PR Newswire/Les Echos/
1st QUARTER 2008
REVENUE: €15.2 million (+15.2%)
DEFERRED REVENUE: €18.2 million (+31.7%)
Paris, 6th May 2008
Adenclassifieds, leader in the French B2B online classified ad market, today
consolidated revenue for the first quarter of 2008, to 31st March.
Revenue (€ thousands) Q1 2008 Q1 2007
Recruitment 12,359 10,874
% of total 81% 82%
Property 2,172 1,808
% of total 14% 14%
Training 703 543 +
% of total 5% 4%
Total 15,234 3,225 +15.2
Over the first quarter of 2008, Adenclassifieds recorded revenue of €15.2
million, up 15.2% on the same quarter of 2007.
Revenue growth for this first quarter of 2008 was regulated by an unfavourable
base effect. Indeed, Adenclassifieds' revenue jumped 84% in the first quarter
of 2007, a substantially higher figure than those recorded for FY 2007 as a
whole (+50%) and for each of the three following quarters (+44%, +34% and +45%
With regards to the Group's activity, and in particular Recruitment and Training
, Adenclassifieds and its clients sign sales contracts whose duration can be
anything up to twelve months. Only the pro- rated share of this figure is
booked as revenue over the period in question, the remainder being booked as
At 31st March 2008, deferred revenue totalled €18.2 million, versus €13.9
million at 31st March 2007, an increase of 31.7%, confirming the growth
momentum of the Group's activities.
Over the first quarter of 2008, revenue from Recruitment activity grew by 13.7%
to €12.4 million. On a constant scope basis, revenue was up 4.2% to €11.4
million (versus €10.9 million a year earlier). CADRESONLINE, acquired in
January 2008, recorded revenue of €1.0 million. Classified ads and value-added
services in Recruitment rose by +13.2% and +18.6% respectively.
1 Non audited 1/3
Early 2008 was marked, in France, by an unsettled difficult economic context
resulting in a wait-and- see attitude from companies in marketing terms, at a
time when their requirements in recruitment terms remain substantial. This is
why the volume of classified job ads remained high in early 2008. Thus, in March
, the CADREMPLOI site reached a record high, with over 25,000 online classified
ads. The impact of this uncertainty was particularly noticeable in corporate
recruitment actions, which had been a development driver over the first quarter
The acquisition of CADRESONLINE, combined with the fine performances of
CADREMPLOI, more than ever places Adenclassifieds as the undisputed leader in
executive recruitment, a market that is expected to see a record amount of
recruitment in 2008 (220,000 jobs, according to APEC).
Over the first quarter of 2008, the generalist KELJOB site recorded a slowdown
in sales. Beyond the economic situation that deprived the site of the corporate
campaigns that it had recorded in 2007, two key factors impacted its activity:
- Increased communication vis-à-vis the free public offer from the ANPE (
France's national employment agency) over the period and aggressive
regional competition for non executives;
- Some running out of steam by the search engine in the face of the site's
increasing number of job offers (over 100,000 classified ads).
Adenclassifieds has begun to modernise the KELJOB site, whose new search engine
was launched on 21st April. This new version, with an innovative and powerful
search engine, incorporates functionalities that are new on the French market
and that should allow KELJOB to attract new applicants and new clients and
their corporate actions to the site. Investments relative to the upgrading to
this new version of the site were essentially carried out and booked in 2007.
Moreover, an online and offline marketing campaign is getting underway to
support the brand, notably with the sponsorship of the broadcasting of the
Olympic Games on CANAL+ from May to August 2008. In this respect, it should be
pointed out that this campaign is being carried out in accordance with annual
marketing spending norms, i.e. around 15% of Group revenue.
Lastly, PUBLIC-RH, the first site incorporating job offers for the three public
service sectors (state, local government and the health sector), was launched
at the end of March 2008 and is further strengthening the Group's site-
Revenue recorded over the first quarter of 2008 by Property activity was up 20%
to €2.2 million. Classified ads saw growth of +19.5% and value-added services
saw growth of +21.3%. The quarter saw a slowdown in the property market and an
increase in the time between property being put on the market and it being sold
(both for existing property and, in particular, new property). This new
property market pressure should accelerate the transfer of property-sector
professionals' marketing investments from paper to the Internet, confirm the
multi-site search behaviour of Internet users and lengthen the time that
classified ads are online.
The new version of the EXPLORIMMO site was launched at the time of the 'Salon
de l'Immobilier' property trade fair. The site's ergonomics have been
substantially improved in order to make the search for property more
comfortable and more efficient. This new version, which incorporates a new
technological platform and additional editorial content, reinforces the ability
to commercialise corporate ads and advertising on the site.
Here again, most of the investments were amortised in 2007.
An online and offline marketing campaign is backing the launch of the new
version of the site, again in accordance with annual marketing spending norms
During the first quarter of 2008, revenue from Training activity grew by 29.5%.
SEMINUS, which was acquired in July 2007, recorded revenue of €0.1 million
Like-for-like, this activity grew by 7.4%.
At 31st March 2008, Adenclassifieds possessed a net cash surplus of €55.6
million, following the acquisition of CADRESONLINE in last January.
Moreover, Adenclassifieds would like to remind you that a share buyback
programme has been underway since 10th January 2008. At 30th April 2008, 69,402
shares had been acquired in order to finance its managers' loyalty programme
and are allocated in accordance with predefined target- meeting criteria. This
programme is to be extended following a decision by the Group's Board.
Thibaut Gemignani, CEO, comments: 'Despite an unsettled economic context, the
volume of activity recorded over the first quarter of 2008 was substantial. We
have continued our efforts and began to launch, from 2007, the developments
necessary for the onlining of new versions of our sites so that they can
perform even better than before and can exceed market norms. These new versions
are gradually becoming operational, will contribute to our sales momentum and
are further strengthening our offer's specialisation strategy.'
Pierre Conte, Chairman of the Board of Management, adds: 'In the first quarter
of 2008, we recorded over twice as much revenue as we did in the first quarter
of 2006 before the merger. Although the level of deferred revenue,
substantially up, provides the current financial year with good visibility, we
will continue to pay close attention to our operating costs. Our M&A
development roadmap has been reaffirmed by the Board, notably in the Property
sector, where the opening of exclusive talks will be announced in the coming
Next press release: Revenue for the first half of 2008,
31 July 2008 (after market)
About Adenclassifieds (www.adenclassifieds.com):
Listed on Eurolist by Euronext Paris since March 2007, Adenclassifieds is a
leader in the French B2B online classified ad market. Adenclassifieds has a
multi-product offer across its 3 business segments: Recruitment via Internet (
notably via the cadremploi.fr and keljob.com sites), Property via Internet (
notably via explorimmo.com) and Training classifieds on Internet (notably via
Listed on Eurolist Compartment B by Euronext Paris
- ISIN: FR0004053932
Reuters: ADEN.PA - Bloomberg: ADEN FP
Member of the CAC Allshare
Eric Magne Financial
Simon-Laurent Zaks / Emmanuel Huynh
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