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Work Service has more than doubled the net profit in the first quarter of 2014

The Work Service Capital Group has noted, at the end of the first quarter of 2014, the net profit of PLN 14,2 million which represents an increase of 135 % in comparison with the same period last year.  Company's revenues increased by 83% to PLN 345 million, and operating result (EBIT) increased by over 78%, reaching the level of   PLN 16.2 million A significant impact on a stable high growth of financial results had a consistently pursued strategy of organic growth of the Group, as well as successful acquisitions.

The Work Service Capital Group has consequently realized the strategy of dynamic growth, tending to take up the position of a leader of HR services both in Poland and in Central and Eastern Europe. The Company is growing through acquisitions and also through organic development and stable broadening of the scope of services offered.  In the analysed period, the revenues on the Group's organic activity increased by more than 1/3 from PLN 188.6 million to PLN 251.8 million, and EBIT reached the level of PLN 9.33 compared with PLN 9.09 million in the same period last year.   The undoubted impact on operational profit had the costs of acquisition and processes of integration of the whole Capital Group. At the end of the first quarter of 2014, these costs amounted to PLN 1 million, thus diminishing the dynamics of EBIT growth of the Group.

Another very successful quarter is behind us. According to our expectations we have a significant improvement of the financial result.  We confirm our previous strategy of Work Service development, which will continue to be based on the dynamic organic growth. We also consider the subsequent acquisitions, this time observing the specialistic companies. We are still searching new solutions, which will raise the  Group's value and will ensure more satisfaction to our clients and a broader scope of services- says Tomasz Hanczarek, President of the Management Board of Work Service S.A.

In a long-term perspective the development through acquisitions is the quickest and the most effective method for foreign expansion. We focus on partnership, therefore all our so far acquisitions proved to be successful. High revenue growth is the effect of successful acquisitions, but also of our effectiveness in developing the products offer. The results obtained let us optimistically look forward to the plans of development of the Work Service Capital Group – adds Tomasz Misiak, President of Supervisory Board of Work Service S.A..

Basic financial data of the Capital Group Work Service S.A. for the first quarter of 2014 in comparison to the same period in the previous year:

Consolidated Data 
in PLN

 

Q1 2014

 

 

Q1 2013

 

Change

Revenues

345,870

188,681

+83%

EBITDA (operational result+ redemption)

17,963

10,193

+76%

Profit on sale

16,722

8,600

+94%

Profit EBIT

16,217

9,089

+78%

Gross profit

15,865

6,611

+140%

Net profit

14,236

6,046

+135%

 

 

Revenues of all the companies that have joined the Work Service Capital Group as a result of the acquisition grow at the expected and satisfactory level. The following Companies have noted a raise of revenues in the last quarter: Antal International +31%, Work Express +25%, ProHuman +57%. On the level of the operating results  (EBIT)  the following increases have been generated:  Antal International +55%, Work Express +4%, ProHuman +62%. The three above mentioned Companies recorded jointly a 37 % increase in the revenues of the first quarter in relation to the previous year and of + 45 % growth of the operating result (EBIT), representing 42% of the operating result (EBIT) of the whole Capital Group. It should be underlined, that the published results do not yet contain the consolidation of the last acquisition of the Capital Group - joint venture with the German Capital Group  Fiege Logistik Stiftung & Co. KG.

***

The Capital Group Work Service operates since 1999 and is the greatest supplier of complex HR services on the Polish Market. It conducts the activity on the whole territory of the country through a network of branch offices and abroad in 7 countries of Central and Eastern Europe (Russia, Germany, Czech Republic, Turkey, Romania, Hungary, Slovakia). the Group specializes both in services  in the field of human resources consulting and restructuring in the area of HR, recruitment and staff outsourcing. Over 3000 companies have already chosen Work Service as their business partner and 35 000 persons monthly finds employment  through the Company both in Poland and abroad. Work Service is the first company in the sector of personal services listed on the Warsaw Stock Exchange

 

More information:

 

Krzysztof Inglot

Director of the Department of Markets Development, Spokesman

mobile: +48,508,040,345

phone: +48 71 371 0927

e-mail: krzysztof.inglot@workservice.pl

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