Tech company Solutions 30 falls into the red for its half-year as French business struggles

(Reuters) - Technology services company Solutions 30 reported a sharp decline in first-half core profit and a loss at the net result level, hampered by a weak performance in France.

"Performance in France has been penalized by our historical markets reaching maturity and by the delay in our growth drivers - especially for the energy transition - due to supply chain disruptions," Chief Executive Officer Gianbeppi Fortis said in a statement.

"We now find ourselves in the midst of an operational transition," he added.

Solutions 30 posted a 77.5% drop in its adjusted earnings before deducting interest and taxes (EBIT), which reached 6.7 million euros ($6.45 million) in the first six months of its financial year ending on June 30.

Its net result for the period turned to a loss of 12.3 million euros, against a profit of 14.1 million euros last year.

The group, however, confirmed its long-term outlook, citing an "excellent momentum outside France".

"We have reached a low point and we anticipate a recovery in the final quarter that will continue throughout 2023," said Fortis.

($1 = 1.0382 euros)

(Reporting by Juliette Portala; Editing by Sudip Kar-Gupta)