Cegedim: Like-for-like revenues grew 4.5% in the first quarter

Revenue Overview - Cegedim's consolidated first-quarter 2025 revenues increased to €161.3 million, reflecting a 3.5% rise as reported and a 4.5% increase like for like compared to Q1 2024 [1][10] - The Software & Services division reported a decline of 2.6% in revenue, while the Flow, Data & Marketing, BPO, and Cloud & Support divisions showed positive growth [1][2] Division Performance Software & Services - Cegedim Santé's revenue grew by 4.7% as reported but fell by 4.7% like for like, influenced by the consolidation of Visiodent and the expiration of a data supply contract [3] - Other French subsidiaries experienced a revenue increase of 3.4%, driven by strong project-based sales in the insurance sector [4] - International businesses saw a significant decline of 31.1% in reported revenues due to the deconsolidation of INPS, with a 6.9% drop in like-for-like revenues [5] Flow - The Flow division's revenue rose by 8.9% as reported and 8.8% like for like, with e-business and third-party payer segments contributing to this growth [6][7] Data & Marketing - Data & Marketing revenues increased by 10.6%, with the Marketing segment achieving robust growth of 14.9% due to new client acquisitions and strong existing client relationships [8][9] BPO - BPO revenues grew by 4.3%, with the Insurance BPO segment increasing by 4.7% and Business Services BPO reporting a 3.4% rise [9][11] Cloud & Support - The Cloud & Support division experienced a growth of 14.8%, attributed to an expanded range of sovereign cloud-backed products and services [12] Outlook - The company anticipates a like-for-like revenue growth of 2-4% for 2025 compared to 2024, with expectations for recurring operating income to continue improving [15]