Toulouse, IGE+XAO Group announces:
Consolidated turnover for 1st quarter 2020 (in IFRS norms).
(Period from 1 January 2020 to 31 March 2020).
Over the 1st quarter of 2020, consolidated turnover for IGE+XAO is 8,369,565 euros, down 1.7% compared to the year 2019. This drop is the result of the consequences on the economy of the Covid-19 epidemic. Indeed, as almost all companies, IGE+XAO has seen a slowdown in its sales which started in the month of January in China and which propagated to the rest of the world starting in the month of March.
The Group is assuring the continuity of all of its activities by making use of teleworking and by making massive use of the telephone and digital resources available (videoconferencing, training and software development platforms, troubleshooting by taking control of a computer remotely, e-marketing). The means implemented as well as the recurrence of a significant part of revenue thus made it possible to absorb the downward trend in activities.
The general downturn in the global economy starting in April 2020 and the time required for starting back up post-confinement lead IGE+XAO to expect a substantial drop in the activity over the second quarter of 2020.
At the financial level, the Group’s solid structure, characterised at 31 December 2019 with equity reaching 41 million euros, no bank debt and cash flow of nearly 40 million euros, allow IGE+XAO to face the current crisis without any major risk as to the continuity of its operation.
In this exceptional context, the Combined Annual General Meeting of 17 April 2020 decided to allocate the results of financial year 2019 to the retained earnings account and to not distribute the dividend of 1.55 euros per share that was initially proposed.