Revenue of €634 million, up1 2.6%, driven by the continued growth of the finance leasing business (TMF), a gradual recovery of the Products & Solutions business and solid performance by Services.
During the first three months of 2024, the businesses reported the following performances:
• Technology Management & Financing (TMF) continued to perform well, posting revenue of €207 million, an increase1 of 10.6%, 10.2% organically, amid a continually tight credit market. Thanks to its flexible, innovative offering that addresses clients’ need for financing of digital or strategic assets, TMF maintains its positive trend after posting strong growth in 2023.
• Revenue for Products & Solutions (P&S) totalled €305 million, down1 2.5% (2.6% organic). Performance in the first quarter varied from country to country but overall posted a notable improvement on H2 2023. Furthermore, the organic decline in P&S during Q1 2024 is in line with trends in the European IT distribution market, which reported decreases of 2% for Workspace solutions and 7% for Infrastructures3
• Services continued its recovery, reporting its fourth consecutive quarter of growth. Revenue for the first quarter was up (total1 and organic2) 3.2%, standing at €122 million, driven mainly by Spain and France.
2024 revenue growth guidance confirmed
After an altogether positive first-quarter performance, the group confirms its annual revenue growth guidance of between 3 and 5%, profiting from an IT asset distribution market expected to grow3 in the second half of 2024.
Next publication: H1 2024 results, 24 July 2024 after close of trading.
1 At constant standards
2 At constant scope and standards
3 Context study for beginning of 2024.
Reconciliation between first 3 months 2023 financial data published in the press release dated 17 April 2023 and data considered in this press release.
“First 3 months 2023 reported” corresponds to revenue for the first three months of 2023 as presented in the 17 April 2023 press release.
“First 3 months 2023 restated” corresponds to revenue published for the first three months of 2023 adjusted for changes in discontinued operations scope as defined by IFRS 5 and changes in accounting policies. It serves as the basis for calculating total growth rates (“at constant standards”).
“First 3 months 2023 pro forma” corresponds to restated revenue for the first three months of 2023 and adjusted for changes in exchange rates and consolidation scope (acquisitions and disposals). It serves as the basis for calculating organic growth rates (“at constant standards and scope”).
