Press release

Quarterly information as at March 31st, 2024

Published on 25 April 2024

Q1 2024 revenue up +11.6% 

A strong organic growth at +6.2%, positive momentum on our markets

Outstanding delivery on our bolt-on M&A

Very good start to the year

Q1 2024 revenue up +11.6%, confirming our unique positioning on dynamic markets overall and reflecting our outstanding delivery on our bolt-on M&A strategy 

  • Strong +6.2% organic growth including a very high contribution from The Netherlands, Austria, Poland and Global Services Energy, a good level of organic growth in Germany at +4.1% and France remaining very solid at +2.2% 
  • +5.1% contribution from bolt-on acquisitions
  • +0.3% from currency movements
  • Positive dynamics on our markets overall with a good visibility for the year

Outstanding M&A activity supported by a rich pipeline of opportunities in our geographies

  • Closing of the acquisition of Correll group (Global Services Energy) in January 2024 and ROBUR in March 2024 (Germany)
  • In Q1 2024 SPIE announced the acquisition of:
    • ICG in Germany in City Networks and Grids activities with c. 230 million euros annual revenue (closed on April 18th, 2024)
    • MBG in Germany in Technical Facility Management with c.15 million euros annual revenue (closed on March 27th, 2024)

2024 outlook confirmed

  • Further organic growth, at a slower pace than in 2023
  • Further EBITA margin increase
  • Continuation of a dynamic bolt-on M&A strategy, remaining at the core of SPIE’s business model 
  • The proposed dividend pay-out ratio will remain at c.40% of Adjusted Net Income[1] attributable to the Group

Gauthier Louette, Chairman & CEO, commented:

“SPIE continued to deliver a strong organic growth in Q1 2024 after a record year in 2023. It evidences the good momentum on our markets, as well as SPIE’s unique positioning in highly valuable multi-technical services related to change in energy mix, decarbonation and electrification in industry, low carbon mobility, energy efficiency, and smart city. This unique positioning as a key enabler for energy transition, combined with a high quality of execution and a well-balanced business profile provide the Group with a strong dynamic. With 245 million euros of annual acquired revenue already announced in Q1, this quarter has been very active, and the pipeline of opportunities remains very rich to nurture our compounding model. This strong Q1 performance reinforces our confidence to achieve our 2024 guidance.”

 

To access the full press release, click here
 

[1] Adjusted for i) operating income items restated from the Group’s EBITA, ii) the change in fair value and amortisation costs of derivative related to the ORNANE, and iii) the corresponding normative tax income adjustment

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