French data firm Umanis has seen the group's net result tumble by 34 per cent to €3.3m in its H1, in response to a stagnating business climate in the French banking and insurance sector and "recruitment inertia".
"The first half of 2019 took place against a backdrop of a less favourable market than in 2018, particularly by a hardening of the business climate in the banking sector," Umanis' H1 report said.
"This environment penalised the activity rate of the group in the first half, mainly in terms of occupancy of the resources located in Île-de-France.
"Coupled with the effect of inertia on recruitment, the scissors effect of these two phenomena directly weighed on the company's operating profitability."
As a result, EBIT fell 6.9 per cent to €8.2m.
However, revenues were up eight per cent to reach €107.5m.
Umanis has now revised down its FY2019 revenues forecast to €220m.
In its FY2018 report, when it logged sales of €207m, the Paris-based firm set an aim to hit €300m by the end of 2019.
The €80m reduction in its sales prediction has not dented the data VAR's acquisition ambitions.
"At the same time, the group remains committed to making further targeted acquisitions in the coming years and months...With the setting up of an external growth loan of € 90m in April 2019."
In addition to its H1 loan, Umanis also integrated one of its acquisitions in the first six months of the year, Contacts Consulting, which it snapped up in February.
Its subsequent buys, in July and August, of ESN Oceane Consulting Nord and consulting firm Neonn, are both expected be consolidated in the second half of this year.
Both consulting outfits log around €7.5m in revenue.
Founded in 1990, Umanis' strategy has been growth via acquisition since 2013, when it snapped up €39m-turnover outsourcing outfit Helice.
It also bought up 340-strong digital services unit Cella in December 2016, and €7m consultancy house Primlog, last year.
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