HighCo: Gross Margin Q2 2021



Aix-en-Provence, July 20, 2021 (6 p.m.)


8.1% growth in activity in Q2 2021

  • Q2 2021 gross margin1 € 19.21 million, up 8.1% based on reported figures and LFL2.
  • Gross profit for the first half of 20211 € 37.8 million, up 5.1% based on published data and LFL2.
  • Digital activities are growing slightly (T2 up by 0.8% LFL; S1 up by 1.5% LFL) with a very favorable basis of comparison for offline activities (T2 up by 25.5% LFL; S1 up 12.2% LFL).
  • Healthy activity in France (T2 up 5.4% LFL; S1 up 4.9% LFL) and strong recovery internationally (T2 up 27.8% LFL; S1 up 5.9 % LFL).

Half-year results 2021: Strong growth expected in adjusted facial PBIT3 and adjusted operating margin3

2021 orientation confirmed

Gross margin (in € m)1 2021 2020 LFL2 2021/2020
LFL2 change
T1 18.59 18.19 + 2.2%
T2 19.21 17.78 + 8.1%
Total S1 37.80 35.98 + 5.1%

1 Limited audit of the Statutory Auditors in progress.
2 At constant scope: At comparable scope and at constant exchange rates (ie by applying the average exchange rate for the period to the data for the period compared).
In addition, in accordance with IFRS 5 – Non-current assets held for sale and discontinued operations, Shelf Service activities have been classified as discontinued operations from the fourth quarter of 2020. For reasons of consistency, the data communicated for the first half of 2020 has been restated to take into account the impact of off-the-shelf service. Consequently, comparable data is equal to data restated for H1 2020.
3 Adjusted current result before interest and taxes: Current operating result before restructuring charges and excluding the cost of performance share plans. Adjusted operating margin: RAB / Adjusted gross profit.

Didier Chabassieu, Chairman of the Management Board, declared: “With growth of 8.1%, HighCo’s gross margin is at the top of the forecast range, allowing the Group to achieve a healthy second quarter. This good performance is mainly due to the double-digit growth of the mobile activities and the very strong increase in the number of coupons cleared. in France. The Group’s activity in Belgium also rebounded strongly in the second quarter. Based on this growth, HighCo expects a strong to augment in semester earnings and advance in its innovation strategy, which is mainly driven by its startup studio HighCo Venturi.


After a healthy Q1 2021 (+ 2.2% like-for-like), HighCo confirms its return to growth in the second quarter of 2021 and posts a gross margin up by 8.1% to € 19.21m, at the top of the forecast range (growth between 6% and 8%).
As expected, this good performance is mainly driven by:

  • Double-digit growth in Mobile businesses (+ 14.7%);
  • A very significant increase in the number of coupons deleted in France, which more than doubled, including paperless (+ 39%);
  • A strong recovery in activity in Belgium (up 30.2%).

Digital activities remained stable in the second quarter of 2021 (+ 0.8%) despite a less favorable basis of comparison, while offline activities showed a strong recovery with growth of 25.5%.

As a result, Group activities grew 5.1% in H1 2021 at € 37.8 million. Digital activity, up 1.5% in the first half, is driven by Mobile activities (+ 7.3%). Digital represents 64.3% of HighCo’s total activity.

Group sales in H1 2021 amounted to € 69.2 million.

France: healthy business

FRANCE Gross margin (in € m) 2021/2020
LFL change
% Total gross profit
2021 2020 LFL
T1 15.98 3:30 p.m. + 4.5% 86.0%
T2 16.50 15.66 + 5.4% 85.9%
H1 32.48 30.95 + 4.9% 85.9%

In France, after a good Q1, gross margin in Q2 2021 shows growth of 5.4% to € 16.5 million. This growth is mainly driven by the good performance of the Mobile activities (double-digit growth in gross margin) and the very strong increase in the number of coupons cleared (cleared volumes above pre-COVID levels in Q2 2019).
The first half of 2021 is up 4.9%, France representing 85.9% of the Group’s gross margin in the first half of the year. The digital activities grew slightly by 0.8%, and their share represents 64.7% of the gross margin. This growth, limited by a less favorable comparison basis (H1 2020), is mainly driven by the sharp increase in digital coupon issues, in particular on Click & Collect sites (+ 28%). In addition, the number of coupons cleared by dematerialized systems increased sharply during the first half of the year compared to the same period in 2020 (+ 50%).

International: strong recovery in activity

INTERNATIONAL Gross margin (in € m) 2021/2020
LFL change
% Total gross profit
2021 2020 LFL
T1 2.61 2.90 -10.1% 14.0%
T2 2.71 2.12 + 27.8% 14.1%
H1 5.32 5.02 + 5.9% 14.1%

The international gross margin rose sharply in the second quarter of 2021, by 27.8% like-for-like to € 2.71 million. As expected, this growth in activity was driven by the strong recovery in Belgium (+ 30.2%), where the Digital activity grew by 33.1% and now represents 58.8% of the gross margin. Business abroad is also growing (+ 8.2%).
For the first half of 2021, International thus grew by 5.9% to € 5.32 million, representing 14.1% of the Group’s gross margin.


Based on the current 2021 half-year closing, the Group plans to:

  • An increase in adjusted facial PBIT3 more than 20% (H1 2020 restated for the sale of Shelf Service: € 7.65 million);
  • A sharp increase in adjusted operating margin3 (H1 2020 restated for the sale of Shelf Service: 21.3%).

The 2021 half-year results will be published on Wednesday August 25 after market close. A conference call with analysts will take place on Thursday, August 26.


Based on the good performance recorded in Q2 2021 and the strong growth expected in the half-year results, the Group has confirmed its forecast for 2021:

  • A return to growth in gross margin (2020 gross margin: € 74.16 million);
  • Increase in adjusted operating margin3 (Adjusted nominal PBIT / gross profit) to more than 17% (2020 adjusted operating margin: 16.4%).

About HighCo

As an expert in data marketing and communication, HighCo is constantly innovating to support brands and retailers in the face of the retail challenges of tomorrow.
Listed on compartment C of Euronext Paris, and eligible for PEA-PME, HighCo has nearly 600 employees and has been part of the Gaia Index since 2010, a selection of 70 responsible Small and Mid Caps.

Your contacts

Cecile Collina-Hue Cynthia Lerat
General director Press relations
+33 1 77 75 65 06 +33 1 77 75 65 16
comfi@highco.com c.lerat@highco.com

Events to come

The publications take place after market close.

Half-year results 2021: Wednesday, August 25, 2021
2021 half-year results conference call: Thursday, August 26, 2021 (11:00 a.m. CET)
Gross profit Q3 and 9 months YTD 2021: Wednesday, October 20, 2021
Gross margin for the fourth quarter and full year 2021: Wednesday January 19, 2022

HighCo is a value making up the CAC indices® Small (CACS), CAC® Medium and small (CACMS), CAC® All-Tradable (CACT), Euronext® Tech Croissance (FRTPR) and Enternext® PEA-PME 150 (ENPME).
ISIN: FR0000054231
Reuters: HIGH.PA
Bloomberg: HCO FP
For more financial information and press releases, visit www.highco.com.

This English translation is for the convenience of English speaking readers. Therefore, the translation cannot be relied on to support a legal claim, nor should it be used as a basis for legal advice. HighCo expressly disclaims all liability for any inaccuracies herein.

  • HighCo CP T2 2021 MB_VDEF_FR



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