2008 was an extremely eventful year for Demos in terms of development, having undergone major changes since the IPO. The Group achieved significant growth in its main indicators, with revenue growth of 66%, including a 50% increase in international revenues, and growth in operating income of 71%, as well as doubling the number of in-house staff and training experts, and doubling its geographical presence.

We also have the good fortune of operating in a buoyant market offering steady growth. During the current economic slowdown and financial crisis, there is growing interest in training staff needs within companies. Changes in consumption patterns with regard to training, in particular with the growing momentum of online tools and e-learning, have made Demos one of the key players in the international continuing training market.

Thanks to its strategy of controlled growth through acquisitions, we have strengthened our market-leading position to give the Group an ever-more extensive offering in terms of both content and new online and web technologies, and international coverage, by making opportune investments in companies presenting numerous potential synergies with Demos. Our gradual international expansion is a further measure of our growth and is one of the factors underpinning the Group’s future growth.
The investments made by Demos in 2008, in particular the acquisition of Hemsley Fraser in the UK and Mind OnSite in Switzerland, are the source of our competitive innovation, supported by a flexible business model that can be replicated by all of our subsidiaries, the relevance of which becomes manifest over the years.

Against the backdrop of these major changes, we achieved a 24.5% increase in revenues to €97.5 million, with growth in all market segments. Operating income rose by 18% to €8.7 million, taking account of the changes in the Group’s scope of consolidation and the strengthening of the management team to accompany our international expansion.

We will remain on the offensive in 2009 and 2010, and continue to assert the relevance and quality of the training programmes we offer. There are many challenges to be overcome and considerable potential for growth. I firmly believe in the validity of our strategy and the strengths that will enable Demos to repeat the solid performances achieved so far. We shall therefore continue to integrate our acquisitions in order to optimise our operating performance, while also favouring the sharing of skills and innovation. Demos is currently in a good position to make the most of the momentum of the training market and has established itself in a unifying role, as one of the major names covering all areas of the market.

I would like to conclude by paying tribute to the men and women who have played a part in our expansion and contributed to Demos’s growth – our employees, trainers, customers, partners and shareholders.

Jean Wemaëre
Chairman and Chief Executive Officer

Strong evolution since the IPO