The 2023 transition exercise, to beef up staff and production capacity, led to profitability erosion in H1 that is expected to last until H2. Beyond, the first feedback from clients suggests potential activity rebound as of 2024. Our drastic estimates revision reflects a longer-than-expected recovery.
H123 results: Hirings weighed on profitability
Delayed customer investments and tough comp. basis led to a muted sales performance in H1 (-1% LFL). Despite a relatively resilient GM (-130bps to 49. ....
