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Majorel Group Luxembourg S.A. : Majorel continues strong momentum with net revenue +23% YOY in Q3 2022

Majorel Group Luxembourg S.A. / Key word(s): 9 Month figures/9 Month figures
Majorel Group Luxembourg S.A. : Majorel continues strong momentum with net revenue +23% YOY in Q3 2022

03-Nov-2022 / 08:00 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.


Press release

 Majorel continues strong momentum with net revenue +23% YOY in Q3 2022
9M net revenue +18% YOY | increased guidance for FY 2022

Luxembourg, November 3, 2022: Majorel Group Luxembourg S.A. (Euronext Amsterdam: MAJ) (“Majorel” or the ‘’Company”), a leading global provider of next-generation end-to-end customer experience (CX) solutions for digital-native and vertical leading brands, today reports on selected results for the third quarter of 2022[1].


  • Continuing strong topline growth in both Q3 and 9M 2022:

    • Q3 2022: +23% YOY, with net revenue[2] of €540 million (Q3 2021: €440 million). Adjusted for M&A[3] and COVID-19 related business[4], like-for-like[5] growth was +24% YOY.

    • 9M 2022: +18% YOY, with net revenue2 of €1,516 million (9M 2021: €1,282 million). Adjusted for M&A3 and COVID-19 related business4, like-for-like5 growth was +19% YOY.

  • Continuing double-digit growth momentum across all business Segments: EASA (Europe, Africa, and South America) at +14% for Q3 2022, and +12% for 9M 2022; GEMS (Global English, Middle East and South- East Asia) at +46% for Q3 2022, and +39% for 9M 2022; and CEA (China and East Asia) at +33% for Q3 2022, and +29% for 9M 2022, net revenue growth.

  • Continuing successful strategy execution: expansion with existing and new clients, with net revenue retention[6] (NRR) of 116% for 9M 2022; acquisition of Findasense; and progress in strategic KPIs.

  • Increased guidance: the Company increases its current guidance and expects net revenue to grow to €1,950-2,050 million for the full year 2022 (previously €1,900-2,000 million) and the Operating EBITDA margin is expected to be between 16.5-17.5% (previously: upper half of 16.0%-17.0%).

Commenting on the strong results, Thomas Mackenbrock, CEO of Majorel Group said: "We have maintained our strong growth momentum in Q3, underpinned by our relentless strategic focus, the trust of our clients and the commitment of our super-talented people. Our topline growth of +23% is testament to this. With our strong balance sheet, we will continue to further build on our successful execution, and look ahead with confidence for the remainder of 2022, which is reflected in our increased guidance, while continuing to keep a careful watch on the increasingly volatile macro-economic environment.”

OVERVIEW Q3 2022 AND 9M 2022


Q3 2022: Net revenue was €540 million in Q3 2022, representing YOY growth of +23% (Q3 2021: €440 million). This was driven by strong growth with existing clients, mainly in the target vertical of Global Internet, and an increase in offshore[7] delivery. Like-for-like net revenue growth was +24%.

9M 2022: Net revenue for the nine months to September 30, 2022, was €1,516 million, +18% YOY (9M 2022: €1,282 million). Net revenue from non-recurring COVID-19 related business contributed €45 million (9M 2022: €83 million). Therefore, adjusted for M&A and COVID-19 related business, like-for-like growth was +19%. The increase of offshore delivery in 9M 2022 was +32% YOY.

Revenue, net revenue and net revenue by business Segment


Q3 2022

Q3 2021

YOY change

9M 2022

9M 2021

YOY change

Group revenue







Net revenue







EASA Segment







GEMS Segment







CEA Segment








EASA Segment: Europe, Africa and South America

The EASA Segment has delivered YOY growth in net revenue for Q3 of +14% and the nine months to September 30, 2022, of +12%. Like-for-like net revenue growth for Q3 was +16%, with the difference explained by a reduction of COVID-19 business and the acquisitions of Mayen and Alembo. The main driver for the growth in EASA has been the continuing strong development of the Company’s near- and offshore locations in Africa, Eastern Europe, and Latin America.

GEMS Segment: Global English, Middle East and South-East Asia

The GEMS Segment has delivered YOY growth in net revenue for Q3 of +46% and the nine months to September 30, 2022, of +39%. This strong increase continues to be driven by the Company’s expansion with its Global Internet clients, particularly in the Philippines, the US, Canada, Malaysia, Egypt, and Saudi Arabia.

 CEA Segment: China and East Asia

The CEA Segment has delivered YOY growth in net revenue for Q3 of +33% and the nine months to September 30, 2022, of +29%. This solid performance is in particular supported by the continuing growth of digital-native clients and the positive contribution of the business in South Korea and Japan.


Growth with clients

Our current client portfolio comprises more than 500 clients worldwide from a wide range of industries, with a particular focus on Global Internet and BFSI (Banking, Financial Services and Insurance). For the nine months to September 30, 2022, NNR was 116% (9M 2021: 116%) including the reduction of COVID-19 related services. Excluding this, NRR for 9M 2022 was 119%.

Growth through M&A

On September 1, 2022, Majorel announced, that it had acquired Findasense, a leading CX design and creative services company headquartered in Madrid, with a strong presence in the Americas. Findasense will be consolidated for the first time at Majorel Group level at year-end 2022, and its financial numbers are therefore excluded from the Q3 reporting.

Progress in strategic KPIs

At the end of September 2022, 51% of net revenue was from Global Internet clients (H1 2022: 49%), exceeding our mid-term target of >50% and including 24% of net revenue from Majorel’s Content Services, Trust & Safety line of business (H1 2022: 23%), in line with our mid-term target of 20-25%. Tech & Expert Services represented 8% of net revenue (H1 2022: 9%), compared to our mid-term target of 10-15%, while the net revenue share from the Telco sector further decreased to 9% (H1 2022: 10%), within the medium-term target of around 10%. Offshore delivery represented 43% of net revenue (H1 2022: 42%), compared to our mid-term target of 45-50%.


Given the strong performance in the nine months to September 30, 2022, the Company increases its guidance and expects net revenue for the full year 2022 to grow to €1,950-2,050 million (previously €1,900-2,000 million). In addition, the Operating EBITDA margin guidance is also increased and is expected to be between 16.5-17.5% (previously: upper half of 16.0%-17.0%).

Majorel will continue to keep a careful watch on the increasingly volatile macro-economic environment, including potential impacts from inflation, COVID-19, developments in the Ukraine, and changing client demands on Majorel’s business.


A webcasted conference call for investors and analysts will be hosted on Thursday, November 3, 2022 at 14:00hrs CET.

If you would like to participate in the conference call, please pre-register by clicking here and you will then receive the dial-in details.

To follow the presentation, participants of the conference call can use the following link (only slides, no audio):

If you’d like to follow the presentation without participating in the conference call, you can follow the webcast via livestream and you will receive the audio via your Internet browser. No dial-in to the conference call is required.

The presentation of the Q3/9M results is currently available on the Investor Relations section of Majorel's website (


Preliminary results FY 2022 February 22, 2023


We design, build and deliver next-generation end-to-end CX solutions for many of the world’s most respected digital-native and vertical leading brands. Our comprehensive east-to-west global footprint in 44 countries across five continents, with more than 82,000 team members and 60 languages, allows us to deliver flexible solutions that leverage our expertise in cultural nuance, which we believe to be essential for true excellence in CX. We have deep domain expertise in tech-augmented front to-back-office CX. Additionally, we offer Digital Consumer Engagement, CX Consulting, and an innovative suite of Proprietary Digital Solutions for industry verticals. We are a global leader in Content Services, Trust & Safety. We believe the ‘Majorel difference’ to be our culture of entrepreneurship.


Investor Relations
Michèle Negen
SVP, Investor Relations

Media Relations
Andrew Slater
SVP, Global Marketing & Communications


[1] All financials are based on unaudited and non-reviewed management reporting. Findasense has not been consolidated as at September 30, 2022 and is excluded from all reported financial numbers.

[2] Net revenue for the Group corresponds to revenues as reported in our management reporting less certain direct, order-related external costs which are part of external expenses and costs of materials and consist mainly of cost of services purchased (subcontracted or outsourced services). Net revenue for each Segment corresponds to the according Segment revenues less certain direct, order-related inter-Segment and external costs. Management reporting data excludes revenues from minor activities (primarily the Sonopress Business) outside Majorel Group’s core business which are reported in the Condensed Consolidated Interim Financial Statements (the “Sonopress Business” is defined as certain non-core business activities historically carried out by Arvato de Mexico, S.A. de C.V., which was wound down in 2021). Management believes that the inclusion of supplementary adjustments to Revenue applied in presenting Net revenue are appropriate to provide additional information to investors. Management believes that net revenue is a non-GAAP measure representing a core-business growth indicator.

[3] First time consolidation of Mayen (January 1, 2022) and Alembo (June 1, 2022).

[4] Delta of non-recurring COVID-19 related business Q3 2022 vs. Q3 2021 and 9M 2022 vs. 9M 2021 respectively.

[5] Like-for-like net revenue growth corresponds to net revenue growth year over year, adjusted for certain specific non-recurring items. For Q3 2022 to Q3 2021 and 9M 2022 to 9M 2021 like-for-like net revenue comparison, the contribution of the first-time consolidation of the acquisition of Mayen and Alembo and COVID-19 related business were adjusted. Management believes that like-for-like net revenue growth is a non-GAAP measure representing a business growth indicator.

[6] Net revenue retention 9M 2022 is defined as net revenue generated by clients in 9M 2022 divided by net revenue generated by the same cohort of clients in 9M 2021 (excluding M&A in 2022). Net revenue retention 9M 2021 is defined as net revenue generated by clients in 9M 2021 divided by net revenue generated by the same cohort of clients in 9M 2020 (excluding the China Business in 2021).

[7] We define “Offshore” as net revenue from the following countries (even if some local business is included): Armenia, Colombia, Croatia, Egypt, Estonia, Georgia, Ghana, Greece, India, Ivory Coast, Kenya, Lithuania, Malaysia, Mexico, Morocco, North Macedonia, Peru, Philippines, Poland, Portugal, Romania, Senegal, Suriname, Togo, and Turkey.


This announcement is released by Majorel Group Luxembourg S.A. (the “Company” or “Majorel”) and contains information that qualified or may have qualified as inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 (MAR).

The Company’s financial information presented in this announcement has been derived from the management accounts of the Company and are not presented in accordance with IFRS. Such financial measures are not measures of financial performance in accordance with IFRS and may exclude items that are significant in understanding and assessing Majorel’s financial results. Therefore, these measures should not be considered in isolation or as an alternative to loss for the period or other measures of profitability, liquidity or performance under IFRS. You should be aware that the presentation of these measures may not be comparable to similarly titled measures used by other companies, which may be defined and calculated differently.

This financial information is subject to updating, revision, amendment, verification, correction, completion and change without notice. It does not purport to contain all information required to evaluate the Company or the Majorel group and/or its financial position. The information does not constitute a recommendation regarding any loans or securities of the Company.

In providing access to this announcement, neither the Company nor any other person undertakes any obligation to provide you with access to any additional information or to update the information as part of this announcement or to correct any inaccuracies in any such information. No representation, warranty or undertaking, express or implied, is made by the Company or any other person as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained therein or any other statement made or purported to be made in connection with the Company or any of the Company’s respective affiliates, for any purpose whatsoever, including but not limited to any investment considerations. In addition, no duty of care or otherwise is owed by the Company or any of the Company’s respective affiliates to recipients of the information within this announcement or any other person in relation to the information.

This announcement include(s) forward looking statements. All statements other than statements of historical or current facts contained in this announcement, including statements regarding the Company’s future results of operations and financial position, industry dynamics, business strategy and plans and its objectives for future operations, are forward-looking statements. These statements represent management’s opinions, expectations, assumptions, beliefs, intentions, estimates or strategies regarding the future, which may not be realized. Forward looking statements are often indicated by terms such as "anticipate," "believe," "could," "estimate," "expect," "forecast," "goal," "intend," "look forward to," "may," "plan," "potential," "predict," "project," "should," "target" "will," "would" and/or the negative of these terms or other similar expressions that are intended to identify forward-looking statements. The forward-looking statements included in this announcement are based largely on Majorel’s current expectations and projections about future events and financial trends that Majorel believes may affect its financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs. These forward-looking statements involve known and unknown risks, uncertainties and assumptions that are difficult to predict or are beyond Majorel’s control, and actual results may differ materially from those expected or implied as forward looking statements. For a detailed description of these factors and uncertainties, please refer to the “Risk Factors” section of Majorel’s Prospectus, available at Majorel undertakes no obligation to publicly update or revise any of these forward looking statements.

Moreover, new risks emerge from time to time. It is not possible for the Company’s management to predict all risks, nor can it assess the impact of all factors on Majorel’s business or the extent to which any factor, or combination of factors, may cause actual results to differ from those contained in any forward-looking statements. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this announcement may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. Majorel cautions you therefore against relying on these forward-looking statements, and Majorel qualifies all of its forward-looking statements by these cautionary statements.

The forward-looking statements included in this announcement are made only as of the date hereof. Although Majorel believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee that the future results, levels of activity, performance or events and circumstances reflected in the forward-looking statements will be achieved or occur. Neither Majorel nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements. Moreover, neither Majorel nor any other person undertakes any obligation to update any forward-looking statement to reflect events or circumstances after the date of this announcement or otherwise. You should read this announcement with the understanding that Majorel’s actual future results, levels of activity, performance and events and circumstances may materially differ from what Majorel expects.

This announcement does not constitute an offer of securities for sale or a solicitation of an offer to purchase the securities described in this announcement in the United States. In particular, any securities referred to in this announcement have not been and will not be registered under the US Securities Act of 1933 (the Securities Act), or under the securities laws of any state or other jurisdiction of the United States and may not be offered, sold or delivered, directly or indirectly, in or into the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in compliance with any applicable securities laws of any state or other jurisdiction of the United States. There will be no public offering of securities in the United States.



03-Nov-2022 CET/CEST The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
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Majorel Group Luxembourg S.A.

18, boulevard de Kockelscheuer

L-1821 Luxembourg



+352 42 142 56 11








Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt, Munich, Stuttgart; Amsterdam

EQS News ID:



End of Announcement

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