APRIL GROUP recorded consolidated sales of €384.8 million in the first half of 2012, corresponding to an increase of 1.9 % on a reported basis and of 1.6 % on a pro-forma basis (*).
Financial income improved by 23.8 % to €11 million and the operating profit by 3.6 % to €48.2 million, with increases recorded by both business lines. Health & Personal Protection recorded an increase in its operating margin on ordinary activities to 18.3 % of sales, reflecting notably upbeat performances in France, whereas there were more contrasted performances in Switzerland and Italy. The gradual optimisation of Property & Casualty’s operating performances continued, with the operating margin on ordinary activities improving to 5.6 % from 4.9%, buoyed notably by niche wholesale activities.
After taking into account income tax expense of €17.3 million, consolidated net profit came to €32.5 million in the first half of 2012, up 10.4 %, equivalent to a net margin of 8.5 % (compared with 7.8% in the first half of 2011), to a return on equity (ROE) of 13.5% and to a return on capital employed (ROCE) of 20%.
The group’s financial structure remains solid, with shareholders’ equity of €489 million, while debt is marginal and the cash position increased after investments totalling €10.1 million to complete acquisitions and buy out minority interests. In the first half, APRIL sold its last remaining investments in bonds of Eurozone peripheral countries, as a result of which it no longer has any exposure to this asset class.
In the light of the business momentum in the first six months of 2012, APRIL expects a similar increase in sales over 2012 as a whole, along with a sharper increase in operating profit on ordinary activities in the second half of the year.
* Pro-forma consolidated sales represent sales at the same consolidation scope as for the period under review.
APRIL GROUP will publish its sales for the nine months ended 30 September 2012 on 29 October 2012 after the market closes.
APRIL GROUP (Compartment B, Deferred Settlement Service) is France’s leading wholesale insurance broker. It was created in 1988 and employs nearly 4,000 people in 37 countries. In 2011, it recorded sales of €757.4 million.
Jean-Marc Atlan / EKNO
Advisor to the CEO
+33 (0)6 07 37 20 44