Paris, September 20th 2011



The Board of Directors of met on September 20th, 2011 to approve the group’s half year accounts, which had been subject to limited review by the External Auditors.


The first semester 2011 has seen continued revenue (wholly organic growth of + 7.5%) and results growth.


The increase of marketing expenses during the first-half has a low impact on the operating margin, which stands out with a 35% high level.


€ m unaudited accounts (limited review) June 30, 2011 June 30, 2010 Chg.
Revenue 14.0 13.0 +7.5%
Operating income
% revenue
Current result before tax 5.1 4.7 +7.8%
Income before goodwill amortization 3.5 3.1 +11.0%
Net income 2.7 2.4 +14.6%


Margin levels remain very high group achieved an operating margin of 35.1%. Marketing investments increased during the first-half while having a limited impact on the operating income which stands out with €4.9m, a 5.4% increase compared to last year.


After taking into account a positive financial income of €0.2m, tax costs of 1.7M€ and goodwill amortization of €0.8m, net income is €2.7m, up 14.6%.


The important level of net cash, €28.5m, gives the group a very solid financial footing.



Strong audience growth: + 22% Group also attracts a growing number of merchants: 72 000, a 16% progress in a year.


Outlook for the second half of 2011: maintain a good operating margin whilst increasing marketing spending.


As expected, Google has rolled out its new algorithm across Europe on August 12th, 2011. In France, the group’s main market, managed to limit the impact on the site’s audience by diversifying its sources of traffic. International operations have seen a stronger effect.


Since June, accelerated its audience acquisition plan and will keep going during the whole second-half. This should contribute to limit the slowdown in the activity but will impact the operating margin level.



Third-quarter 2011 revenue figures due out on October 20th, 2011 after the market close 01 55 43 36 ActifinAnaïs de Scitivaux01 56 88 11

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First semester 2011 revenue and results increase