APRIL: 2019 annual results

Growth in core business and continuation of the refocusing strategy

Sales up 2.0% as reported to €1,017.3m (up 4.4% like-for-like¹)
Gross margin² up 1.3% as reported to €457.4m
Current EBIT up 12.5% as reported to €87.6m
Net loss (Group share) of €0.8m

The APRIL group posted 2019 consolidated sales of €1,017.3m, up 2.0% compared with reported figures for the previous year, while current EBIT rose 12.5% as reported to €87.6m.

Following this announcement, APRIL group CEO Eric Maumy made the following comments:

Our five key markets performed well throughout 2019. Meanwhile, we are continuing to refocus the group, in particular by disposing of non-strategic activities, such as travel insurance, and entering into exclusive negotiations to sell the risk-carrying activities within the Property & Casualty division and the legal protection and services businesses.
This overall strategy is already producing encouraging results and we will therefore continue to implement it in 2020.

¹PF, proforma or like-for-like (LFL): sales at constant consolidation scope and exchange rates. This figure is adjusted for acquisitions, disposals and changes in consolidation method, as well as exchange rate fluctuations, calculated on the basis of the prior year financial statements converted using the exchange rate for the current year.

² Gross margin allows a comparison between the various brokerage business models and the insurance businesses and shows the contribution of each business to Group value-added:

With regard to brokerage, gross margin is the difference between (i) commissions recognised under sales and (ii) commissions paid to intermediaries recognised under purchases and external expenses.
With regard to risk carrying operations, gross margin is the sum of the underwriting result and the financial result.

11 March 2020