Revenues: €99.2 million (+2%)
Q2 2013: Progress in the Company’s Transformation Plan
At the end of 2011, and despite the prevailing economic conditions, the company decided to accelerate its transformation over the period to 2015, giving precedence to its long-term strategy over short-term profitability.
This far-reaching plan represents a cumulative €50 million of investments for the future, fully expensed over the period 2012-2015, while their benefits will only be felt progressively. It comprises three components: a major recruitment plan devoted to strengthening sales and marketing teams, which will grow from 220 people at the end of 2011 to 330, and from 16% to 22% of the total workforce (with a doubling of the number of sales people); the addition of 40 engineers to the software R&D teams in Bordeaux-Cestas (France), bringing the total number to 260; accelerated investment in marketing .
Execution of the plan continued in Q2. In particular, there have been 70 recruitments since January 2013, bringing the total new hires since the end of 2011 to 180. The main priorities, in addition to bolstering software R&D teams, have been North America, China, and the Germany and Eastern Europe region. Meanwhile, 140 people have left the Group, also under the transformation plan. Persistently Sluggish Economic Conditions
On February 12, 2013, the company indicated that it was preparing for economic conditions as weak in 2013 as in 2012, and that the year was likely to be both difficult and unpredictable. Since then many developed and emerging countries have experienced slower growth. Greater concern among companies as a consequence of this has affected their investment decisions.
Despite these relatively adverse conditions, orders for new software licenses and CAD/CAM equipment for Q2 2013 (€18.7 million) increased by €1.5 million (+8%) compared with Q2 2012. New software licenses were up 7% and CAD/CAM equipment up 9%. Orders increased by 16% compared with Q1 2013 (€16.2 million).
Revenues (€50.9 million) were up 1%, and down 2% at actual exchange rates. Revenues from new systems sales (€21.2 million) were down by €2 million (–8%), mainly due to the weak order backlog for new systems at April 1, 2013. Recurring revenues (€29.7 million), on the other hand, rose by €2.4 million (+9%).Income from operations (€4.1 million) was down €0.8 million and the operating margin (8%) decreased by 1.8 percentage points. Net income (€2.4 million) was down €1.2 million (–33%) at actual exchange rates.
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