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September 24, 2003 - First half 2003 results

On 22 September 2003 the STERIA GROUP SCA supervisory board examined the consolidated accounts submitted by Management for the first half of 2003.

The key figures are as follows, represented in million Euros (at constant currency exchange rate):
1H02 - 493.2
1H03 - 478.5

Operating profit:
1H02 - 9.4
1H03 - 14.2

Attributable net profit:
1H02 - 2.9
1H03 - 8.0

Earnings per share (in Euros)
1H02 - 0.18
1H03 - 0.46

Net financial debt
1H02 - 43
1H03 - 12

-Consolidated revenue in 1H03 was 478.5 million Euros, a decline of 2.98% versus 1H02 (not including UK outsourcing activities in 1Q), or 1% at a constant currency exchange rate.
-Operating profit in 1H03 was 14.2 million Euros, with an operating margin of 3% (1.9% in 1H02).
-Attributable net profit was 8 million Euros, a very sharp rise versus 1H02 (2.9 million Euros).
-Net financial debt in 1H03 fell to 12 million Euros(including 26 million Euros in factoring), compared to 43 Euros million in 1H02.
-The level of orders taken in the first half (575 million Euros) represents 120% of 1H revenue.

Activity in the first half of 2003

1H03 highlights:

-The successful integration of Intégris Europe’s activities, giving rise to very strong growth in earnings per share.
-Low gearing (6.4%) despite restructuring and adaptation efforts.
-The creation of a European structure (European Delivery Center), aimed at streamlining Steria’s data centers and industrialising its outsourcing offering at Group level.
-The successful extension of employee shareholding to all European personnel, confirming STERIA’s leading position in Europe as regards employee share ownership (30% of capital held by employees), and strengthening the motivation of its staff and their commitment to the group’s values.


Initial signs of recovery in the US and European economies suggest an upturn in the European IT services sector could be on the cards for 2004. Order book expansion and the tight grip on inter-contract rates demonstrated over the past few weeks confirm this trend.

The Group therefore expects flat revenue in the second half of 2003 relative to 1H03 and maintains its target of improving operating profitability over FY03.

In an IT services market undergoing consolidation, Steria intends to build on its experience and resources to strengthen its TOP 10 position in Europe, by:

-Further improving profitability;
-Achieving faster organic growth than the IT services market;
-Remaining an active player in sector consolidation.

Steria is listed on the Premier Marché of the Paris Stock Exchange
ISIN Code: FR0000072910, Bloomberg code: RIA FP, Reuters code: TERI.PA,
Euronext 150, SBF 120, IT CAC 50, MIDCAC
For further information, visit our website:

Casey Balkham/Ghezala Beg
Brodeur Worldwide
Tel: +44 (0)20 7298 7043/7063

Brodeur Worldwide Contacts

Casey Balkham
+44 (0)20 7298 7070
+44 (0)870 242 8323

Ghezala Beg
+44 (0)20 7298 7070
+44 (0)870 242 8323

Company Contacts

Please refer all questions regarding this news release to Brodeur Worldwide

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