A solid and promising first quarter
Olivier Rigaudy, Deputy CEO and Group CFO
Three questions for Olivier Rigaudy, Deputy CEO and Group CFO
During the first quarter of 2023, Teleperformance posted solid and diversified growth. Revenue came in at €2,006 million, representing a year-on-year increase of +8.6% on a like-for-like basis, excluding Covid contracts. This sustained performance, delivered against a backdrop of continued economic and geopolitical uncertainty, attests to the resilience and diversity of the Group's client portfolio, as well as the Validity of its TP Cube growth strategy.
During the first quarter, the success of this strategy was demonstrated by rapid business growth in the financial services and travel sectors, as well as with government agencies (excluding Covid contracts) and in Trust & Safety. This performance was notably driven by the accelerated expansion of offshore activities, which lowered the level of revenue growth but conversely had a positive impact on earnings. Lastly, Specialized Services also expanded at a sustained pace, led by the continued recovery of TLScontact’s visa application management business, which benefited from China’s reopening in particular, and the steady development of LanguageLine Solutions' online interpretation business.
Our solid first quarter promises to usher in another year of significant growth and margin gains. The Group should continue to benefit from healthy sales momentum in the financial services, travel and content moderation sectors. For full-year 2023, we are targeting like-for-like revenue growth excluding Covid contracts of between +8% and +10% as well as EBITA margin of around 16%, a record high for Teleperformance.
*At constant scope of consolidation and exchange rates, excluding Covid support contracts
** At constant scope of consolidation and exchange rates
Strong growth outlook for 2023 and revised targets
Like-for-like revenue growth target, excluding Covid contracts, of between +8% and +10%
EBITA margin target raised to around 16%, a record high, versus 15.7% previously
Further targeted acquisitions capable of creating value based on the TP Cube strategy