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Majorel Group Luxembourg S.A. : Majorel exceeds its guidance for FY 2022, with like-for-like net revenue growth of +19%

Majorel Group Luxembourg S.A. / Key word(s): Preliminary Results/Preliminary Results
Majorel Group Luxembourg S.A. : Majorel exceeds its guidance for FY 2022, with like-for-like net revenue growth of +19%

22-Feb-2023 / 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.


 Majorel exceeds its guidance for FY 2022, with like-for-like net revenue growth of +19%

Luxembourg, February 22, 2023: 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 preliminary topline results[1] for the financial year ended December 31, 2022 (FY 2022).


  • Strong topline growth with group revenue of €2,100 million (FY 2021: €1,811 million) and net revenue[2] of €2,080 million (FY 2021: €1,752 million).

  • Like-for-like[3] net revenue growth was +19% YOY, adjusted for M&A[4], and COVID-19 related business[5]. The reduction in COVID-19 related business (€50 million) was mostly offset by the contribution from M&A (€47 million)[6].

  • Continuing momentum in 2022 with strong net revenue growth across all business Segments:

    • EASA (Europe, Africa and South America) delivered net revenue of €1,452 million, an increase of +13% (FY 2021: €1,290 million). Like-for-like, net revenue in EASA increased by +13% in FY 2022. Growth was mainly driven by existing and new clients in Global Internet, as well as the strong development in our near- and offshore locations in Africa, Eastern Europe, and Latin America.

    • GEMS (Global English, Middle East and Southeast Asia) net revenue increased +38% to €503 million (FY 2021: €364 million), driven by the strong growth with Global Internet clients, particularly in the Philippines, the US, Malaysia, Egypt, Canada and Kenya.

    • CEA (China and East Asia) delivered net revenue of €124 million, up +27% (FY 2021: €98 million), driven by further expansion of the footprint in China as well as the new countries Japan and South Korea, the continuing growth of digital engagement services, with a focus on consumer products and digital clients.

  • Continuing successful strategy execution in 2022:

    • Expansion with existing and new clients, with net revenue retention[7] (NRR) of 115% (FY 2021: 116%), and

    • Progress in strategic KPIs: 52% of net revenue was from Global Internet Clients (FY 2021: 45%), including 23% of net revenue from Majorel’s Content Services, Trust & Safety line of business (FY 2021: 21%). Tech & Expert Services represented 9% of net revenue (FY 2021: 9%). Offshore[8] represented 43% of net revenue (FY 2021: 39%). Net revenue from the Telco sector represented 9% of net revenue (FY 2021: 12%).

Commenting on the preliminary topline results, Thomas Mackenbrock, CEO of Majorel Group said: "2022 was another successful year for Majorel despite the challenging macroeconomic backdrop. We have grown in key client segments, continued to hone our services mix, and utilized our differentiated geographic footprint to increase our offshore delivery of best-in-class solutions for our clients. I am very proud of what we’ve achieved by going further for our clients, their customers, our team members, and the local communities where we operate.”

On March 14, 2023, Majorel will provide more details when the company publishes its audited results for FY 2022 and provides its outlook for 2023.

Also on March 14, 2023, Majorel will host a webcasted conference call for investors and analysts at 2pm CET, for which details will be announced on our website closer to the date.

Revenue, net revenue and net revenue by business Segment


FY 2022

FY 2021

YOY change





Net revenue




EASA Segment




GEMS Segment




CEA Segment





FY 2022 Audited Results & Report - March 14, 2023

Q1 Trading Update - May 3, 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 45 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 CX consulting, vertical digital solutions, CX analytics, digital consumer engagement and CX technology transformation services 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

Media Relations
Andrew Slater



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.


[1] All financials are based on preliminary unaudited and non-reviewed management reporting.

[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. Management believes that net revenue is a non-IFRS measure representing a core business growth indicator.

[3] Like-for-like net revenue growth corresponds to net revenue growth year over year, adjusted for certain specific non-recurring items. For FY 2022 to FY 2021 like-for-like net revenue comparison, the contribution of the first-time consolidation of the acquisition of Mayen, Alembo, Findasense, and IST 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.

[4] First time consolidation of Mayen (January 1, 2022), Alembo (June 2, 2022), Findasense (September 1, 2022), and IST (December 1, 2022).

[5] Adjusted for the delta of COVID-19 related business in FY 2022 versus FY 2021.

[6] The COVID-19 related business and the acquisitions of Mayen, Alembo, Findasense, and IST are fully reported within the EASA Segment.

[7] Net revenue retention 2022 is defined as net revenue generated by clients in FY2022 divided by net revenue generated by the same cohort of clients in FY2021 (excluding M&A).

[8] We define “Offshore” as net revenue from the following countries (even if some local business is included): Armenia, Colombia, Costa Rica, 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.

22-Feb-2023 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:



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