Telecom and defense equipment supplier Compagnie des Signaux SA, which launched a hostile takeover bid recently for French systems integrator Steria SA, has announced poor first-half results. The process of integrating three acquisitions in the first half – Ritzenthaler, PCE and Groupe CISI – produced a 31.6% increase in revenues, to approximately $200m (FF 1.2bn) but a net loss of approximately $6.5m (FF 39m). The company reported that its organic revenue growth, at comparable exchange rates with 1996, was down 20.8%, due to payment delays that should be partially recuperated in the second half. Its orders, not including those of its acquired businesses, however, are up 13%. The company said it will report a full-year loss larger than expected, of approximately $16.6m (FF 100m), on revenues of $550m (FF 3.3bn). It is unlikely, however, that it will conclude an acquisition of Steria via its holding company Soderi, as Steria shareholders unanimously rejected the offer on October 9.
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