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Work Service Group reports record third-quarter sales

Work Service Group posted consolidated revenues of over PLN 1,5 billion year to date, which represents 25% growth compared to the corresponding period of the previous year. Net profit after the first nine months of 2015 reached PLN 27 million, while the Group’s EBITDA rose by 11,5% and stood at PLN 66,8 million. The Group’s growth in the third quarter was attributable to its significantly increased scale of operations following its acquisitions as well as dynamic organic growth.


Work Service Group yet again delivered very strong revenue growth and in Q3 the Group posted its highest revenues year-to-date, totalling PLN 548 million (more than 12% higher than in the corresponding period of 2014). The robust quarterly result translated into record consolidated revenues for the first three quarters of 2015, which were in excess of PLN 1,525  billion.

Revenue growth of 25% y/y is the best confirmation that we continue to grow and expand the scale of our business operations consistently with our announced strategy. We reported the year’s highest sales in the third quarter, which was reflected in the record consolidated figures. Our revenues after the first three quarters of 2015 are almost equal to the revenues recorded for the entire year in 2014 - comments Tomasz Hanczarek, CEO of Work Service S.A. Continued business growth and geographic expansion present the Group with new opportunities for identifying prospective customers. During the last quarter, we entered the permanent recruitment services market in Hungary and Germany. The Group continued to implement its recruitment and outsourcing strategy for IT specialists in the Czech Republic, Slovakia, Hungary, Germany and Switzerland whilst simultaneously also developing cross-border recruitment in other sectors through Work  Express. Those efforts are clearly visible in the Group’s international revenues (Almost 44% of the Group’s sales are generated by our foreign subsidiaries. This represents a major increase compared to the previous year when their percentage share amounted to 38%). It is inter alia the continued success of our international operations which facilitated our impressive topline growth, which will continue in subsequent quarters - adds Tomasz Hanczarek.

In Q3, Work Service Group generated net profit of PLN 13,815 million (over 26% y/y growth) and an EBIT of PLN 25,295 million, which exceeded last year’s result by 19,8%. Consolidated EBITDA after the first three quarters reached PLN 66,801 million (11,5% y/y growth). Net profit (before one-off cost items) amounted to PLN 41,045  million, whilst headline net profit stood at PLN 27 million. It is worth noting that the Group continued to maintain a 12% organic growth rate through the effective development of operating territories and existing business lines.

A clear growth path and consequently the ensuing consistent expansion of the scale of the Group’s operations have both contributed to a very good quarter for Work Service. In strategic terms, we have attained our objectives earlier than planned. We are now the undisputed leader of the HR services market in Central Europe (CEE TOP-5: Poland, Russia, the Czech Republic, Slovakia and Hungary) with a market share of 13.1% in value terms. Also, our share in international and regional project tenders is expanding. The potential value of such contracts currently exceeds EUR 100 million. Additionally, this quarter, we have finalized acquisitions of CRS Group’s companies, which further strengthened and solidified our position on the Polish and Belgian markets both in the short- and long-term - sums up Tomasz Misiak, President of Supervisory Board of Work Service S.A.



Key financial figures for Group Service S.A. Group, covering the period from 1 July 2015 to
30 September 2015, in comparison to the same period of the previous year



Data  (PLN)


3Q 2015


3Q 2014


% Increase


548 770

488 302

+ 12,38%

EBITDA (operating profit before  amortisation and depreciation)

28 296

23 634


Gross profit on sales  

22 812

21 523


EBIT (operating profit)

25 295

21 113


Headline net profit (after one-off costs)

13 815

10 898

















Key financial figures for Group Service S.A. Group, covering the period from 1 January 2015 to
30 September 2015, in comparison to the same period of the previous year


Consolidated data  (PLN)


3Q 2015


3Q 2014


% Increase


1 525 886

1 224 159

+ 24,65%

EBITDA (operating profit before  amortisation and depreciation)

66 801

59 903

+ 11,52%

Gross profit on sales  

51 365

54 149

- 5,14%

EBIT (operating profit)

58 186

53 501

+ 8,76%

Net profit (before one-off costs)

27 025

30 364

- 11,00%

Headline net profit (after one-off costs)

41 045

30 364




















Work Service Group was established in 1999 and is a top supplier of end-to-end HR services across Central Europe. It operates through its extensive branch network present in 11 CEE countries, including Poland, Russia, Germany, Czech Republic, Turkey, Romania, Hungary, Slovakia. The Group specializes in HR consulting services, as well as HR restructuring processes, permanent and temporary recruitment, and employee outsourcing. More than 3000 companies have trusted Work Service as their business partner, and with the help of the Company, 50,000 persons find a job in Poland and abroad every month. Work Service is the first HR services company quoted on the Warsaw Stock Exchange.


For further information:


Krzysztof Inglot

Representative of the Management Board,

Press Officer Work Service

mobile: +48 508 040 345

phone: +48 71 371 0927



Andrzej Kubisiak

Head of Press Office Work Service

mobile: +48 512 176 030



Magdalena Kowalska

Bridge Sp. z o.o.

mobile: +48 506 189 404

phone: +48  22 565 48 80


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