2.1.2 Analysis of consolidated financial results

Record total revenue: €1,627 million

Total revenue for 2021 amounted to €1,627 million, up 13.8% like-for-like compared with 2020. On a reported basis, total revenue was up 11.1%, including an unfavorable currency effect (-2.3%) and a slightly negative scope effect (-0.4%).

Although the fourth-quarter 2020 basis for comparison was less favorable than for the first part of the year, total revenue for the fourth quarter of 2021 came to €466 million, up 12.6% like-for-like and up 12.9% as reported, including a positive currency effect (+0.9%) and a slightly negative scope effect (-0.6%).


Operating revenue: €1,583 million

Operating revenue for 2021 came in at €1,583 million, up 13.9% like-for-like versus 2020. Growth was in the double digits across all businesses and all major regions, in a year still impacted by the Covid-19 pandemic. On a reported basis, an unfavorable currency effect (-2.2%) and a slightly negative scope effect (-0.4%) resulted in growth of 11.3%.

Compared with 2019 (1), like-for-like growth came to 10.9%. Operating revenue was thus higher than pre-crisis levels despite an unfavorable currency effect, putting the Group back on a healthy growth trajectory. This performance reflects both the Group’s strong sales momentum in all of its markets – notably in the SME segment – and its ability to continually enhance its offering and provide clients with innovative new digital solutions.

In the fourth quarter, operating revenue totaled €454 million, up 12.4% like-for-like compared with the same period in 2020 and up 12.8% on a reported basis, as the Group maintained the strong growth momentum already recorded in the third quarter.



(1) Like-for-like comparisons with 2019 correspond to the sum in euros of like-for-like growth for the period in 2020 and 2021.