RTTNews | Oct 5, 2021 04:20AM EDT

04:20 Tuesday, October 5, 2021 (RTTNews.com) - Technology provider ESI Group (ESI) on Tuesday revealed its three-year strategic plan aimed on improving the company's revenue and profitability. The group said it expects to continue its current growth trajectory on persisting positive market cues and achieve a high single digit growth and report EBIT to above 20 percent by the end of 2024.

The Rungis-headquartered group projects its earnings before interest and taxes or EBIT growth of 10-12 percent in the fiscal year 2022, 15-17 percent in 2023, and 20-22 percent in 2024. The French company also expects revenue growth of 4-6 percent in 2022, 6-8 percent in 2023, and 7-9 percent in 2024.

The group expects to continue with its current growth trajectory, estimating a further reduction in headcount of about 5 percent by December 2022 and then a stabilization of headcount. This reorganization is expected to be implemented in the various regions of the group in accordance with the legal rules applicable to each of them, ESI said in a statement.

"This 3-year plan will enable us to focus where we deliver the most value and therefore drive growth and profit for ESI that benefits all our stakeholders. This plan is an important milestone for our company, and it mobilizes the talent and energy of my entire team. I am very proud to lead a diverse team and I'm really confident that together we can achieve the expected result," said Cristel du Rouvray, Chief Executive Officer.

The technology provider posted an EBIT at 4.0 million euros for the year 2020, as against 8.4 million euros reported for the 12-month period ended in December 2019. For the fiscal year 2020, the company's revenue reached 132.6 million euros, compared to 146.2 million euros, reported for the fiscal year 2019.

On NYSE, Element Solutions Inc. closed at $22.31 per share on Monday, higher than the previous close of $22.16 per share.

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