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ABEO, a designer of sports and leisure equipment, today announces consolidated revenue of €44.4m for Q1 2017/2018, up 9.4% including 4.0% like-for-like growth.
1 like-for-like: at constant consolidation scope and exchange rates
Q1 2017/2018 revenue amounted to €44.4m, up 9.4% including recent acquisitions accounting for 6.9% of total revenue (Erhard Sport consolidated in November 2016, Clip 'n Climb International in December 2016 and Sportsafe UK in January 2017). Organic growth was 4.0%, while currency losses amounted to 1.5%, mainly due to the weakening of the British pound.
Sales momentum in the Sports and Climbing divisions remains buoyant with respective growth rates of 13.6% and 40.4%. The Sports division benefited from particularly strong demand on gymnastics markets as well as the recent acquisitions (Erhard Sport and Sportsafe UK). Organic growth in the Climbing division rose to 31.2% in Q1 2017/2018, driven by the continuing global boom in climbing walls and the centres opened in Palma de Mallorca and Valencia during 2016/2017. This trend should continue with the recent opening of the Plymouth Centre (UK) on 15 July 2017.
The Changing Room division posted a 9.1% like-for-like decrease in Q1 revenue which may reflect the wait-and-see attitude linked to the unprecedented electoral situation in France in May 2017. Otherwise, measures taken to revive Sanitec sales have started to bear fruit, with the brand reporting double-digit growth for the period.
As expected, Group sales have been boosted by the Group's acquisitions.
ABEO recalls that Q1 of the 2016-2017 financial year creates a very high base effect with an exceptionally dynamic performance as of June 30, 2016: posting growth of 14.7%, including 15.4% organic growth, 1.7% growth through acquisitions, and a 2.4% exchange rate variation.
During the quarter, the Group contributed to the European Artistic Gymnastics Championships held in Romania, thereby confirming its status as a regular supplier of major international sport events. Besides, Spieth Gymnastics was appointed Official Supplier for the Commonwealth Games, to be held in Australia in April 2018.
ABEO has a healthy order backlog for the rest of the 2017/2018 financial year, which will enable it to continue developing its business at a steady rate.
ABEO is confirming its target to reach €300m in revenue by 2020, driven by organic growth and targeted acquisitions, and improve its EBITDA margin. In line with its 2020 strategic plan, negotiations continue for targeted acquisitions in Europe and Asia for the Group's Sports division.
Lastly, via its market-leading gymnastics brand Gymnova, ABEO is an official supplier of the 47th Artistic Gymnastics World Championships in Montreal in October 2017, the 2018 UEG European Artistic Gymnastics Championships in Glasgow and the FIG World Challenge Cup - 20th Internationaux de France 2017 - to be held in Paris in September 2017.
9 November 2017 after market close H1 2017/2018 revenue
7 December 2017 after market close H1 2017/2018 results
Translation for information purposes only. In case of discrepancy between the French and English versions, the French version shall prevail.
Read more at www.abeo-bourse.com
|ABEO is a major player in the sports and leisure (“sportainment”) market. The Group posted revenue of €167 million for the year ended 31 March 2017, 70% of which was generated outside France. At year-end it had 1,200 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 locker 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 C.
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