They are satisfactory from all points of view: sales are up 10.3% on the previous half-year, and operating income before non-recurring items up 13.5%; at the same time, cash flow is improving and debt levels are falling.

Earlier this summer, ID completed the acquisition of Spedimex in Poland, and entered the UK. The sums involved are minimal in both cases, and bear no comparison, for example, with last year's transformative acquisition of Kane in the United States.

Contract logistics - in plain English: the subcontracting of storage, handling and shipping operations by manufacturers to specialized service providers - remains a traditionally unprofitable activity, unless one On the other hand, the prospects for growth are solid, the customer base relatively captive, and recurring revenues are an appreciable advantage.

Aggressive in its external growth strategy, ID has delivered spectacular sales growth over the last decade. Above all, the group led by the very talented Eric Hemar - who holds 53% of the capital - has been able to make a perfect return on its investments, with double-digit returns on capital employed. This feat deserves to be mentioned.

All other things being equal, the French company should this year deliver pre-acquisition free cash flow - in this case a more relevant measure of profitability than net income, which is burdened by heavy amortization charges resulting from acquisitions - in the region of EUR300 million. The current valuation therefore remains attractive.

Of course, the risk of recession is on everyone's mind, but ID is shielded from it in part by its overexposure to the retail sector. Moreover, a fall in valuations would undoubtedly be taken advantage of by this clever serial buyer.