High Co (HCO) Q3 2024 TU earnings summary

Executive summary

• Q3 2024 gross profit reached €16.5m, down 11.3% like-for-like, but the decline was less steep than anticipated.

• Nine-month YTD 2024 gross profit totaled €54.2m, down 4.1% like-for-like.

• Activation division posted strong growth, while Consulting & In-store media selling saw a sharp decline due to the Casino client.

Financial highlights

• Q1 2024 gross profit: €18.85m (+0.5% LFL); Q2: €18.84m (-1.6% LFL); Q3: €16.5m (-11.3% LFL).

• Nine-month gross profit: €54.2m, down 4.1% LFL from €56.53m.

• France accounted for 87.7% of gross profit, with a 4% decline over nine months; International businesses down 4.7%.

Outlook and guidance

• 2024 gross profit guidance revised to a decline of about 8% (previously 9%).

• Operating margin expected to remain above 16% for 2024.