President’s note

January 2019

The decline in the oil&gas sector during 2017 continued into 2018 and accordingly the Group’s revenue in this sector reflected this decline. This led to restructuring and reorientation which has been fully implemented over the past year with the result that operating costs and debt have continued to decrease.
Increased business development and more efficient recruitment have resulted in more invoicing to new clients outside the oil&gas sector. These new revenues have led to increased turnover in 2018 and an anticipated significant growth in 2019 with improved margins.
The African subsidiaries continued to reduce their overheads and have reported more balanced results in 2018. Sales forecasts are significantly better for 2019.
Naurex’s diversification towards the nuclear sector and renewable energies will also fully materialise in 2019.
May I wish you all a happy, healthy and prosperous 2019.

Jean-francois Maechel