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  ABEO company press release from 19/11/2018

  19/11/2018 - 07:30

ABEO: strong growth in Q2 2018/19 with revenues up 29.6%, including 10.3% organic growth - Solid order intake during H1: up 21.5%


ABEO, a world leader in sports and leisure equipment, today announces its revenue and order intake for the first half of its 2018/19 financial year (from 1 April to 30 September 2018) and for the second quarter (from 1 July to 30 September 2018).

€m
Unaudited
2018/2019 2017/2018 Change Change (LFL2)
Q2 revenue1 57.4 44.3 +29.6% +10.3%
Sports 30.6 22.7 +34.4% +16.6%
Climbing 10.8 8.9 +21.6% +22.2%
Changing Rooms 16.0 12.7 +26.5% -9.4%
H1 revenue1 110.0 88.7 +24.0% +5.2%
Sports 56.6 45.3 +25.1% +6.6%
Climbing 21.3 18.2 +16.9% +18.4%
Changing Rooms 32.1 25.2 +27.3% -6.8%
         
H1 order intake3 112.7 92.8 +21.5% +4.3%

1 Revenue reflects the IFRS 15 first application as of April 1, 2018, without restatement of comparative periods and without any significant impact on first-half and first-quarter revenue

2 refers to the change in revenue over a comparable period and at constant consolidation scope, excluding the impact of currency fluctuations.

3 non-financial data – to measure the sales momentum of its business activities, the Group uses the quantified amount of its order intake over a given period, inter alia. The sales momentum indicator represents the aggregate value of all orders booked during the reporting period, as compared to the same period for the previous financial year.

Accelerated growth during the second quarter

ABEO recorded sharp growth over the second quarter of 2018/19 marked by sustained business momentum and revenue of €57.4m, up 29.6% including 10.3% organic growth, a 19.3% consolidation gain (acquisitions including Meta GmbH in November 2017, Cannice in January 2018 and Bosan BV in March 2018) and a 0.1% currency loss.

The Sports division posted strong organic growth of 16.6% (up 34.4% as reported), confirming the excellent momentum of this business line. The Climbing division continues to benefit from the worldwide boom in sports climbing and the deployment of Clip 'n Climb's innovative equipment. The division posted organic growth of 22.2%. The Changing Rooms division posted 26.5% growth, mainly driven by the consolidation of Meta GmbH, despite the contraction of the Prospec business due to market repositioning, which was the main cause of the overall 9.4% organic decline in revenue over the period.

Accordingly, ABEO's H1 2018/19 revenue amounted to €110m, up 24% compared with the same period last year. Organic growth for the period amounted to 5.2%, driven by the Sports (up 6.6%) and Climbing (up 18.4%) divisions. Revenue was impacted by a 19.4% consolidation gain following the consolidation of the three companies listed above and a 0.6% currency loss.

Strategy and outlook

Over the second half of 2018/19, ABEO will benefit from the €112.7m order intake achieved in H1 2018/19, up 21.5% (4.3% organic growth, 17.9% external growth and a 0.6% currency loss).

Finally, in line with the 2020 strategic plan aimed at strengthening ABEO's footprint on the North American continent and expanding its business in the up-and-coming Sportainment segment, the Group has acquired Fun Spot Manufacturing, a designer, manufacturer and distributor of equipment for amusement parks (consolidated from 1 November 2018).

This major acquisition, coupled with a promising order intake, allows ABEO to confirm its target of €300m1 revenue by 2020.

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13 December 2018 before start of trading: H1 2018/19 results and presentation meeting (Paris)

Find out more at www.abeo-bourse.com

 
ABOUT ABEO
ABEO is a major player in the sports and leisure (“sportainment”) market. The Group posted revenue of €187.9 million for the year ended 31 March 2018, 71% of which was generated outside France. At year-end it had 1,600 employees.
ABEO is a designer, manufacturer and distributor of sports and leisure equipment. It also provides assistance in implementing projects to professional customers in the following sectors: specialised sports halls and clubs, leisure centres, education, local authorities, construction professionals, etc.
ABEO has a unique global offering, and operates in a wide variety of market segments, including gymnastics apparatus and landing mats, team sports equipment, physical education, climbing walls, leisure equipment and changing room fittings. The Group has a portfolio of strong brands which partner sports federations and are featured at major sporting events, including the Olympic Games.
 
ABEO (ISIN code: FR0013185857, ABEO) is listed on Euronext Paris – Compartment B.

Contacts

For any questions relating to this press release or the ABEO Group, please contact ACTUS finance & communication:

Investor relations – Corinne Puissant investor@beo.fr Tel: +33 (0)1 53 67 36 77

Press relations – Serena Boni presse@beo.fr Tel: +33 (0)4 72 18 04 92
 

1 This target, which was set at the time of the 2016 IPO, aims at annual organic growth of 7% and external growth of 12% between 1 April 2016 and 31 March 2020, without accounting for potential future currency effects.