Devoteam achieved revenue of €174.8 million in the third quarter of 2020 decreasing 4.5% organically

– Slight reduction of the annual organic revenue guidance to €751 million and operating margin maintained above 9%

– Tender offer on Devoteam’s shares opened on 27 October 2020

Q3 2020 revenue

Devoteam (Euronext Paris: DVT) reported revenue of €174.8 million for the third quarter of 2020, decreasing 4% of which 4.5% organically compared to the third quarter of 2019. The currency impact was unfavourable for 0.8 point of growth in the quarter. The working day impact over the quarter was favorable representing around 0.3 point of growth.

At constant scope and exchange rates, consolidated revenues for the first nine months of the year increased by 1%. The working day impact was favorable for 0.8 point partly balancing the negative currency effect of 0.5 point (mainly Norwegian krone). The changes in perimeter had a marginal impact of 0.7 point on the growth of the Group revenue.

Analysis of Q3 2020 revenue by region

France was down 7% over the third quarter with a utilisation rate decreasing by 5 points compared to last year and an increase in the vacation rate impacting the revenue negatively.

The Northern Europe region posted an organic decline of 1.5%, reflecting a sharp drop in activities in the Netherlands and the United Kingdom partially balanced by good performances in Belgium and Sweden.

The Central Europe region decreased by 20.9%, impacted by the significant reduction of the utilisation rate in Germany, principally in the automotive sector.

The Iberia & Latam region increased by 7.3% organically, driven by the Portuguese and Spanish businesses.

The Rest of the World region grew 10.5% organically, primarily in Morocco.