Bouygues Turns To Profit In H1; Increases Guidance – Quick Facts

Bouygues (BOUYY.PK) said the Group recorded strong growth in sales and earnings during the first half of 2021. Sales were up 18% from first-half 2020 or, up 17% like-for-like and at constant exchange rates, and returned to their level before the health crisis. Based on its results for the first half of 2021, the Group has raised its guidance.

For the first-half period, net profit attributable to the Group was 408 million euros compared to a loss of 244 million euros, last year. This result incorporated a contribution from Alstom of 219 million euros, compared to 35 million euros, prior year. Profit per share from continuing operations was 1.07 euros compared to a loss of 0.64 euros. Current operating profit was 471 million euros compared to a loss of 132 million euros.

First half sales improved to 17.42 billion euros from 14.76 billion euros. The construction businesses reported sales of 12.8 billion euros, up 18%, or up 19% like-for-like and at constant exchange rates. The increase was driven by France, which was up 35%. TF1 recorded a 28% year-on-year increase in sales to 1.1 billion euros.

Bouygues Telecom’s sales in the first half of 2021 were 3.5 billion euros, up 14% from end-June 2020, or up 5% like-for-like.

For 2021, the Group projects sales and current operating profit to be very close to the level of 2019. The current operating margin is anticipated to return to pre-crisis level. Previously, it projected sales and earnings to be well above those of 2020, although without reaching 2019 levels.

Bouygues Telecom confirmed its 2021 targets. It projects organic growth in sales from services at around 5%.

For 2022, the Group expects current operating profit to continue to grow and exceed the 2019 level. Previously, it projected current operating profit to return to the same level as 2019 or be slightly higher.

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