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Wednesday, 18 October 2017



Published: 18:03 CEST 18-10-2017 /GlobeNewswire /Source: HIGHCO / : HCO /ISIN: FR0000054231

Paris, 18 October 2017 (6.00 p.m.)






Third-quarter business growth in line with expectations

  • Q3 20171 gross profit of €19.16 M, up 0.2% on a reported basis and 0.2% LFL2.
  • 9-month 20171 gross profit of €61.44 M, up 1.7% on a reported basis and 1.6% LFL2.
  • Growth in digital businesses: Q3 up 1.7% LFL, 9-month YTD up 4.8% LFL.
  • Slight growth in France: Q3 up 0.4% LFL, 9-month YTD up 4.9% LFL.
  • Less significant decline in international business: Q3 down 0.4% LFL, 9-month YTD down 5.4% LFL.


2017 annual guidance confirmed

  • Growth in gross profit of more than 1% LFL.
  • Increase in adjusted headline PBIT3 between 4% and 6%.
  • Rise in adjusted operating margin (adjusted headline PBIT/gross profit)3 of equal to or greater than 50 bp.

Gross profit (in € m)


2016 Reported

2016 LFL2

Reported change

LFL2 change



















9-month total1







1 Unaudited data.

2 Like for like: Based on a comparable scope (i.e. including CapitalData over nine months in 2016 and 2017) and at constant exchange rates (i.e. applying the average exchange rate over the period to data from the compared period).

3 Adjusted headline profit before interest and tax: recurring operating income before restructuring costs and excluding the cost of performance share plans. Adjusted operating margin: Adjusted headline PBIT/Gross profit.


Cécile Collina-Hue, Chairman of the Management Board, stated: "After posting healthy results in the first half of the year, HighCo announces further organic growth for the third quarter, in line with our expectations, driven mainly by the strong performance of In-Store digital businesses in France. With this level of business activity and our sound cost control, we have confirmed our 2017 guidance for growth in gross profit and profitability."




With an increase in like-for-like growth of 1.7% in Q3 2017, digital businesses remained on their growth trend, enabling the Group to post slight organic growth. The share of digital in total Group business continued to rise, up from 45.9% in Q3 2016 to 46.6% in Q3 2017. With a like-for-like drop of 1.2%, offline businesses continued to decline. As a result, despite the very high standard of comparison (like-for-like growth of 11.4% in Q3 2016), the Group posted slight business growth for Q3 2017, up 0.2% on a reported basis and 0.2% like for like to €19.16 M.


Over the first nine months of the year, digital businesses rose 4.8% on a like-for-like basis, and their share in total Group business increased from 45.6% at the end of September 2016 to 47.1% at the end of September 2017. The rate of growth in Digital came in lower than initially expected, especially for fully digital Drive to Store businesses. Meanwhile, offline businesses declined 1% like for like over the same period. This resulted in Group gross profit of €61.44 M for the first nine months of 2017, up 1.7% on a reported basis and 1.6% like for like.





Up 0.4% like for like, France turned in gross profit of €13.64 M in Q3 2017, representing 71.2% of the Group's gross profit. This growth was mainly driven by the continuous development of In-Store digital businesses. As such, the Group's French businesses held up well despite the decline in paper coupon clearing and certain Drive to Store mobile business.


For the first nine months of 2017, gross profit totalled €43.62 M in France, climbing 4.9% like for like. Over the same period, digital businesses grew 3.7% like for like, and their share in gross profit reached 53.9%.





International gross profit slipped 0.4% like for like to €5.52 M in Q3 2017, i.e. 28.8% of the Group's gross profit. In Benelux, gross profit fell 0.7% like for like in Q3 2017, coming to €5.34 M. This decline was less significant in Q3 than in Q1 (down 12.2%) and Q2 (down 3.6%). Digital businesses showed double-digit growth in Benelux over the quarter, which offset the drop in the volume of paper coupons cleared and the decline in offline in-store media.


For the first nine months of 2017, international gross profit totalled €17.82 M, down 5.4% like for like. Benelux declined 5.8% like for like, still accounting for 27.7% of the Group's gross profit. With a good performance in Q3 2017, business in Southern Europe (Spain and Italy) has held up well, posting like-for-like growth of 3.1% since the beginning of the year. The region accounts for 1.3% of the Group's gross profit.





Given the performance reported for the third quarter, the Group has confirmed its revised guidance for 2017 announced in July:

  • Growth in 2017 gross profit of more than 1% like for like (2016 gross profit: €81.11 M like for like; up 11.8% based on historical like-for-like data);
  • Increase in adjusted headline PBIT3 between 4% and 6% (adjusted 2016 headline PBIT: €14.10 M);
  • Rise in adjusted operating margin3 equal to or greater than 50 bp (adjusted 2016 operating margin: 17.4%).




About HighCo


Since its creation, HighCo has placed innovation at the heart of its values, offering its clients - brands and retailers - Intelligent Marketing Solutions to influence shopper behaviour with the right deal, in the right place, at the right time and on the right channel.

Listed in compartment C of Euronext Paris, and eligible for the "long only" DSS, HighCo has more than 700 employees and since 2010 has been included in the Gaia Index, a selection of 70 responsible Small and Mid Caps.




Your contacts


Cécile Collina-Hue                                             Cynthia Lerat

Chairman of the Management Board                     Press Relations

+33 1 77 75 65 06                                             +33 1 77 75 65 16

comfi@highco.com                                            c.lerat@highco.com




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Publication takes place after market close.


Q4 and FY 2017 Gross Profit: Wednesday, 24 January 2018




HighCo is a component stock of the indices CAC® Small (CACS), CAC® Mid&Small (CACMS) and CAC® All-Tradable (CACT).

ISIN: FR0000054231

Reuters: HIGH.PA

Bloomberg: HCO FP

For further financial information and press releases, go to www.highco.com




This English translation is for the convenience of English-speaking readers. Consequently, the translation may not be relied upon to sustain any legal claim, nor should it be used as the basis of any legal opinion. HighCo expressly disclaims all liability for any inaccuracy herein.


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This announcement is distributed by Nasdaq Corporate Solutions (One Liberty Plaza, 165 Broadway, New York, NY 10006. Tel: +1 212 401 8700. www.nasdaqomx.com) on behalf of Nasdaq Corporate Solutions clients. Source: HIGHCO, 365 avenue Archimède, Marseille FR-13003, France
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