LeadMedia: H1 2013 sales release – an increasingly margin-oriented strategy
CORPORATE, Fair Value EUR6.5 vs. EUR7 (-8%)
LeadMedia Group yesterday released H1 2013 revenue of EUR 9.7m, a decrease of 9.2% vs. H1 2012. However, the gross margin strongly increased by more than 15 points, from 53.4% in H1 2012 to 69.9% in H1 2013. The revenue level contracted over the half year due to: 1/ a negative exchange rate impact, 2/ an important terminated contract by a Brazilian client wanting to in-source its e-marketing operations, and 3/ a growing profitability-driven strategy with new business contracts delivering higher gross margin levels. Revising down our revenue estimates, but with improved gross margin levels, our Fair Value now comes to EUR 6.5.
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