Q1 2021 revenue in line with plan
European digital services group SQLI announces its consolidated revenue for Q1 2021*.
In a macroeconomic environment still disrupted by the health crisis, the Group posted a level of activity in line with its objectives and confirmed its ambitions for a gradual recovery for the rest of the year.At the end of March 2021, the Group's consolidated revenue amounted to €56.3m, compared with €58.9m in Q1 2020. SQLI has maintained a double-digit growth rate internationally and is seeing a gradual improvement in France.
Continued double-digit international growth
SQLI's international activity has increased by +12% to €26.7m, or 47% of the Group's consolidated revenue.This increase was driven in particular by the Group's largest operations, located in Switzerland, Spain and Benelux, with an organic growth rate of +8%. The integration since March 2020 of Redbox Digital, an e-commerce agency based in the United Kingdom and the Middle East, has contributed 4 additional growth points over the quarter.
In line with the roadmap, SQLI has embarked on a convergence program of its international subsidiaries’ offerings, marketing tools and processes, in order to take full advantage of the favourable trends in the European digital experience and e-commerce markets.
Gradual improvement in activity in France
In France, where the health crisis has had a greater impact on the Group, business was down 16% to €29.6m compared to €35.2m in Q1 2020, which nevertheless marks a favourable turnaround compared to Q4 2020 (which was down by 24%).
This level of activity is in line with expectations for all of the Group's branches, both in Paris and in the regions. SQLI also benefits from its training activity growth, which is experiencing a very strong demand.Thanks to the optimisation measures implemented since the second half of 2020, SQLI has confirmed its ambition to gradually return to growth in France as of Q2 2021.
Confirmation of profitable growth targets
After this encouraging start of the year, SQLI has maintained its objective of achieving consolidated revenue growth in H2 2021. This momentum, coupled with continued sound financial management, should enable annual consolidated operating margin to increase by 2 points.
SQLI will publish its 2021 annual revenue on 27 July 2021, after close of trading.
*Estimated unaudited data