SPIE - Press release - Quarterly information as at September 30th, 2024
October 31 2024 - 1:56AM
UK Regulatory
SPIE - Press release - Quarterly information as at September 30th,
2024
Cergy, October 31st, 2024
Strong 9m 2024 organic growth (+4.4%)
including a solid level of organic growth in Q3 (at
+1.7%)
- 9m 2024 revenue: €7,130.7 million, up +13.9% year-on-year
(including +4.4% organic and +9.4% contribution from bolt-on
acquisitions)
- Q3 2024 revenue up +13.1% including +1.7% organic growth:
- Very strong performance in Germany and The Netherlands while
France remained particularly solid
- Weak quarter in Central Europe due to contract phasing in
Poland and high comparison basis in Switzerland
- After an exceptional contribution of a shutdown operation in H1
2024, Global Services Energy back to more normative growth on an
extremely strong comparison basis
- We continue to observe very solid underlying trends in our
markets driven by the energy transition while, as expected, our
topline reflects a lower cost inflation in the cost base
Significant contribution from our
value-creative bolt-on acquisitions
- 9m 2024 contribution from bolt-on acquisitions was €578.2
million
- Year-to-date, the total amount of annual revenue acquired
stands at c. €432 million, of which €320 million in Germany
- We continue to nurture a rich pipeline of opportunities in our
geographies
- As expected, the significant M&A capital expenditure in
2024 (c. €0.9 billion), will lead to an increase of the leverage
ratio at year-end. This leverage will remain well within the limit
of our strict financial discipline
Guidance revised upwards for FY 2024 EBITA
margin
- EBITA margin: at least 7.1% of revenue (a
minimum of +40 bps increase compared to 2023)
(previously: EBITA margin of at least 7.0% of revenue (a
minimum of +30 bps increase compared to 2023))
- Further organic growth at a slower pace than in 2023. Solid
organic growth expected in Q4
(previously: “Further organic growth at a slower pace than in
2023”)
- Continuation of a dynamic bolt-on M&A strategy, remaining
at the core of SPIE’s business model (unchanged)
- The proposed dividend pay-out ratio will remain at c.40% of
Adjusted Net Income1 attributable to the Group
(unchanged)
2025 SPIE Investor Day
- Date: Friday 7th March 2025 (morning)
- Location: Paris
Gauthier Louette, Chairman &
CEO, commented: “SPIE delivered a strong organic
growth in the first nine months of the year. The momentum keeps
being supported by structural trends such as decarbonation,
electrification and energy efficiency solutions. In this regard,
our unique positioning to address the acceleration in Transmission
and Distribution activities provides us with excellent
visibility.
While we see, of course, less impact of cost inflation in our
topline, we continue to enjoy a good pricing power which, combined
with a favourable mix effect and our proven quality of execution,
allows us to further increase our margin. This performance
evidences once again the strong added value content of our
solutions and the highly mission critical nature of our
services.
SPIE was very active in bolt-on acquisitions with a rich
pipeline of opportunities in the countries where the Group
operates. The recent acquisitions have strengthened SPIE’s
profitable growth profile, and the Group will pursue its targeted
bolt-on M&A strategy to further deploy the SPIE model with a
strong discipline in its financing policy.
In the current macroeconomic environment, SPIE has a resilient
and agile business profile addressing the structural trends related
to energy transition. As we continue to execute our strategy, we
are pleased to revise upwards our guidance 2024 for EBITA margin
objective at at least 7.1% of revenue leading to an EBITA growth
above 20%.”
Conference call for investors and
analysts
Date: Thursday, October
31st, 2024
9.00 am CET - 8.00 am GMT
Speakers:
Gauthier Louette, Chairman & CEO
Jérôme Vanhove, Group CFO
Dial-in details:
- France: +33 (0) 1 70 37 71 66
- UK: +44 (0) 33 0551 0200
- US: +1 786 697 3501
- Password: SPIE
- Webcast:
https://channel.royalcast.com/landingpage/spie/20241031_1/
- SPIE - Press release - Quarterly information as at September
30th, 2024
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