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October 18, 2011updated 12 Apr 2017 4:11pm

Econocom’s year-on-year revenue doubles

The companys revenues now amount to 345m, and consolidated revenue stands at 1.1bn compared to 508m for the same period last year, which Econocom explained was a result of the merging and integrating with ECS

By Elza Holmstedt-Pell

French IT management specialist Econocom has reported doubled year-on-year revenue for the first nine months of this year.

The company’s revenues now amount to €345m, and consolidated revenue stands at €1.1bn compared to €508m for the same period last year, which Econocom explained was a result of the merging and integrating with ECS.

The former Société Générale subsidiary Econocom acquired the ECS group, an IT equipment leasing specialist, in late October last year.

Jean-Louis Bouchard founded ECS in 1974, sold his majority stake in 1984, but kept the operation outside France and renamed it Econocom.

Last year he bought ECS back and merged the two together.

The company predicts it will exceed its annual target of €1.4bn consolidated revenue and confirmed its forecast of €56m recurring operating profit.

Econocom’s UK sales director Chris Labrey said: “We’re a lot more profitable than when we were a small subsidiary of a bank.”

He added that the UK business is ahead of its budget and said he expected to fill several new roles in the office soon.

He said the sales operations will grow in line with the group and that many of the Econocom offices throughout Europe are recruiting in sales and sales support.

Further revenue growth is expected and Econocom’s successful integration of ECS has generated “a lever for improving future results,” according to a company statement.

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