The group announced a consolidated turnover of 2 billion euros (2.02 billion francs) from January to March, once morest 1.9 billion euros a year earlier.
The investment company Wendel reported Thursday a turnover up nearly 5% in the first quarter compared to the same period last year, driven by the good health of its holdings.
The group announced a consolidated turnover of 2 billion euros (2.02 billion francs) from January to March, once morest 1.9 billion euros a year earlier. Two-thirds come from the inspection and certification company Bureau Veritas, of which Wendel owns 35.5%.
Net revalued assets, a key indicator for measuring the value of the portfolio, stood at 7.42 billion euros at the end of March, down by more than 10% since the start of the year due to “the fall markets,” said a press release.
The quarter was marked by the disposal of the decorative paint company Cromology in January (which generated net proceeds of 896 million euros), as well as the purchase in early March of Acams, which advises companies on international sanctions once morest Russia.
The period “confirms the trends observed at the end of last year, with organic growth across our entire portfolio,” said André François-Poncet, Chairman of Wendel’s Management Board, quoted in a press release.
Dividend proposed to increase
Wendel had achieved revenue of 7.5 billion euros and net profit of 1.05 billion euros in 2021, following a year 2020 in the red due to the Covid-19 pandemic.
The investor is still counting on the distribution of an ordinary dividend of 3 euros per share, up 3.4%, to be proposed on June 16 at its general meeting.
Wendel’s news has also been marked in recent weeks by the trial of some fifteen former managers and executives of the investment company, first and foremost Baron Ernest-Antoine Seillière, 84, boss of the bosses of 1997 to 2005 and then Chairman of Wendel’s Supervisory Board.
The case dates back to May 2007, when these leaders were distributed – without being taxed – a total net gain of 315 million euros from a profit-sharing program called Solfur.
On April 20, 2022, Mr. Seillière was sentenced by the Paris Criminal Court to a three-year suspended prison sentence and the former Chairman of the Management Board, Jean-Bernard Lafonta, to a four-year suspended prison sentence, with matching sentences for each of the maximum fine incurred at the time -37,500 euros.
