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Teleperformance (NR/BBB) Slightly Ahead On Q1 Revenue; FY Guidance Confirmed

TECHNOLOGY
  • Q1 revenue was 1% ahead of consensus at +0.9% YoY (pro-forma) though we note just five estimates included in BBG’s survey.
  • Largest segment Core Services declined by close to 1% pro-forma driven by weakness in Americas on competition from other offshore solutions though strength in other regions and the smaller Specialised Services segment offset the decline.
  • FY24 guidance confirmed; expect improved growth in H2 on more favourable comparison basis and newly signed business (FY target is 2-4% pro-forma growth).

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