Majorel Group Luxembourg S.A.

  • WKN: A3C3EP
  • ISIN: LU2382956378
  • Land: Luxembourg

Nachricht vom 04.11.2021 | 08:00

Majorel Group Luxembourg S.A. : Trading Update for Q3/9M 2021

DGAP-News: Majorel Group Luxembourg S.A. / Key word(s): 9 Month figures/9 Month figures
04.11.2021 / 08:00
The issuer is solely responsible for the content of this announcement.


Majorel Trading Update for Q3/9M 2021

Luxembourg, November 4, 2021: Majorel Group Luxembourg S.A. (Euronext Amsterdam ticker symbol: MAJ) ("Majorel", the ''Company"), a leading global provider of next-generation end-to-end customer experience solutions for digital-native and vertical leading brands, today announces selected Q3/9M results for the period ended September 30, 2021[1]. This is the first trading update from the Company following its private placement and listing on Euronext Amsterdam stock exchange on September 24, 2021.


- Continuing strong top-line net revenue[2] growth: +33% YOY (9M 2021)

- Continuing growth with existing clients and digital services, net revenue retention[3] of 116% (9M 2021)

- Further regional expansion: three additional countries in preparation, leading to 34 countries in total

- Increased top line and operating EBITDA[4] guidance for current fiscal year 2021


Continued strong top-line growth momentum

Q3 2021: The Company reported net revenues of €440m for Q3 2021, YOY growth of +30%. This growth was driven by: Clients in the Global Internet (+54% YOY) and BFSI (Banking, Financial Services and Insurance +13% YOY) verticals; special effects from the Covid-19 business[5] (€23m); and first-time consolidation of the China business[6] (€27m). Like-for-like net revenue growth was +15%.[7]

9M 2021: Net revenues in the nine months to September 30, 2021 were €1,282m, +33% YOY. This growth was driven by: Clients in the Global Internet (+58% YOY) and BFSI (+14% YOY) industry sectors; continued healthy growth with existing clients; special effects from the Covid-19 business (€83m); and first-time consolidation of the China business (€68m). Like-for-like net revenue growth was +17%[8].
Net revenue retention was 116%.

Continued growth of digital services

As of September 30, 2021 44% of net revenues were from Global Internet Clients, including 21% of net revenues from Content Services, Trust & Safety. In addition, Tech & Expert services represented 9% of net revenues. In line with our midterm guidance, net revenues from the Telco sector decreased to 13% of group net revenues.

Continued geographic expansion

Three new countries are in preparation: Croatia, North Macedonia, and Ghana. Once the setups are completed, Majorel expects to be operating in 34 countries worldwide. During the nine month period to September 30, 2021, net revenues from offshore delivery[9] have grown by +50% YOY. 38% of 9M group net revenues, have been generated from offshore delivery. As of September 30, 2021, Majorel had more than 66,800 team members worldwide.

Thomas Mackenbrock, CEO of Majorel Group said:

"I'm pleased to report that Majorel has maintained its strong growth momentum, underpinned by our deep long-term client relationships, together with the expertise and passion of our team members across the world.

In the first nine months of 2021, we've delivered year-on-year growth in net revenues of +33%. This has been driven by strong organic growth resulting from increased demand primarily from our Global Internet and BFSI clients. Covid-19 related businesses and the first time consolidation of our China business supported this strong top line growth."




  9M 2021 9M 2020 YOY change Q3 2021 Q3 2020 YOY change
Group revenues €1,327m €987m +34% €451m €347m +30%
Group net revenues €1,282m €965m +33% €440m €340m +30%
EASA Segment €953m €786m +21% €317m €276m +15%
GEMS Segment €260m €180m +45% €97m €64m +52%
CEA Segment €68m N/A N/A €27m N/A N/A

Europe, Africa & South America (EASA)

The EASA Segment has seen strong YOY growth in net revenues for Q3 (+15%) and the nine months to September 30, 2021 (+21%). Main drivers for the development have been continued expansion with Global Internet and BFSI Clients, contribution of Covid-19 related services and the continuation of active portfolio management.

Global English, Middle East & South East Asia (GEMS)

The GEMS Segment has seen strong YOY growth in net revenues for Q3 (+52%) and the nine months to September 30, 2021 (+45%). This has been driven by continued expansion with Global Internet Clients, particularly in the Philippines, Canada, the US, Malaysia, India, and Kenya.

China & East Asia (CEA)

The CEA Segment has delivered net revenues for Q3 of €27m and for the nine months to September 30, 2021, of €68m. Given that the China business was consolidated for the first time on January 1, 2021, there are no comparable figures for the previous year. The positive contribution from CEA has been driven by further expansion of the footprint in China, the continuing growth of digital consumer engagement services, and the focus on Consumer Products and digital clients. The positive contribution from CEA is in line with management expectations.


Given these positive developments, the management is confident to increase its previous guidance for the full fiscal year, ending December 31, 2021. The Company now expects net revenues to be in the range of €1,700m to €1,750m (previous guidance, €1,650m to €1,700m) and operating EBITDA of €290m to €310m (previous guidance, €280m to €300m). The existing guidance for the midterm remains unchanged.



Thursday, November 4, 2021 at 15:00hrs CET

A presentation of the Q3/9M Trading Update is currently available on the Investor Relations section of Majorel's website (



Full Year 2021 Results March 30, 2022

Q1 2022 Results May 5, 2022

H1 2022 Results August 30, 2022



We design, build and deliver next-generation end-to-end CX solutions for many of the world's most respected digital-native and vertical leading brands. Our comprehensive east-to-west global footprint in 31 countries across five continents, with more than 66,800 team members and 60 languages[10], allows us to deliver flexible solutions that leverage our expertise in cultural nuance, which we believe to be essential for true excellence in CX. We have deep domain expertise in tech-augmented front to-back-office CX. Additionally, we offer Digital Consumer Engagement, CX Consulting, and an innovative suite of Proprietary Digital Solutions for industry verticals. We are a global leader in Content Services, Trust & Safety. We believe the 'Majorel difference' to be our culture of entrepreneurship.


Investor Relations
Insa Calsow
EVP, Investor Relations

Media Relations
Andrew Slater
SVP, Global Marketing & Communications


This announcement is released by Majorel Group Luxembourg S.A. ("Company") and contains information that qualified or may have qualified as inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 (MAR). This announcement is made for the purposes of MAR and pursuant to Article 2 of Commission Implementing Regulation (EU) 2016/1055.

All financial information in this announcement is unaudited and preliminary. It does not purport to contain all information required to evaluate the Company and/or its financial position. All forward-looking statements are based on Company's present expectations of future events and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. For a detailed description of these factors and uncertainties, please refer to the "Risk Factors" section of our Prospectus, available at the Company undertakes no obligation to publicly update or revise any of these forward-looking statements.


[1] All financials are based on unaudited and non-reviewed management reporting.

[2] "Net Revenues" for the group correspond to revenues as reported in our management reporting less certain direct, order-related external costs which are part of external expenses and costs of materials and consist mainly of cost of services purchased (subcontracted or outsourced services). Net Revenues for each segment correspond to the according segment revenues less certain direct, order-related intersegment and external costs. Management reporting data exclude revenues from minor activities (primarily the Sonopress Business) outside the Majorel Group's core business which are reported in the consolidated income statement (the "Sonopress Business" is defined as certain non-core business activities historically carried out by Arvato de Mexico, S.A. de C.V., which is currently being wound down).

[3] "Net revenue retention" means net revenues generated by clients in Q3 2021 divided by net revenues generated by the same cohort of clients in Q3 2020 (excluding China business).

[4] "Operating EBITDA" is defined as EBIT (earnings before interest and taxes) adjusted for depreciation / amortization, impairment and reversal on intangible assets, property, plant and equipment and right-of-use assets, adjusted for (i) impairment on goodwill and other intangible assets with indefinite useful life as well as gains from business combinations, (ii) carrying amounts on assets held for sale, (iii) impairment/reversals on other financial assets at amortized cost, (iv) impairment/reversals on investments accounted for using the equity method, (v) results from disposals of investments, (vi) fair value measurement of investments, and (vii) restructuring and other special items. We use Operating EBITDA to assess the operating performance of our business as Operating EBITDA shows our EBIT as adjusted for depreciation and amortization, which are non-cash effective charges, and one-off effects for the relevant period. When comparing Operating EBITDA with peer group data, it should be taken into account that the total adjustments in a given year do not represent the full amount of all special effects incurred in a given year, as rather only material non-recurring effects subject to certain thresholds will be considered for the purpose of calculating Operating EBITDA.

[5] "Covid-19 Business" means contracts to provide services in the fight against the Covid-19 pandemic.

[6] "China business" means the acquisition of Shanghai Bertelsmann Commercial Services Co. Ltd, Shanghai Bertelsmann - arvato Information Services Co. Ltd. and Bertelsmann-Arvato Commercial Services (Shanghai) Co., Ltd

[7] Excluding Covid-19 business and the China business.

[8] Excluding Covid-19 business and the China business.

[9] Net Revenues from offshore locations generated from the following countries, which include our nearshore locations and may also include certain onshore business carried out in these countries: Morocco, Ivory Coast, Senegal, Togo, Poland, Romania, Estonia, Georgia, Armenia, Mexico, Philippines, Malaysia, India, Kenya, Portugal, Peru, Colombia, and Egypt.

[10] As of September 30, 2021

04.11.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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