Outstanding revenue growth (more than +25% at constant exchange rates) driven by a solid organic growth, above market, and an extraordinary contribution from M&A.
Consolidation of GAES as of January 1st, 2019: excellent results from the ongoing integration.
Strong improvement in profitability (recurring EBITDA margin +40 bps) also driven by the excellent performance of GAES. Recurring net profit up 36.9%.
Main results for the first quarter of 2019 1 :
- Consolidated revenues of 392.0 million euros, up 25.4% at constant exchange rates and 26.7% at current exchange rates compared to the same period of 2018
- Recurring EBITDA reached 56.3 million euros, with the margin coming in at 14.4% of revenues, an increase of 40 basis points compared to the same period of 2018, even after the consolidation of GAES. EBITDA as reported reached 54.9 million euros or 14.0% of revenues
- Recurring Net profit amounted to 20.0 million euros, an increase of 36.9% compared to the first quarter of 2018. Net profit as reported rose 29.7% from the 14.6 million euros recorded in the prior year to 18.9 million euros
- Net financial debt was 838.0 million euros, lower, despite seasonality, than the 840.9 million euros reported at December 31st, 2018 thanks to the strong cash flow generation in the period
- Recurring Free cash flow was positive for 19.3 million euros, more than double compared to the first quarter of 2018