Capgemini grows global revenues by 2% to record €23 billion

19 February 2024 2 min. read
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Global consultancy and technology services company Capgemini has grown its revenues in 2023 by 2% to a record €22.5 billion, with net profits up by 7% to €1.7 billion.

“2023 was another year of growth for Capgemini with improving profitability and a strong cash flow conversion, despite a slowdown in our industry. Our results illustrate the strength of our positioning, our agility and our resilience,” said company chief executive officer, Aiman Ezzat.

The firm’s powerhouse Europe region (42% of revenues) saw strong growth, with the United Kingdom & Ireland unit seeing 8% growth and home market France (20% of group revenues) enjoying similar 8% growth. The smaller regions of Asia Pacific and Latin America (9% of group revenues) both saw growth, while the North America bucked the trend with a small 1% decline in revenues.

Capgemini grows global revenues by 2% to record €23 billion

From a services perspective, Capgemini’s largest business unit, Applications & Technology Services, booked 5% more revenue, while the Operations & Engineering division grew by 3%. The fastest grower was the Strategy & Transformation business, the parent of Capgemini Invent – the unit saw revenues grow by 9%.

On the performance of Capgemini Invent, the firm stated in its annual report: “While large organizations hold firm on their digital and sustainability ambitions, they are increasingly prioritizing operational agility and cost efficiency. This translates into strong demand for transformation programs with short payback, which leverages the group’s high value-added service offerings.”

“We have also stepped up our sustainability efforts. We continue to help our clients accelerate their transition towards net zero through strategy definition, business model adaptation and design of sustainable products and services.”

Capgemini now has over 340,000 staff, of which 57% are based in offshore locations.

Looking into 2024, Ezzat said the management team expects continued growth this year, coupled with an improvement in operating margins. “While the environment is expected to remain soft in the first half of 2024, Capgemini is well-equipped to improve its performance this year.”

55+ year heritage

Capgemini was founded by Serge Kampf in 1967 in France. Initially established as Sogeti (today Sogeti is an independent subsidiary of the company), Capgemini adopted its current brand in 1996. Capgemini supports its clients with consulting (Capgemini Invent) and a range of technology services and solutions, as well as business process outsourcing and managed services.