Alan Allman Associates returns to profitability in the first half despite a 7.5% decline in revenue
The consulting group published interim results on September 23, 2026, which reflect the effects of its refocusing plan initiated in 2025.
While revenue declined by 7.5% at current exchange rates, the group returned to a positive net result and improved all its profitability metrics, following a net loss in the same period a year earlier.
Group net result of €2.2M after a loss of €10.1M one year earlier
In the first half of 2026, Alan Allman Associates achieved consolidated revenue of €158.5M, compared with €171.4M in the first half of 2025, a decline of 7.5% at current exchange rates and 5.8% at constant exchange rates.
Operating Activity Result (ROA) increased by 19.4% to €15.6M, compared with €13.1M a year earlier. Operating activity margin reached 9.9%, compared with 7.6% in the first half of 2025, an improvement of 2.2 percentage points. Current operating result was €10.1M, up 53.9%.
Operating result came in positive at €8.0M, compared with −€6.0M a year earlier. After a tax charge of €1.6M, consolidated net result was €2.4M, compared with a net loss of €10.1M in the first half of 2025, an improvement of €12.5M. Group net result reached €2.2M.
Europe and North America drive improvement in profitability
The decline in revenue is in line with the optimization plan initiated in 2025, which led the group to refocus its portfolio and discontinue certain non-strategic activities. As of June 30, 2026, France represented 32.17% of consolidated revenue.
In Europe, revenue came in at €81.4M, compared with €86.2M, while ROA increased by 51.8% to €7.2M and margin reached 8.8%, compared with 5.5%. In North America, revenue was €69.0M, compared with €76.0M, with ROA rising to €8.1M and a margin of 11.8%, compared with 10.1%.
The Asia-Pacific region reported revenue of €8.1M, compared with €9.2M, and an ROA of €0.3M, compared with €0.7M. Business in the region recorded growth of nearly 20% in the second quarter compared with the first, driven notably by the signing of a contract in Australia worth more than AUD 7M over five years.
Target operating activity margin of around 11% in the second half
Operating cash flow before net financial debt costs and tax reached €13.3M, compared with €7.9M a year earlier. Cash and cash equivalents on the balance sheet reached €17.3M, compared with €11.2M, and consolidated shareholders' equity stood at €43.6M, compared with €41.2M as of December 31, 2025. Net financial debt excluding IFRS 16 came to €143.6M.
As of June 30, 2026, workforce levels remained stable compared with December 31, 2025, while average daily rates increased by 3%. The decline in revenue at constant exchange rates fell from 6.8% in the first quarter to 4.7% in the second quarter.
On the basis of this momentum and subject to changes in market conditions, the group has set a target of achieving an Operating Activity Result margin of around 11% in the second half of 2026.
