Highco: Q2 2022 Gross Margin


Aix-en-Provence, July 21, 2022 (6 p.m.)


Q2/H1 2022 business growth driven by France and Mobile

  • Q2 2022 gross margin1 of €19.51 million, up 1.5% in published data and LFL2.
  • H1 2022 gross margin1 €38.31 million, up 1.3% in published data and LFL2.
  • Growth in digital activities (Q2 up 0.1% LFL; H1 up 2.8% LFL) with good performance in offline activities (Q2 up 4.4% LFL; H1 down 1.3 %LFL).
  • Good business growth in France (Q2 up 3.4% LFL; H1 up 2.2% LFL) and decline internationally (Q2 down 9.5% LFL; H1 down 3.9% LFL).

2022 half-year results: Expected increase in adjusted nominal PBIT3 and adjusted operating margin3

Guidance 2022 reiterated

Return to shareholders: cancellation of 8.77% of the share capital

HighCo Venturi Startup Studio: Investment in an influencer platform and update on current projects

Gross Margin (in M€)1 2022 2021 2022/2021
To change
Q1 18.80 18.59 +1.1%
Q2 19.51 19.21 +1.5%
H1 38.31 37.80 +1.3%

1 Limited audit of the Statutory Auditors in progress.
2 LFL: On the basis of a comparable perimeter and at constant exchange rates (ie by applying the average exchange rate for the period to the data for the period compared).
3 Adjusted profit before interest and tax: Current operating profit before restructuring costs and excluding the impact of performance share plans. Adjusted operating margin: Adjusted EBITDA/Gross profit.

Didier Chabassieu, Chairman of the Management Board, declared: “With a gross margin up 1.3% in the first half, HighCo’s activity is in line with its expectations. Confirming the trends of the 1st quarter, the growth of the 2nd quarter is mainly driven by the dynamism of the Mobile activities (+21%) and the increase in the volumes coupons cleared in France. Given the economic environment, which remains uncertain, the Group is holding up well. At this stage, the rise in inflationary pressures had a limited positive impact on HighCo’s activity.


After a slight increase in Q1 2022 (+1.1% like-for-like), HighCo is growing in Q2 2022 and posts a gross margin up 1.5% to €19.51m.
In line with Q1, this change in business growth is mainly explained by:

  • Double-digit growth in Mobile (+20.9%);
  • Continued strong performance of coupon clearing with volumes up (+8%);
  • Reduced management of traditional promotions;
  • Decline in marketing and communication consulting.

In Q2 2022, Digital was stable (+0.1%). Offline business recovered with growth of 4.4% in the quarter.

Consequently, the The Group’s activities increased by 1.3% in H1 2022 to €38.31m. Digital activity, up 2.8% in the first half, is driven by strong growth in Mobile activities (+21.1%). Its share in the Group’s total gross margin fell from 64.3% in H1 2021 to 65.3% in H1 2022.

Group revenue in H1 2022 stands at €72.7 million.

Strong growth in France and decline internationally

FRANCE Gross Margin (in M€) 2022/2021
To change
% Total
gross profit
2022 2021
Q1 16.14 15.98 +1.0% 85.9%
Q2 17.05 16.50 +3.4% 87.4%
H1 33.19 32.48 +2.2% 86.seven%

In France, gross margin growth in Q2 2022 was stronger than in Q1, up 3.4% to €17.05m. The main reasons for this growth are the same as in Q1: double-digit growth Mobile businesses (+18.6%), the strong increase in volumes of compensated coupons (+16%), while management of traditional promotions and marketing and communication consultancy activities declined.

H1 2022 is up 2.2%France representing 86.7% of the Group’s gross margin in the first half. Digital activities grew by 4.1% in the first half, and their share increased to 65.9% of gross profit. This growth in Digital is driven by Mobile activities, which now represent more than a quarter of activity in France (26.2%). Impacted by the loss of a marketing and communication consulting client, offline activities held up well, posting a drop of 1.2% over the quarter.

INTERNATIONAL Gross Margin (in M€) 2022/2021
To change
% Total
gross profit
2022 2021
Q1 2.65 2.61 +1.8% 14.1%
Q2 2.46 2.71 -9.5% 12.6%
H1 5.11 5.32 -3.9% 13.3%

Internationally, the gross margin for Q2 2022 fell by 9.5% to €2.46 million and represented 12.6% of the Group’s gross margin.
In Belgiumthe gross margin was down 16.4%, impacted by the sharp drop in the number of compensated discount coupons and the continued slowdown in the management of promotions.
With double-digit growth again (+56.8%), business in other countries (Spain and Italy) remains very dynamic and now represents 2.1% of the Group’s gross margin.

In H1 2022, International fell by 3.9% to €5.11m, representing 13.3% of the Group’s gross margin. The share of Digital in International accounts for 61.1% of the gross margin.


Based on the current 2022 half-year closing, Group forecasts:

  • An increase in adjusted EBITDA3 between 3% and 5% (H1 2021: €9.5m);
  • An increase in adjusted operating margin3 (H1 2021: 25.1%).

The 2022 half-year results will be published on Wednesday August 24 after market close. A conference call with analysts will take place on Thursday, August 25 at 11 a.m.


Based on the business growth published in Q2 2022 and the expected growth in half-year results, the Group reiterates its guidelines for 2022:

  • Slight growth in gross margin (2021 gross margin: €76.52 million);
  • A increase in adjusted operating margin (adjusted EBA/gross profit) of 50 basis points (2021 adjusted operating margin: 20.3%).


As part of its shareholder return policy, the Company recalls that on July 2, 2022, it reduces its share capital of €982,964.50 with the cancellation of 1,965,929 treasury shares, i.e. 8.77% of share capital. Since that date, HighCo’s share capital amounts to €10,227,701.50composed of 20,455,403 shares.


The startup studio is currently focusing its mission on the transformation of the Group’s historical businesses from promotions and the development of more disruptive solutions, particularly in the fields of radiation and Web3. Among its current projects, three startups have advanced since the beginning of the year.

Universal Mobile Discount Coupons – HighCo Nifty

Clever HighCo continues its deployment in pharmacies. Currently, 4,000 pharmacies can read and accept HighCo Nifty coupons at checkout. Its objective is to cover 6,000 points of sale by the end of the year. At the same time, discussions are underway with several food chains.

SaaS platform for centralized promotion management – ​​Unipromo

The unipromo platform is being developed for retailers. The delivery of the first version is scheduled for the fourth quarter of 2022. As a reminder, the Group has invested €0.5 million in this project since its creation in order to hold a third of the capital.

Influencer platform – FDBK

FDBK is a platform that connects influencers with individuals to provide them with personalized advice in the context of a remote exchange. This unprecedented type of collaboration is very attractive for influencers who will be able to access a new source of income, without having to create additional content.
FDBK has received support from the startup studio since its creation. The Group has recently invested €0.65 M in the startup and now holds 65% of the capital.

About HighCo

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 more than 500 employees and has obtained Platinum status from EcoVadis, which places the Group in the top 1% of companies in terms of CSR performance. and responsible purchasing.

Your contacts

Cecile Collina Hue Cynthia The rat
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

Publications take place after market close.

2022 half-year results: Wednesday August 24, 2022
Conference call on the 2022 half-year results: Thursday, August 25, 2022
Gross margin Q3 and 9 months YTD 2022: Wednesday October 19, 2022
Gross margin for the 4th quarter and full year 2022: Wednesday, January 25, 2023

HighCo is a constituent share of the CAC indices® Small (CACS), CAC® Medium and small (CACMS), CAC® All-Tradable (CACT), Euronext® Tech Growth (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 upon to support any legal claim, nor be used as the basis of legal advice. HighCo expressly disclaims any liability for any inaccuracies herein.

  • HighCo CP T2 2022 MB_VDEF_EN


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