Open Group has reported lower business indicators for the first half of the year, with turnover down by 5% and a 7% drop in operating profit. Reduced working hours helped to limit the impact of the drop in turnover on the operating profit (€5.3 M). Nevertheless, the operating profit falls well short of expectations. The company also recorded €1.3 M of additional losses from its Dutch subsidiary in the net profit for the operations currently being sold.
This decrease can be explained by the drop in the occupancy rate and the reduction of the in-house productive workforce (3,180 employees at the end of June 2020, compared with 3,247 at the end of December 2019), as a direct result of the health crisis.
The first 6 months of the year were seriously impacted by the health crisis. Thanks to the commitment of its teams and its managerial organisation, Open Group has shown resilience. The measures taken by the French government together with optimised management have enabled Open Group to report an operating profit that is only slightly down and to generate a healthy cash flow. For 2020, in a context characterised by uncertainty and poor visibility, Open Group is anticipating a reduction of approximately 5% in turnover, and an operating profit of between 3% and 4%.