Tessi, a global provider of Business Process Services, posted first quarter 2020 turnover of €126.4 million, up 9.8% from Q1 2019. Recent acquisitions (ADM Value and Orone) contributed €16.5 million to first quarter turnover.
Despite a strong start to the year, turnover fell 4.6% at constant consolidation scope due to the impact of the COVID-19 health crisis in March. Restrictions on movement in countries where the Group operates are significantly affecting operations.
The impact will inevitably be more pronounced in the second quarter, following a sharp downturn in April (down 35-40% like-for-like). The gradual lifting of restrictions should enable a steady recovery in business over the coming weeks.
Tessi is constantly adapting its cost structure and workforce through arrangements such as short-time working, in order to curb the impact on its financial performance and minimise the decrease in current operating income compared to H1 2019.
Tessi will keep the market informed of all significant developments impacting its business.