First quarter marked by the Covid-19 crisis: gradual return to business with a reduction in costs and investments

2020 05 05 HERIGE CA T1 2020 UK


First-quarter 2020 turnover

After starting the year much in line with expectations, the Group’s business slowed considerably from mid-March with the introduction of Covid-19 related confinement measures. HERIGE Group posted turnover of €132.8 million for the first three months of 2020, down 14.6% like-for-like against the backdrop of the unprecedented health crisis.




Implementation of specific health and safety procedures to gradually return to business

In an unprecedented context, the Group’s top priority is the health and safety of all employees and clients. It has quickly put in place health and safety procedures in view of gradually returning to business in all divisions.



HERIGE Group expects Covid-19 to continue putting significant pressure on its businesses and anticipates the second quarter to be heavily impacted. However, it is currently too early to quantify the impact on the first half of the year as a whole.



Implementation of a plan to reduce costs and secure the Group’s cash position

In addition to health and safety measures, HERIGE reacted quickly by rolling out a cost-saving plan combined with very strict management control, including:



In addition, to maintain a sufficient level of available cash and balance sheet flexibility, HERIGE Group also requested that its banking partners implement a state-guaranteed loan (Prêt Garanti par l’État – PGE), which will strengthen the Group’s immediate cash position and enable it to fully and effectively restart all of its operations in order to meet its clients’ needs once the confinement measures have been lifted.



NEXT PUBLICATION: Q2 2020 turnover on July 28, 2020 (after the close of trading)
All our financial communications are available on our website:



>> Download the press release (pdf - 274 Ko)