View ValuationThis company listing is no longer activeThis company may still be operating, however this listing is no longer active. Find out why through their latest events.See Latest EventsDeveron 将来の成長Future 基準チェック /06現在、 Deveronの成長と収益を予測するのに十分なアナリストの調査がありません。主要情報n/a収益成長率n/aEPS成長率Professional Services 収益成長11.4%収益成長率n/a将来の株主資本利益率n/aアナリストカバレッジNone最終更新日n/a今後の成長に関する最新情報更新なしすべての更新を表示Recent updatesお知らせ • Oct 28Deveron Corp. Announces Board ChangesDeveron Corp. announced that Messrs. Roger Dent, Greg Patterson and Ron Patterson, have resigned as directors of the Company, effective 28 October 2025. The Company announced the appointment of Chris Irwin as a director of the Company. Mr. Irwin practices securities and corporate/commercial law and has been the managing partner of Irwin Lowy LLP since January 2010; the President of Irwin Professional Corporation from August 2006 to December 2009; and prior thereto he was an associate at Wildeboer Dellelce LLP from January 2004 to July 2006. Mr. Irwin advises a number of public companies, board of directors and independent committees on a variety of issues. Mr. Irwin is a director and/or officer of a number of public companies.お知らせ • Apr 09Deveron Corp. Announces Resignation of Mr. Albert Contardi as DirectorDeveron Corp. announced resignation of Mr. Albert Contardi as a director of the Company effective immediately.お知らせ • Nov 15FarmQA, Inc. acquired Farm Dog, Inc. from Deveron Corp. (TSXV:FARM).FarmQA, Inc. acquired Farm Dog, Inc. from Deveron Corp. (TSXV:FARM) November 14, 2024. FarmQA, Inc. completed the acquisition of Farm Dog, Inc. from Deveron Corp. (TSXV:FARM) November 14, 2024.Board Change • Sep 26Less than half of directors are independentFollowing the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 4 non-independent directors. Independent Director Roger Dent was the last independent director to join the board, commencing their role in 2016. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model.お知らせ • Sep 17Deveron Corp. announced that it has received CAD 3.13581 million in fundingOn September 16, 2024, Deveron Corp. closed the transaction. The company issued 21,991,300 units at issue price of CAD 0.07 per Unit for net proceeds of up to CAD 1,539,391 in its final tranche. In total, an aggregate of 44,797,291 Units were issued for gross proceeds of CAD 3,135,810.37 through the completion of the two tranches of the Offering. In connection with the Offering, the Company paid Canaccord Genuity Corp. an aggregate of CAD 100,060.42 and issued an aggregate of 1,429,430 broker warrants.お知らせ • Aug 16Deveron Corp. announced that it expects to receive CAD 3 million in fundingDeveron Corp announced a non-brokered private placement offering of 210,000 units CAD 0.07 per Unit for net proceeds of up to CAD 3,000,000 on August 15, 2024. Each Unit shall be comprised of one common share in the capital of the Company and one half of one common share purchase warrant exercisable for 18 months at an exercise price of at least CAD 0.10. The net proceeds of the Private Placement, which is subject to approval from the TSX Venture Exchange. Insiders may participate in the private placement and finders’ fees may be paid in accordance with TSX Venture Exchange policies.New Risk • Jun 28New minor risk - Shareholder dilutionThe company's shareholders have been diluted in the past year. Increase in shares outstanding: 4.5% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 62% per year over the past 5 years. Market cap is less than US$10m (€7.78m market cap, or US$8.34m). Minor Risk Shareholders have been diluted in the past year (4.5% increase in shares outstanding).Reported Earnings • May 29Third quarter 2024 earnings released: CA$0.025 loss per share (vs CA$0.042 loss in 3Q 2023)Third quarter 2024 results: CA$0.025 loss per share (improved from CA$0.042 loss in 3Q 2023). Revenue: CA$5.45m (up 1.8% from 3Q 2023). Net loss: CA$3.95m (loss narrowed 31% from 3Q 2023). Revenue is forecast to grow 21% p.a. on average during the next 2 years, compared to a 5.7% growth forecast for the Professional Services industry in Europe.New Risk • May 28New major risk - Market cap sizeThe company's market capitalization is less than US$10m. Market cap: €7.40m (US$8.05m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (18% average weekly change). Earnings have declined by 63% per year over the past 5 years. Market cap is less than US$10m (€7.40m market cap, or US$8.05m). Minor Risk Shareholders have been diluted in the past year (2.1% increase in shares outstanding).お知らせ • May 25Deveron Corp. to Report Q3, 2024 Results on May 28, 2024Deveron Corp. announced that they will report Q3, 2024 results After-Market on May 28, 2024お知らせ • May 22Deveron Corp., Annual General Meeting, Jul 25, 2024Deveron Corp., Annual General Meeting, Jul 25, 2024.お知らせ • Apr 26Deveron Corp. announced that it has received CAD 0.575 million in fundingDeveron Corp. announced a non-brokered private placement through the issuance of 575 unsecured convertible debentures at an issue price of CAD 1,000 per Debenture for gross proceeds of CAD 575,000. The transaction was led by an insider. The issuance of the Debentures pursuant to the Offering were shall be completed on a private placement and prospectus exempt basis, as applicable, such that the issuances exempt from any applicable prospectus and securities registration requirements. The Debentures will mature three years following the date of issuance and will bear interest at an interest rate of 12% per annum, payable in arrears in cash; or the equivalent value in Common Shares based on a price per Common Share equal to the greater of the 20 trading day volume weighted average trading price of the Common Shares on the TSX Venture Exchange ending five trading days preceding the interest due date and the Market Price of the Common Shares at the time the interest becomes payable. The holder of a Debenture will have the right, from time to time and at any time after first year anniversary of the date of issuance, to the Maturity Date, to convert all or any portion of the outstanding principal amount into common shares at a conversion price of CAD 0.20 per share. Pursuant to applicable Canadian securities laws, the Debentures as well as any underlying Common Shares to be issued upon conversion or exchange of these securities, are subject to a hold period of four months and one day, expiring on August 26, 2024. The Offering remains subject to the final approval of the Exchange.Reported Earnings • Feb 22Second quarter 2024 earnings released: CA$0.002 loss per share (vs CA$0.03 profit in 2Q 2023)Second quarter 2024 results: CA$0.002 loss per share (down from CA$0.03 profit in 2Q 2023). Revenue: CA$15.3m (up 1.1% from 2Q 2023). Net loss: CA$242.7k (down 107% from profit in 2Q 2023). Revenue is forecast to grow 25% p.a. on average during the next 2 years, compared to a 5.2% growth forecast for the Professional Services industry in Europe.お知らせ • Feb 15Deveron Corp. to Report Q2, 2024 Results on Feb 21, 2024Deveron Corp. announced that they will report Q2, 2024 results After-Market on Feb 21, 2024お知らせ • Feb 08Deveron Passes 2-Stage Pilot and Onboards New Pfas Enterprise CustomerDeveron Corp. announced the onboarding of a new enterprise contract with a prominent player in Per- and Polyfluoroalkyl Substances ("PFAS") remediation in water. PFAS are synthetic chemicals that have garnered significant attention due to their widespread use and potential environmental and health concerns. After completing a 2-stage pilot program, during which the client sent calibrated samples to ensure that Deveron's subsidiary, A&L Laboratories Canada, met specific measurement comparison goals, the Company and the client have agreed to utilize A&L for its internal testing needs. This will assess the success of their PFAS water removal technology. PFAS have found use in a wide range of industrial and consumer products due to their unique properties, including oil and water repellency, heat resistance, and low surface tension. Common applications include non-stick cookware, water-repellent outdoor gear, food packaging (e.g., fast-food wrappers), and firefighting foam. One of the most significant concerns with PFAS is their persistence in the environment; these chemicals do not easily break down and can accumulate in soil, water, and living organisms over time. Noteworthy states where PFAS testing, and regulation have commenced include Michigan, New Jersey, North Carolina, Minnesota, New York, Vermont, California, Maine, and New Hampshire.Recent Insider Transactions • Dec 13Independent Non Executive Chairman recently bought €140k worth of stockOn the 11th of December, William Linton bought around 2m shares on-market at roughly €0.082 per share. This transaction amounted to 33% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was William's only on-market trade for the last 12 months.お知らせ • Nov 18Deveron Corp. to Report Q1, 2024 Results on Nov 21, 2023Deveron Corp. announced that they will report Q1, 2024 results After-Market on Nov 21, 2023Reported Earnings • Nov 01Full year 2023 earnings released: CA$0.19 loss per share (vs CA$0.12 loss in FY 2022)Full year 2023 results: CA$0.19 loss per share (further deteriorated from CA$0.12 loss in FY 2022). Revenue: CA$28.5m (up 125% from FY 2022). Net loss: CA$27.2m (loss widened 146% from FY 2022). Revenue is forecast to grow 32% p.a. on average during the next 2 years, compared to a 5.4% growth forecast for the Professional Services industry in Europe. このセクションでは通常、投資家が会社の利益創出能力を理解する一助となるよう、プロのアナリストのコンセンサス予想に基づく収益と利益の成長予測を提示する。しかし、Deveron は十分な過去のデータを提供しておらず、アナリストの予測もないため、過去のデータを外挿したり、アナリストの予測を使用しても、その将来の収益を確実に算出することはできません。 シンプリー・ウォール・ストリートがカバーする企業の97%は過去の財務データを持っているため、これはかなり稀な状況です。 業績と収益の成長予測DB:1LSA - アナリストの将来予測と過去の財務データ ( )CAD Millions日付収益収益フリー・キャッシュフロー営業活動によるキャッシュ平均アナリスト数3/31/202429-3068N/A12/31/202329-3224N/A9/30/202329-28-5-4N/A6/30/202329-27-7-5N/A3/31/202333-11-14-8N/A12/31/202229-9-15-10N/A9/30/202218-14-15-12N/A6/30/202213-11-10-8N/A3/31/20229-8-6-5N/A12/31/20219-5-4-4N/A9/30/20215-5-3-3N/A6/30/20214-3-3-3N/A3/31/20213-2-2-2N/A12/31/20203-2-2-2N/A9/30/20203-2-2-2N/A6/30/20203-1-2-2N/A3/31/20202-2-1-1N/A12/31/20192-2-2-2N/A9/30/20192-2-2-1N/A6/30/20191-1-1-1N/A3/31/20191-2-1-1N/A12/31/20181-2-1-1N/A9/30/20180-2-1-1N/A6/30/20180-2-1-1N/A3/31/20180-2-2-1N/A12/31/20170-2N/A-1N/A9/30/20170-1N/A-1N/A6/30/20170-1N/A-1N/A3/31/201700N/A-1N/A12/31/20160-1N/A-1N/A9/30/20160-1N/A0N/A6/30/2016N/A-1N/A0N/A3/31/2016N/A-1N/A0N/A12/31/2015N/A-1N/A0N/A9/30/2015N/A0N/A0N/A6/30/2015N/A0N/A0N/A3/31/2015N/A0N/A0N/A12/31/2014N/A0N/A0N/A9/30/2014N/A0N/A0N/A6/30/2014N/A0N/A0N/Aもっと見るアナリストによる今後の成長予測収入対貯蓄率: 1LSAの予測収益成長が 貯蓄率 ( 1% ) を上回っているかどうかを判断するにはデータが不十分です。収益対市場: 1LSAの収益がGerman市場よりも速く成長すると予測されるかどうかを判断するにはデータが不十分です高成長収益: 1LSAの収益が今後 3 年間で 大幅に 増加すると予想されるかどうかを判断するにはデータが不十分です。収益対市場: 1LSAの収益がGerman市場よりも速く成長すると予測されるかどうかを判断するにはデータが不十分です。高い収益成長: 1LSAの収益が年間20%よりも速く成長すると予測されるかどうかを判断するにはデータが不十分です。一株当たり利益成長率予想将来の株主資本利益率将来のROE: 1LSAの 自己資本利益率 が 3 年後に高くなると予測されるかどうかを判断するにはデータが不十分です成長企業の発掘7D1Y7D1Y7D1YCommercial-services 業界の高成長企業。View Past Performance企業分析と財務データの現状データ最終更新日（UTC時間）企業分析2025/01/03 06:49終値2024/10/07 00:00収益2024/03/31年間収益2023/06/30データソース企業分析に使用したデータはS&P Global Market Intelligence LLC のものです。本レポートを作成するための分析モデルでは、以下のデータを使用しています。データは正規化されているため、ソースが利用可能になるまでに時間がかかる場合があります。パッケージデータタイムフレーム米国ソース例会社財務10年損益計算書キャッシュ・フロー計算書貸借対照表SECフォーム10-KSECフォーム10-Qアナリストのコンセンサス予想+プラス3年予想財務アナリストの目標株価アナリストリサーチレポートBlue Matrix市場価格30年株価配当、分割、措置ICEマーケットデータSECフォームS-1所有権10年トップ株主インサイダー取引SECフォーム4SECフォーム13Dマネジメント10年リーダーシップ・チーム取締役会SECフォーム10-KSECフォームDEF 14A主な進展10年会社からのお知らせSECフォーム8-K* 米国証券を対象とした例であり、非米国証券については、同等の規制書式および情報源を使用。特に断りのない限り、すべての財務データは1年ごとの期間に基づいていますが、四半期ごとに更新されます。これは、TTM（Trailing Twelve Month）またはLTM（Last Twelve Month）データとして知られています。詳細はこちら。分析モデルとスノーフレーク本レポートを生成するために使用した分析モデルの詳細は当社のGithubページでご覧いただけます。また、レポートの使用方法に関するガイドやYoutubeのチュートリアルも掲載しています。シンプリー・ウォールストリート分析モデルを設計・構築した世界トップクラスのチームについてご紹介します。業界およびセクターの指標私たちの業界とセクションの指標は、Simply Wall Stによって6時間ごとに計算されます。アナリスト筋Deveron Corp. 0 これらのアナリストのうち、弊社レポートのインプットとして使用した売上高または利益の予想を提出したのは、 。アナリストの投稿は一日中更新されます。2 アナリスト機関Nicholas BoychukATB Cormark Historical (Cormark Securities)Steven HansenRaymond James Ltd.
お知らせ • Oct 28Deveron Corp. Announces Board ChangesDeveron Corp. announced that Messrs. Roger Dent, Greg Patterson and Ron Patterson, have resigned as directors of the Company, effective 28 October 2025. The Company announced the appointment of Chris Irwin as a director of the Company. Mr. Irwin practices securities and corporate/commercial law and has been the managing partner of Irwin Lowy LLP since January 2010; the President of Irwin Professional Corporation from August 2006 to December 2009; and prior thereto he was an associate at Wildeboer Dellelce LLP from January 2004 to July 2006. Mr. Irwin advises a number of public companies, board of directors and independent committees on a variety of issues. Mr. Irwin is a director and/or officer of a number of public companies.
お知らせ • Apr 09Deveron Corp. Announces Resignation of Mr. Albert Contardi as DirectorDeveron Corp. announced resignation of Mr. Albert Contardi as a director of the Company effective immediately.
お知らせ • Nov 15FarmQA, Inc. acquired Farm Dog, Inc. from Deveron Corp. (TSXV:FARM).FarmQA, Inc. acquired Farm Dog, Inc. from Deveron Corp. (TSXV:FARM) November 14, 2024. FarmQA, Inc. completed the acquisition of Farm Dog, Inc. from Deveron Corp. (TSXV:FARM) November 14, 2024.
Board Change • Sep 26Less than half of directors are independentFollowing the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 4 non-independent directors. Independent Director Roger Dent was the last independent director to join the board, commencing their role in 2016. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model.
お知らせ • Sep 17Deveron Corp. announced that it has received CAD 3.13581 million in fundingOn September 16, 2024, Deveron Corp. closed the transaction. The company issued 21,991,300 units at issue price of CAD 0.07 per Unit for net proceeds of up to CAD 1,539,391 in its final tranche. In total, an aggregate of 44,797,291 Units were issued for gross proceeds of CAD 3,135,810.37 through the completion of the two tranches of the Offering. In connection with the Offering, the Company paid Canaccord Genuity Corp. an aggregate of CAD 100,060.42 and issued an aggregate of 1,429,430 broker warrants.
お知らせ • Aug 16Deveron Corp. announced that it expects to receive CAD 3 million in fundingDeveron Corp announced a non-brokered private placement offering of 210,000 units CAD 0.07 per Unit for net proceeds of up to CAD 3,000,000 on August 15, 2024. Each Unit shall be comprised of one common share in the capital of the Company and one half of one common share purchase warrant exercisable for 18 months at an exercise price of at least CAD 0.10. The net proceeds of the Private Placement, which is subject to approval from the TSX Venture Exchange. Insiders may participate in the private placement and finders’ fees may be paid in accordance with TSX Venture Exchange policies.
New Risk • Jun 28New minor risk - Shareholder dilutionThe company's shareholders have been diluted in the past year. Increase in shares outstanding: 4.5% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 62% per year over the past 5 years. Market cap is less than US$10m (€7.78m market cap, or US$8.34m). Minor Risk Shareholders have been diluted in the past year (4.5% increase in shares outstanding).
Reported Earnings • May 29Third quarter 2024 earnings released: CA$0.025 loss per share (vs CA$0.042 loss in 3Q 2023)Third quarter 2024 results: CA$0.025 loss per share (improved from CA$0.042 loss in 3Q 2023). Revenue: CA$5.45m (up 1.8% from 3Q 2023). Net loss: CA$3.95m (loss narrowed 31% from 3Q 2023). Revenue is forecast to grow 21% p.a. on average during the next 2 years, compared to a 5.7% growth forecast for the Professional Services industry in Europe.
New Risk • May 28New major risk - Market cap sizeThe company's market capitalization is less than US$10m. Market cap: €7.40m (US$8.05m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (18% average weekly change). Earnings have declined by 63% per year over the past 5 years. Market cap is less than US$10m (€7.40m market cap, or US$8.05m). Minor Risk Shareholders have been diluted in the past year (2.1% increase in shares outstanding).
お知らせ • May 25Deveron Corp. to Report Q3, 2024 Results on May 28, 2024Deveron Corp. announced that they will report Q3, 2024 results After-Market on May 28, 2024
お知らせ • May 22Deveron Corp., Annual General Meeting, Jul 25, 2024Deveron Corp., Annual General Meeting, Jul 25, 2024.
お知らせ • Apr 26Deveron Corp. announced that it has received CAD 0.575 million in fundingDeveron Corp. announced a non-brokered private placement through the issuance of 575 unsecured convertible debentures at an issue price of CAD 1,000 per Debenture for gross proceeds of CAD 575,000. The transaction was led by an insider. The issuance of the Debentures pursuant to the Offering were shall be completed on a private placement and prospectus exempt basis, as applicable, such that the issuances exempt from any applicable prospectus and securities registration requirements. The Debentures will mature three years following the date of issuance and will bear interest at an interest rate of 12% per annum, payable in arrears in cash; or the equivalent value in Common Shares based on a price per Common Share equal to the greater of the 20 trading day volume weighted average trading price of the Common Shares on the TSX Venture Exchange ending five trading days preceding the interest due date and the Market Price of the Common Shares at the time the interest becomes payable. The holder of a Debenture will have the right, from time to time and at any time after first year anniversary of the date of issuance, to the Maturity Date, to convert all or any portion of the outstanding principal amount into common shares at a conversion price of CAD 0.20 per share. Pursuant to applicable Canadian securities laws, the Debentures as well as any underlying Common Shares to be issued upon conversion or exchange of these securities, are subject to a hold period of four months and one day, expiring on August 26, 2024. The Offering remains subject to the final approval of the Exchange.
Reported Earnings • Feb 22Second quarter 2024 earnings released: CA$0.002 loss per share (vs CA$0.03 profit in 2Q 2023)Second quarter 2024 results: CA$0.002 loss per share (down from CA$0.03 profit in 2Q 2023). Revenue: CA$15.3m (up 1.1% from 2Q 2023). Net loss: CA$242.7k (down 107% from profit in 2Q 2023). Revenue is forecast to grow 25% p.a. on average during the next 2 years, compared to a 5.2% growth forecast for the Professional Services industry in Europe.
お知らせ • Feb 15Deveron Corp. to Report Q2, 2024 Results on Feb 21, 2024Deveron Corp. announced that they will report Q2, 2024 results After-Market on Feb 21, 2024
お知らせ • Feb 08Deveron Passes 2-Stage Pilot and Onboards New Pfas Enterprise CustomerDeveron Corp. announced the onboarding of a new enterprise contract with a prominent player in Per- and Polyfluoroalkyl Substances ("PFAS") remediation in water. PFAS are synthetic chemicals that have garnered significant attention due to their widespread use and potential environmental and health concerns. After completing a 2-stage pilot program, during which the client sent calibrated samples to ensure that Deveron's subsidiary, A&L Laboratories Canada, met specific measurement comparison goals, the Company and the client have agreed to utilize A&L for its internal testing needs. This will assess the success of their PFAS water removal technology. PFAS have found use in a wide range of industrial and consumer products due to their unique properties, including oil and water repellency, heat resistance, and low surface tension. Common applications include non-stick cookware, water-repellent outdoor gear, food packaging (e.g., fast-food wrappers), and firefighting foam. One of the most significant concerns with PFAS is their persistence in the environment; these chemicals do not easily break down and can accumulate in soil, water, and living organisms over time. Noteworthy states where PFAS testing, and regulation have commenced include Michigan, New Jersey, North Carolina, Minnesota, New York, Vermont, California, Maine, and New Hampshire.
Recent Insider Transactions • Dec 13Independent Non Executive Chairman recently bought €140k worth of stockOn the 11th of December, William Linton bought around 2m shares on-market at roughly €0.082 per share. This transaction amounted to 33% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was William's only on-market trade for the last 12 months.
お知らせ • Nov 18Deveron Corp. to Report Q1, 2024 Results on Nov 21, 2023Deveron Corp. announced that they will report Q1, 2024 results After-Market on Nov 21, 2023
Reported Earnings • Nov 01Full year 2023 earnings released: CA$0.19 loss per share (vs CA$0.12 loss in FY 2022)Full year 2023 results: CA$0.19 loss per share (further deteriorated from CA$0.12 loss in FY 2022). Revenue: CA$28.5m (up 125% from FY 2022). Net loss: CA$27.2m (loss widened 146% from FY 2022). Revenue is forecast to grow 32% p.a. on average during the next 2 years, compared to a 5.4% growth forecast for the Professional Services industry in Europe.