Group raises its 2019 expectations to achieve an organic growth above 9% compared to c. 6% previously communicated. B&A revenue is expected to grow organically above 7% (vs. c. 2%) and Retail to achieve a double-digit organic growth.
- EBITDA (after application of IFRS 16): The Group increases its target to reach an EBITDA above €590 million (vs. >€580 million). This target factors in €20 million EBITDA positive impact related to the Fit for Growth plan. The group expects the Retail EBITDA to be above €285 million (unchanged) and the B&A EBITDA to be at c. €305 million (vs. c. €295 million).
- Free cash-flow: The Group raises its cash generation objective to reach a free cash-flow conversion rate of c. 50% (vs. c. 47%) leading to free cash-flow of c. €300 million.