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Half-year results: Bull reaffirms its objectives

Posted on 17 September 2012 by Pierre Picard
  • Continued commercial growth in H1 2011, taking the book-to-bill ratio to 1.09
  • Significant progress in operating profitability (up 29%)
  • Improved operating cashflow compared to H1 2011
  • Medium-term objectives reaffirmed

Bull confirmed the medium-term objectives published on 9 December 2010 as part of its strategic development plan, BullWay 2011-2013. The implementation of this plan, launched during the first half of 2011, is progressing as expected. Actions aimed at instilling a new commercial momentum are bearing fruit. As a result, in two years order intake has risen by 7.7% while revenues have grown by 4.3%[1]. In addition, careful control of business processes and indirect costs has led to a 7.9% increase in gross margin and growth in EBIT of more than 40% over the same period[2].

Philippe Vannier, Bull Chairman and CEO, commented: “During the first six months of the year, the Group significantly improved its profitability and accelerated its positioning in the key growth segments in our sector. Most notably, Bull has been chosen by the French National Fund for a Digital Society (FSN) (managed by the Caisse des Dépôts) for two future investments: the first in partnership with SFR, to create a Europe-wide computing power plant and the second, NumInnov, to extend access to High-Performance Computing to SMEs. In an extremely uncertain economic climate, we are especially mindful of the need to manage our profitability and preserve our cash, so as to guarantee that we will be able to continue investing in the future.”

[1] In the first half of 2010, order intake was €622.4 million and revenues were €591.3 million, at constant business structure.
[2] In the first half of 2010, gross margin was €131.2 million and EBIT (recast to include the effect of the CVAE tax) was €12.9 million.

Strong growth in operating profitability in the first six months of 2012


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