Turnover: €289.1m +10.8% (organic growth* +7.4%)
Current operating profit: €10.2 million
Operating income: €8.3 million
Net income: €7.0m

In millions of euros 2021 2020
Turnover 289.1 260.9
current operating income 10.2 9.1
Operating income 8.3 6.9
Net profit 7.0 2.7
Net income (Group share) 4.0 0.8

Levallois-Perret, April 13, 2022: The Board of Directors of Keyrus met on April 13, 2022 in the presence of the statutory auditors, and approved the audited consolidated financial statements for the 2021 financial year.

2021 operational performance

The group Keyrus recorded consolidated revenue of €289.1 million for the 2021 financial year, up 10.8% compared to the 2020 financial year (+7.4% at constant scope and exchange rates). In published data, revenue from the Key Accounts segment increased by 11.7% and that from the Mid-Market segment increased by 8%.

The increase in Key Accounts activities, up €23.1 million (+7.2% in organic growth), is mainly due to the good dynamic of activities in North America and external growth operations. In Europe, we are seeing strong growth in our activities in the United Kingdom, with the signing of new contracts whose commitments are delivered thanks to the capacities of Keyrus within its many international subsidiaries.

Nevertheless, the pressure on resources, both in terms of recruitment and retention, has increased sharply and is penalizing the resumption of our activities in certain regions in Europe and Latin America.

The Mid-Market activities, carried by the Absys Group subsidiary Cyborg, posted organic growth of 8.0% during the 2021 financial year. For the first time, the activity’s recurring revenue represents more than half of the turnover (50.7% against 46.0% in 2020), confirming the solidity of Absys cyborg’s “Business Model”.

Service provision activities grew by 4% while recurring revenues (support contracts, subscription contracts, Private Cloud subscriptions, etc.) increased by 13%.

The gradual digitization of the business is bringing about new forms of recurring revenue directly linked to customer consumption flows.

The Group’s current operating profit amounted to €10.2 million compared to €9.1 million in 2020.

Operating income and net income Group share amounted to €8.3m and €4.0m respectively, compared to €6.9m and €0.8m in 2020. Financial income includes income of €3m following the revaluation equity securities in the start-up, incubated in our Israeli subsidiary.

The Group’s net financial debt increased by €6.5m and stood at €24.4m at December 31, 2021, compared to €18.9m a year earlier. This increase is mainly due to the external growth operations carried out in 2021 and the reimbursement of social and tax charges which had been postponed to 2020 in the context of the pandemic.

The Group’s net cash** stood at €48.4 million compared to €61.8 million at the end of the 2020 financial year.

As of December 31, 2021, the cash forecasts do not show any financing difficulties, and the Group complies with its banking covenants.

Summary operating income statement by operating segment

Large accounts Mid Market Total
In €m 2021 2020 2021 2020 2021 2020
Turnover 220.1 197.0 69.0 63.9 289.1 260.9
current operating income 5.4 5.2 4.7 3.9 10.2 9.1
Operating income 3.7 3.6 4.6 3.3 8.3 6.9


The Key Accounts segment continues to consolidate its portfolio of offers – Data Intelligence – Digital Experience – Management & Transformation, by strengthening its value proposition through the acquisition of key resources. The Group is therefore pursuing its strategic trajectory and building its integrated digital services offer to support its customers in transforming their ‘Data assets’ into actions. The strengthening of our activities in North America and Latin America will also be an important area of ​​development.

For the Mid-Market segment, Absys Cyborg should continue its organic growth by relying on its historical partners Sage and Microsoft, and accelerate its market share gains in the Cloud and SaaS Software publishing, thus improving its recurring revenue. .

The Group intends to pursue its external growth operations, in France and internationally, in its two market segments.

Eric CohenChairman and Chief Executive Officer, comments: “Our performance for the 2021 financial year demonstrated our ability to preserve our margins in a still difficult post-pandemic context, while instilling a good growth dynamic in most of our regions.

2021 will have been the year of our ambition renewed by the evolution of our brand platform and our new signature: “make data matter”.

We are convinced that data, in the sense of its mastery and management, has the ability to move society as a whole in a positive direction, not only economically, but also environmentally and socially. Thereby, Keyrus intends to play a strategic role with its customers and partners to help them meet the challenges of today and tomorrow.

Management and impacts of the COVID crisis

From an organizational point of view, the management unit for this health crisis has been reduced and adapted to the evolution of the pandemic. It continues to ensure the proper functioning of the necessary health procedures to ensure the protection of all its employees. The continuity plans put in place at the start of the pandemic are updated according to changes in the local and international context.


The notion of organic revenue growth consists of presenting the revenue for the previous year (N-1, here financial year 2020) restated in such a way as to use the exchange rates and the scope of consolidation of the current year (N, here the 2021 financial year). The Group then calculates organic N-1 revenue by:

  • using the exchange rates for year N to calculate the published turnover of companies outside the Euro zone for year N-1;
  • adding to the turnover published for year N-1 the turnover N-1 of the companies entered in the scope of consolidation in year N;
  • subtracting from the turnover published for the year N-1 the turnover N-1 of the companies that left the scope of consolidation in the year N.

In 2021, the restatements to go from published 2020 revenue to organic 2020 revenue are as follows:

Meuros Amounts
Published 2020 260.9
GC perimeter effects 10.6
MM perimeter effects 0.0
Exchange rate variations (2.2)
Organic 2020 269.3


Cash and cash equivalents, recorded as balance sheet assets, less bank overdrafts



Keyrus – Key Account Activities

International player in consulting and technologies, specialist in Data and Digital, Keyrus Its mission is to help companies take advantage of the Data and Digital paradigm to increase their performance, facilitate and accelerate their transformation and generate new levers for growth and competitiveness.

Placing innovation at the heart of its strategy, Keyrus develops a unique value proposition on the market around an innovative offer that relies on the combination of three major and converging areas of expertise:

Data Science – Artificial Intelligence – Big Data & Cloud Analytics – Business Intelligence – EIM – CPM/EPM

Innovation & Digital Strategy – Digital Marketing – DMP & CRM – Digital Commerce – Digital Performance – User Experience

  • Consulting in Management & Transformation:

Strategy & Innovation – Digital Transformation – Performance Management – ​​Project Support

Absys Cyborg – Mid-Market Activities

Absys Cyborg specializes in publishing and integrating management solutions:

  • Management software, ERP and CRM
  • Hosting & Managed Services
  • Collaborative solutions
  • Reporting & Decision-Making
  • Consulting, AMOA management, IT Strategy

Absys Cyborg is the leading integrator of Sage and Microsoft solutions and is positioned as a recognized expert on all product lines of the Sage publisher (Sage 100, Sage Paie, Sage FRP 1000, Sage X3) and Microsoft Dynamics .

Present in 22 countries and on 4 continents, the Group Keyrus employs 3,000 people.

Keyrus is listed on Euronext Growth Paris.
(ALKEY – ISIN code: FR0004029411 – Reuters: KEYR.PA – Bloomberg: ALKEY: FP).
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