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Work Service Capital Group revenues continue to grow. New projections.

The first three quarters of 2012 have brought a further increase in Work Service Group revenue reaching PLN 540 million. The new projections of financial results for the end of this year, including necessary corrections, predict a revenue growth of 26 per cent compared to 2011. In the last quarters, the company has borne various investment costs, which resulted in a lower net profit.

Work Service Group debuted on the Warsaw Stock Exchange in April 2012 and much higher sale volumes have been recorded in the first 9 months of this year compared with the same period last year. Revenues reached PLN 540 million, 21.92% higher than in the previous year. Operating profit (EBIT) has also increased significantly, by 23.95%, reaching almost PLN 25 million. There was a small increase in net profit recorded at the end of September with a recorded value of PLN 12 million, mainly as a result of the group's high investment costs.

 

Consolidated Data
 (PLN)

Q1 - Q3 2012

Q1 - Q3 2011

Change

Revenues

540 151 000

443 055 000

+ 21.92%

Operating Profit EBIT

24 984 000

20 157 000

+ 23.95%

Gross Profit

12 506 000

12 439 000

+ 0.54%

Net Profit

12 006 000

11 737 000

+ 2.30%

 

β€˜We are pleased that once again our key financial ratios have improved. Our sales revenue and EBIT are definitely higher and that reflects well on the company's health. Projections for the temporary employment market prepared this year assume a 12 per cent growth, which translates into a bright future for the company. The most important change for us are the projections based on order volume which, we might expect, means higher operational profits,’ said Tomasz Hanczarek, CEO of Work Service SA

 

The projections of financial results for the end of 2012 were prepared on the basis of reports on labour market development in Poland, Russia, the Czech Republic and Slovakia as well as on contracts signed this year. The results also include capital investments and the cost of group expansion through taking over IT Kontrakt. The original projection for the end of the year was updated to include these factors.

 

β€˜The projections of the financial results for 2012 indicate a 26 per cent increase in revenue compared to 2011. Operating profit is projected to be higher by as much as 2 percentage points. The lower net profit is the result of higher costs associated with the IPO of the group, the purchase of the IT Kontrakt shares, the commencement of Group operations in Germany and Turkey plus further growth of the company in Russia. These activities, as investments, form the necessary foundations for future success,’ commented Piotr Ambrozowicz, CFO and Vice President of Work Service SA. 

 

Details
 ( PLN)

2011 Results

Result projections
 for 2012.

Change in percent [2011=100%]

     Revenues

617 922 000

 780 482 000

26.31%

EBIT

31 112 000

  40 122 000

28.96%

Gross Result

22 577 000

  25 122 000

11.27%

Net Result

22 296 000

  23 112 000

3.66%

Work Service S.A. is the largest Polish HR services company. The company focusses its operations on providing advanced solutions for flexible forms of employment and outsourcing of business processes in the area of merchandising, production control, HR services and others. IT Kontrakt, a company that specialises in IT professionals and developers, has recently joined the Work Service Group. Work Service S.A. (WSE) floated on the Warsaw Stock Exchange in April 2012.

 

 

***

 

Work Service Capital Group provides human resources management services. It specialises in finding and recruiting qualified staff, personnel counselling, full outsourcing of human management and other processes in enterprises and solutions based on temporary employment contracts. Work Service Group is the largest Polish HR services company. It operates through a network of branches and representative offices in Poland and five other countries in Central and Eastern Europe. Work Service started 1999. The company has extensive knowledge of the labour market and understanding of comprehensive business management solutions thanks to long-term cooperation with the largest employers in the country and abroad. Over 2200 companies currently choose Work Service as their business partner, appreciating the company's experience, professionalism and personal touch. Nearly 150,000 people find employment every year thanks to Work Service.

 

More information:

Krzysztof Inglot,

Head of Market Development Department, Work Service S.A.

phone: 00485 0804 0345,

krzysztof.inglot@workservice.pl

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