As anticipated, business in Q1 was negatively impacted by the economic environment and by an unfavourable base effect.
|In M¤ - non audited||2009||2008||Changes|
|Q1 revenue||84.7||96.8||- 12.5%|
Q1 2009 Business Review
Changes in the economic outlook in the first quarter were characterized by:A very steep and unforeseen deterioration of the automotive sector in the first months of the year. As automotive projects were shelved, this could not be compensated for by the buoyancy of other sectors such as energy, aeronautics or telecommunications ; An unfavourable base effect. Between March 2008 and March 2009, AKKA Technologies shed some 200 people at Coframi in order to concentrate on the most profitable projects ; A like-for-like basis. The Group refused to embark on any new acquisition until the integration, de-leveraging and turnaround of Coframi had not been fully completed. AKKA Technologies did not therefore benefit from the growth dynamic resulting from new acquisitions ; International business activities proved resilient over the period.
Apart from the discontinuation of automotive projects and the base effect due to Coframi, business remained stable, with other segments evolving satisfactorily.
Guidance for 2009
Stringent management, adjustment and cost control measures were taken as soon as the first signs of deterioration in the business climate appeared. Against the backdrop of increased downward pressure on prices, these programmes will fully take effect in the second half of 2009 and will address the three following areas:Preserving the AKKA Technologies expertise through initiatives aimed at training, transferring and redeploying staff. Staff working in areas associated with the automotive sector will be put on short time and put through training programmes. Reducing structural costs in all divisions and re-aligning pay scales for all new entrants. Revving up sales and marketing initiatives. The Group will continue to dynamically focus on grabbing new market share and making acquisitions in market sectors that have remained buoyant.
In spite of a challenging economic environment and thanks to the successful integration and de-leveraging of Coframi, AKKA Technologies is still expanding and has again began to look for acquisition targets beginning in January 2009.
Next event: General Shareholders' Meeting on 23 June 2009 at Cercle de l'Union on 27 Place Bellecour at Lyon
Next publication: Q2 revenue on 24 July 2009 prior to the opening of the trading day
About AKKA Technologies
AKKA Technologies, a high-technology and engineering Consultancy is providing guidance to industrial companies across the various stages of their projects, from R&D and design to assembly-line production.
AKKA Technologies through its expertise in complementary fields delivers real added value to industrial companies in every market segment: automotive, aeronautics, space/defence, consumer electronics, telecommunications, chemicals, pharmaceuticals, steelmaking, energy, rail, naval operations and services.
Thanks to its highly mobile teams and its global footprint, AKKA Technologies is capable of participating in cutting-edge projects across the world.
At 31 March 2009, AKKA Technologies employed 5,160 staff and had 40 subsidiaries in France, Belgium, Italy, UK, Germany, Switzerland, Morocco, India and Romania
AKKA Technologies is listed on EuronextTM Paris Eurolist - Compartment C - ISIN Code: FR0004180537.Contacts:
Nicolas Valtille / CFO - Tel: 04 78 92 60 83 - email@example.com
Amalia Naveira - Analyst and Investor Relationships- Tel: 04 72 18 04 92 - firstname.lastname@example.org
Marie-Claude Triquet - Press Relations Officer - Tel: 04 72 18 04 93 - email@example.com
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|AKKA TECHNOLOGIES||Euronext Paris||45.38 (c)||-1.20%||16 471|