VALTECH : Turnover of the first quarter of 2014: growth of 4.0%


Growth of 8.1% at constant scope and exchange rates

Paris (France), 29th April 2014 - Valtech S.A. [Euronext Paris: FR0011505163 - LTE], first independent European agency in digital and technology marketing, published its consolidated turnover for the 1st quarter of 2014 (January 1st - March 31st). The quarterly financial information is available on Valtech's website (, 'Investors' space, 'Financial Information' tab).


Regions Consolidated turnover (in M¤ - Unaudited data)
Q1 2014 Q1 2013 Change Change at constant exchange rates Change at constant scope(1) and exchange rates
Northern Europe 21.5 17.0 +26.8% +28.5% +28.5%
United States 7.0 8.7 -19.5% -17.0% -9.5%
Southern Europe 8.1 9.5 -14.7% -14.7% -14.7%
Rest of the world 2.2 3.1 -27.4% -13.9% -13.9%
Intra-company eliminations -2.2 -3.0 ns ns ns
Valtech Total 36.7 35.3 +4.0% +5.9% +8.1%

(1) Excluding the telecom service business in the United States disposed in Q4 2013 (¤ 0.7 million in revenue in Q1 2013)


In the first quarter of fiscal year 2014, the consolidated turnover of Valtech amounted to ¤ 36.7 million, up by 4.0% compared to Q1 2013. At constant scope and exchange rates, the quarterly organic growth stood at 8.1%.

Sebastian Lombardo, CEO of Valtech, said:

« The past quarter reflects an evolution that remains contrasted in different geographical regions. After a slight slowdown in growth in the 2nd half of 2013, Northern Europe has returned to strong growth early in the year, making up for the delay linked to project postponements in the previous quarters. In the United States, the decline is exclusively related to the non-strategic IT services business, while digital businesses continue their dynamic growth despite the extension of business cycles. Finally, in Southern Europe, the group remains cautious in its development investments given a difficult business environment and low visibility.

At the end of the first quarter of 2014, we confirm our annual financial targets: a turnover between ¤ 145 and ¤ 150 million, excluding acquisitions, and an adjusted EBITDA margin of 5.5%. »


Northern Europe

In Northern Europe, Valtech recorded sustained organic growth of 26.8% (+28.5% at constant exchange rates).

The UK has seen a very dynamic start to the year after returning to growth in Q4 2013. Germany continued to record solid growth in its business, higher than 20% in the quarter. Denmark confirmed its recovery in early 2014 while business in Sweden remained stable, as expected.

United States
Across the Atlantic, Valtech recorded strong growth in its digital business, despite persistent lengthy business cycles. The performance of the quarter, however, was penalized by the decline in the traditional IT services business. Valtech anticipates an acceleration of growth in this region in 2014.

Southern Europe
Southern Europe has registered a decrease of 14.7% in the 1st quarter. In addition to an unfavourable base effect, this trend reflects the continuation of Valtech's policy of business selectivity to favour its margins at the expense of growth; and low visibility in this region.

Rest of the world
In the rest of the world, business totalled ¤ 2.2 million in the first quarter, a quarterly decline of 13.9% at constant exchange rates. This development should be analysed in the context of very strong growth in the first quarter of 2013 (+26.3% at constant exchange rates) and the performance of the Southern Europe region, the biggest contributor to the Indian business.


During the past quarter, the financial position remained strong despite an increased need for working capital in northern Europe linked to the increase in business in this region. On March 31st, 2014, the group had cash reserves of ¤ 3.2 million and the net financial debt amounted to ¤ 4.1 million (against ¤ 7.6 million respectively and a net positive cash of 0.4 M¤ on December 31st, 2013).



  • The Q2 2014 turnover (April-June) will be published on Wednesday 16th July 2014, after market close.
  • The H1 2014 results (January-June) will be published on Monday 1st September 2014, after market close.
  • The Q3 2014 turnover (July-September) will be published on Wednesday 15th October 2014, after market close.


Valtech [Euronext Paris: FR0011505163 - LTE] is a digital marketing agency, pioneer in technologies with a presence in seven countries (France, UK, Germany, Sweden, Denmark, USA, India) and approximately 1,500 employees. As a "digital full service" player Valtech knows how to add value to its customers at all stages of a digital project: strategy consulting, design, graphic design, development and optimization of business-critical digital platforms. With its renowned commitment to innovation and agility, Valtech helps brands to develop and grow their business with web technologies while optimizing Time-to-Market and return on investment.

Mr Sebastian Lombardo
ACTUS - Nicolas Bouchez
 +33 1 77 35 04 37
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