Revenue stood at €4.3m in H1, confirming the positive momentum communicated in Q1. The Oil & Gas activities recovered sharply with the high oil price, while the strong growth continued at 8.2 France. The prospects also look good for H2, with drilling activity remaining elevated and with the workforce growing in Renewable energies. Overall, a positive update, which will help to support the stock price.
H1 (comparison including 8.2 France):
Group revenue: €4.3m (+34% yoy)
- Oil & Gas: €2.6m (+63% yoy)
- Renewable energies: €1.6m (+33% yoy)
- Engineering & Technologies: €0.1m (-75% yoy)
In Oil & Gas, the Audit & Inspection activities were up 67% to €1.5m, leading the division’s gains. Projects were executed in active regions/countries such as Brazil and the Middle East. The revenue for Technical Assistance stood at €1.1m, a 47% yoy increase, with contracts that had been halted during the pandemic now restarting.
In Renewables, 8.2 France is now consolidated. The company recorded yoy growth in offshore activity, specifically on the Banc de Guérande project (Saint-Nazaire), with 80 wind turbines. 8.2 France had 8 people for the manufacturing (inspection), installation and commissioning phases of the project.
No change to our recommendation
