At the Board of Directors meeting held on March 31, 2022, and chaired by Sophie Bellon, the Board closed the Consolidated accounts for the First half Fiscal 2022 ended February 28, 2022.

  • Revenue growth +19.4%, despite Omicron, organic growth +16.7%

  • Underlying operating profit doubled, H1 margin at 5.2%, up +210 bps

  • Fiscal 2022 guidance

    • Organic revenue growth around the bottom of the range of +15% to +18%

    • Underlying operating profit margin close to 5% , at constant rates

Financial performance for First half Fiscal 2022 

H1 Fiscal 2022 revenues

Highlights of the period

  • First half Fiscal 2022 Group revenue was 10,262 million euro, up +19.4%, with strong recovery coming through in all segments that were severely impacted by Covid. The currency effect was strong at +3.5%, resulting from the strength of all our major currencies against the euro. The net M&A contribution was -0.8% due to the exit of businesses, sold as part of the portfolio management program. As a result, Group organic revenue growth was +16.7%, back up to 95% of pre-Covid levels.

  • On-site Services organic revenue growth was +17.0%, with a particularly strong first quarter up +17.9% and a second quarter at +16.1%, impacted by Omicron. The recovery was solid with the first quarter ending at 95 % of pre-Covid levels but falling back slightly to 94% in the second quarter due to Omicron. The key elements of the half-year were:

    • In Business & Administrations, organic growth was +19.5%. It reflects a strong recovery in Corporate Services, back up to 89% of pre-Covid levels in Q2, due to a gradual but regular return to the workplace. Sports & Leisure is back up to 61%, as the number of events has picked up significantly. Energy & Resources and Government & Agencies remained solid. 

    • In Healthcare & Seniors, organic growth was +5.0%, with the first quarter up +7.4% and the second quarter up +2.5% reflecting a much tougher comparative base in Europe, including a high level of activities at the Testing Centers contract in the United Kingdom last year. 

    • In Education, organic growth was +29.5%. While the recovery in activity in Universities in North America was very strong during the period, Omicron did have an impact on the growth in the second quarter in Schools in North America and Europe. Relative to pre-Covid levels, Education was at 88% in the second quarter, back down from 92% in the first quarter, impacted also by the full effect of the Chicago Public Schools contract termination. 


Read the full press release here 

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