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In 2016, Work Service increased revenues and launched transformation processes

26.04.2017

The Work Service capital group ended the year with consolidated revenues of PLN 2.48 billion, which constituted an increase of 16% year-on-year (higher than the  dynamic of the Central and Eastern Europen market which was estimated to grow by 13%). The company has implemented several changes and announced further transformation in upcoming months. Moreover, the Group, for the first time in its history presented guidance for 2017 which anticipates reaching an operating profit of PLN 85,3 million.

“The last twelve months have been busy for us. We began several transformation processes of the Work Service Capital Group, starting from changes in the management board, followed by a structural re-organisation, and ending with setting new development objectives for the upcoming years. Consistent with the adopted strategy, we opted for organic development supported by the economic upturn, improvement of effectiveness and optimisation of the structure of the entire Group” says Maciej Witucki, President of the Management Board of Work Service S.A. “Many of the actions we have commenced are in the course of implementation, but we can already talk about double-digit growth of our business, optimisation of the structure through consolidation of companies and execution of transactions aiming at the unification of the business model” adds Maciej Witucki.

 

Growth on the candidates’ market

Data from Interconnection Consulting for last year confirms that Work Service Group has strengthened its leading position on the market of human resources services in the Central and Eastern Europe, with  value market share of almost 15%. In this part of the continent, employers have suffered the most from record low unemployment rates and increasing personnel deficits. Consequently one could observe an increased demand for the services of Work Service. In the last year, Work Service increased revenue by 16% year-on-year reaching PLN 2,48 billion.

In 2016, almost 45% of the revenues came from international operations and the number of full-time-equivalent positions employment through Work Service increased by 5% year over year. At the same time, the Group improved its gross profit, by almost 10% and reached PLN 262 million.

“We recorded solid results on the back of a market-beating 9% organic growth, however, the PLN 63 million level of operating profit was lower than we expected. This was the result of a one-off cost relating to the restructuration in Germany, changes in personnel and completion of investment processes started earlier. Nevertheless, it should be emphasized that the growth of organic costs was tightly  controlled and amounted to just 4% which was lower than the pace of our organic top line growth” says Maciej Witucki.

 

Extension of the recruitment resources and guidance for 2017         

In 2017, the most important challenge for employers will be the recruitment of new employees. This is why Work Service, in order to build a competitive advantage in the sector of employment agencies, implements several solutions aiming at the extension of recruitment resources. The objective of the image-building campaign launched in April is to encourage Poles to take up work through the company. Innovative recruitment tools based on new technologies and mobile solutions have been developed. Cross-border projects are being developed in the region and a new structure in Ukraine, which will support recruitment process for Polish companies, is being created.

 “A period of further transformation is ahead us, but we are convinced that the current and planned actions will translate into measurable results. We are approaching higher transparency and effectiveness and thus, for the first time in the history of the Work Service Group, we present results guidancefor 2017 which anticipates an operating profit reaching PLN 85,3 million” sums up Maciej Witucki.

 

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Work Service capital group was established in 1999 and is the largest provider of HR services in CEE. It operates in Poland through network of local branches and abroad in 16 countries (Russia, Germany, Czechia, Turkey, Romania, Hungary, Slovakia, United Kingdom, Belgium, France, Switzerland, Slovenia, Croatia, Serbia, Bulgaria, China). It specializes in personal advisory services, HR restructuring, recruitment, temporary staffing and outsourcing. More than 3,000 companies have already chosen Work Service as their business partner. Each day 50,000 persons and 300,000 persons annually find employment with support of Work Service Group. Work Service is listed on Warsaw Stock Exchange and London Stock Exchange.

 

Press officer:

Andrzej Kubisiak
Analyses and Communication Team Director at Work Service S.A.
mobile: +48 512 176 030
e-mail: andrzej.kubisiak@workservice.pl

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