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2019 Half-Year results

Robust organic growth: +3.1%
EBITA up +4.5%
Active bolt-on M&A: 4 acquisitions to date
Deleveraging in motion
Full-year outlook confirmed

Cergy, July 26th, 2019

H1 2019 highlights

Good business momentum driving solid results in H1

  • Total revenue growth at constant FX: +3.4% (+3.7% reported) vs. H1 2018
  • Robust organic growth, at +3.1%
  • Group EBITA up + 4.5%, EBITA margin stable
  • Strong rebound in net income: €44.0 million in H1 2019, compared to €(17.5) million in H1 2018
  • €154 million decrease in net debt and significant reduction in leverage vs. June 2018

Active execution on our bolt-on M&A strategy, full-year target already achieved

  • 4 acquisitions in 2019 to date, totalling €210 million full-year revenue
  • Expanding service offering in Germany, scaling up capacities in robotics and automation in France, increasing footprint in Austria

Full-year outlook confirmed

  • Revenue growth: 2.5% to 4.5%, including bolt-on acquisitions, at constant currency
  • EBITA[1] margin: at least 6.0%
  • Cash conversion around 100%, continued reduction in leverage

[1] Excluding the impact of IFRS 16


Gauthier Louette, Chairman & CEO, declared: "SPIE delivered a strong set of results in the first half of 2019, combining strong revenue growth and solid margins. This performance illustrates the robustness of our model and the particular value of our services, which are instrumental in enabling both the energy and the digital transitions across Europe. Our French business, in particular, is reaping significant benefits from its deep transformation completed at the end of 2018. We kept expanding our footprint and developing our service portfolio with four bolt-on acquisitions perfectly in line with the Group’s strategic priorities. We are confident for the second half of the year and confirm our full-year guidance."


Download the full press release of the 2019 half-year results here.




Pascal Omnès
Group Communications Director

Tel. : +33 (0)1 34 41 81 11
e-mail :

Thomas Guillois
Investor Relations Director

Tel. : +33 (0)1 34 41 80 72
e-mail :

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Laurent Poinsot

Tel. : + 33 (0)1 53 70 74 77
e-mail :