Majorel Group Luxembourg S.A. : Majorel reports strong topline growth of +11% for Q1 2023

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Majorel Group Luxembourg S.A. / Key word(s): Quarter Results/Quarter Results
Majorel Group Luxembourg S.A. : Majorel reports strong topline growth of +11% for Q1 2023

03-May-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 reports strong topline growth of +11% for Q1 2023

Luxembourg, May 3, 2023: Majorel Group Luxembourg S.A. (Euronext Amsterdam: MAJ) (“Majorel”,  the ‘’Company”), a global customer experience (CX) leader, today reports on topline results[1] for Q1 2023.


  • Continued topline growth, with group revenue of €541 million, +11% YOY (Q1 2022: €489 million) and net revenue[2] of €535 million, +11% YOY (Q1 2022: €480 million).

  • Like-for-like[3] net revenue growth of +15% YOY, adjusted for M&A[4], and COVID-19 related business[5]. The reduction in COVID-19 related business (€26 million) was partially offset by the (pro-rata) contribution from last year’s acquisitions (€9 million)[6].

  • Maintaining momentum in Q1 2023 with robust net revenue growth across all business Segments:

    • EASA (Europe, Africa, and South America) delivered net revenue of €387, an increase of +9% (Q1 2022: €354 million). Like-for-like net revenue in EASA increased by +14% in Q1 2023;

    • GEMS (Global English, Middle East, and Southeast Asia) net revenue increased by +18% to €118 million (Q1 2022: €100 million);

    • CEA (China and East Asia) delivered net revenue of €29 million, up by +15% (Q1 2022: €26 million).

  • Full year 2023 Outlook remains unchanged.

Commenting on the topline results, Thomas Mackenbrock, CEO of Majorel Group said: “I am pleased to report healthy topline growth of 11% in the first quarter of 2023, with a robust performance across all of Majorel’s business Segments. Despite the challenging and more volatile market environment, we have continued to drive the business forward. Our focus will remain on relentlessly delivering amazing CX for our clients and their customers, and also being the best home for talent for our more than 82,000 team members around the world.”

Referring to the recent announcement, by Teleperformance on April, 26, on its proposed acquisition of Majorel, Thomas said: “Becoming part of the TP family is the next natural step in our journey. There are exciting prospects for our clients and team members in joining forces with the Teleperformance team that has paved the way in global digital services over the last four decades. We share the same core values and believe that this new combination will provide many opportunities for all stakeholders.”

Revenue, net revenue, and net revenue by business Segment


Q1 2023

Q1 2022

YOY change





Net revenue




EASA Segment




GEMS Segment




CEA Segment




Adjusted for the impact of FX, group revenue growth in Q1 2023 was 11%[7], with an FX impact on group revenue of -0.1% (Q1 2022: +1.6%).

EASA Segment: Europe, Africa, and South America

Net revenue from the EASA Segment (Europe, Africa, South America) was €387 million in Q1 2023 (Q1 2022: €354 million). The increase of +9% compared to Q1 2022 included the (pro-rata) contribution of the acquisitions completed in 2022 (in total accounting for €9 million of net revenue), partially compensating for the natural ending of COVID-19-related business at the end of 2022 (€26 million net revenue contribution in Q1 2022).

Like-for-like, adjusted for M&A[8] and the decline of COVID-19-related business, net revenue in EASA increased by +14% in Q1 2023. This growth was mainly driven by existing and new clients in Global Internet, and the Utilities vertical, as well as the solid development in our near- and offshore locations in Africa, Eastern Europe, and South America.

GEMS Segment: Global English, Middle East, and Southeast Asia

Net revenue from the GEMS Segment (Global English, Middle East, Southeast Asia) was €118 million in Q1 2023 (Q1 2022: €100 million), an increase of +18%. The key driver for this growth was the solid increase of net revenue with Global Internet clients, particularly in the US, the Philippines, and Malaysia; and growth in Saudi Arabia.

CEA Segment: China and East Asia

The CEA Segment reported net revenue of €29 million in Q1 2023 (Q1 2022: €26 million). The growth rate of +15% was driven by the expansion into Japan and South Korea, and the continuing development of digital engagement services in China, with a focus on consumer products and digital clients.


Strategic KPIs

At the end of Q1 2023, 51% of net revenue was from Global Internet Clients (FY 2022: 52%), including 23% of net revenue from Majorel's Content Services, Trust & Safety line of business (FY 2022: 23%). Majorel is committed to providing essential services to its clients, and believes strongly that its services in Content Services, Trust & Safety serve an important function, in ensuring the internet is a safer place for everyone.

Tech & Expert Services (T&E) represented 9% of net revenue in the first quarter of 2023 (FY 2022: 9%), impacted by the natural ending of the COVID-19 related business, which is partially reported within T&E. In December 2022, we launched Majorel X as a platform for CX transformation services. Its comprehensive portfolio spans CX Consulting, Technology, and Design and Creative Services. Majorel X addresses the increasing client demand for an integrated approach to CX transformation.

Offshore[9] represented 42% of net revenue in Q1 2023 (FY 2022: 43%). Net revenue from the Telco sector represented 9% of net revenue (FY 2022: 9%).

Growth with clients

Across all our verticals, we continue to work in true partnership with our clients, both new and existing, and with deep roots built on mutual trust. In Q1 2023, this resulted in net revenue retention[10] (NRR) of 116% (Q1 2022: 116%).


This outlook is based on Majorel’s current assessment on the development of the business in 2023 and the general CX market, combined with economic and labor market conditions in the Company’s global geographic footprint.

For 2023, we expect shifting client needs, some softness in demand, absence of COVID-19-related business, and continued (wage) inflation due to the challenging and more volatile environment. Moreover, ongoing macro-economic uncertainties serve to highlight the importance of ongoing vigilance.

Therefore, based on current assumptions, we expect to grow our net revenue to €2,150-2,250 million. Excluding COVID-19-related business in 2022, this would result in net revenue growth of around +6% to +11%.

Further, the Company expects its Operating EBITDA margin for 2023 to be between 16.5%-17.0%, also factoring in the above-mentioned effects.

We will continue to execute our proven strategy, driven by the expertise and commitment of our people, and built on the trust and loyalty of our long-term clients.


Annual General Meeting   June 22, 2023


We’re a global CX leader. Clients say that our agile culture makes us special, which means that doing business with us is easy. As experts in customer experience management, we’ve seen it all, so we’re able to ensure the reliability our clients need and the care their customers deserve. Our team members love nothing more than to just get things done, secure in the knowledge that we strive to be the best home for their talent. Our spirit is resourceful, resilient, and relentless, and this is what drives us to go further.

82,000+ team members; 70+ languages; 45 countries; end-to-end CXM; tech-human augmentation; global and local. Majorel: Driven to go further.


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 includes 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. For more information on the definitions we refer to the Annual Report FY 2022, Chapter 4, Alternative Performance Measures (APMs).

[3] Like-for-like net revenue growth corresponds to net revenue growth year over year, adjusted for certain specific non-recurring items. For Q1 2023 and Q1 2022, adjustments were made for the reduction in COVID-19 related business and the (pro-rata) contributions of first-time consolidated acquisitions – Alembo, Findasense, and IST (excluding the Mayen acquisition already completed in Q1 2022). Management believes that like-for-like net revenue growth is a non-IFRS measure representing a business growth indicator. For more information on the definitions, we refer to the Annual Report FY 2022, Chapter 4, Alternative Performance Measures (APMs).

[4] The (pro-rata) contribution of the first-time consolidated acquisitions, being Alembo (June 2, 2022), Findasense (September 1, 2022), and IST (December 1, 2022).

[5] Adjusted for the delta of COVID-19 related business in Q1 2023 versus Q1 2022.

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

[7] Change in revenue at constant currency exchange rates is calculated as current year revenue less prior year revenue at current year exchange rates, divided by prior year revenue at current year exchange rates.

[8] The (pro-rata) contribution of the first-time consolidated acquisitions, being Alembo (June 2, 2022), Findasense (September 1, 2022), and IST (December 1, 2022).

[9] 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.

[10] Net revenue retention (NRR) for Q1 2023 is defined as net revenue generated by clients in Q1 2023 divided by net revenue generated by the same cohort of clients in Q1 2022 (excluding Alembo, Findasense and IST as well as effects from the ending of the COVID-19 related business). Net revenue retention for Q1 2022 is defined as net revenue generated by clients in Q1 2022 divided by net revenue generated by the same cohort of clients in Q1 2021 For more information on the definitions, we refer to the Annual Report FY 2022, Chapter 4, Alternative Performance Measures (APMs).

End of Inside Information

03-May-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

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