Ingenico quarterly report

In the first quarter of 2016, revenue totaled €552 million, representing an 11% increase on a reported basis, including a negative foreign exchange impact of €20 million. Total revenue included €388 million generated by the Terminals business and €164 million generated by Payment Services activities.

On a comparable basis1, revenue growth was 15% higher than in the first quarter of 2015, a result that included a 21% increase in Terminals and a 3% increase in Payment Services.

The outstanding performance in the Terminals business was driven by rapid growth in the US and Chinese markets and by particularly strong business in Europe during the quarter. Moreover, as anticipated, Ingenico Group’s performance in Payment Services reflected a significant decrease in volumes from a customer’s collecting business, during the third quarter of 2015. Without that event, Payment Services would have shown 9% growth.

Performance for the quarter by geography, on a like-for-like basis and at constant exchange rates, compared with Q1 2015, was as follows:

    Europe-Africa (up 17%): Growth was solid across the entire Region, but with a favorable basis of comparison with 2015 and exceptionally high order levels in mature markets. In those markets, the Group has maintained its leadership, thanks to a range of products and services that respond perfectly to customer needs. Business was particularly vigorous in the United Kingdom and the Nordic countries, where the bulk of an equipment replacement cycle was under way in early 2016.
    In Greece, Ingenico Group has continued to benefit from the recently introduced legal limit on cash withdrawals and has significantly increased its share of the large-scale retail market. In Russia, the Group has become the leader and revenue doubled once again after major contracts were won, most notably with Sberbank in late 2015.
    In-store payment services revenue has likewise continued to benefit from strong dynamism driven by its increasing brand awareness, services range and commercial organization. Most specifically, Ingenico Group has continued to register solid growth among large retailers in Western Europe with its centralized solution for managing transaction flows (Axis).
    Latin America (up 2%): Ingenico Group has continued to grow in the region, despite Brazil’s highly unfavorable macroeconomic situation. In Mexico, where the Group’s strategy of targeting major retailers is producing results, revenue rose sharply. Another noteworthy development in the quarter was a resumption of sales in Argentina, helped by the government’s economic liberalization moves.
    Asia-Pacific and the Middle East (up 36%): Ingenico Group has continued to record high growth in this geographic area. In China, the Group has confirmed its market leadership, quarter after quarter. However, in the first quarter of 2016, the seasonal nature of its business worked to the Group’s advantage thanks to large orders placed in late 2015. Business has also remained buoyant across the other markets in Asia. Ingenico Group has continued to expand in Southeast Asia. In India, the market for the Group’s offers still shows high growth, driven by government initiatives to digitize the country’s economy. In Turkey, Ingenico Group has almost tripled its sales, capturing growth from deployment of fiscal memory payment terminals.
    North America (up 17%): In the first quarter, the Group recorded high growth in the United States (up 27%), as EMV migration accelerated in the medium-to-small merchant segment...

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