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Work Service with revenues above PLN 1.5 billion is getting closer to the new business model


After the first 9 months of this year, the Work Service Capital Group recorded almost PLN 1.57 billion in revenue. The main sources of improved results were operations on the Polish and Hungarian markets. In the third quarter alone, Work Service generated almost PLN 10.5 million of operating profit. EBITDA at the end of September amounted to over PLN 13 million. However, non-cash write-offs made ...

Work Service has one billion revenues and continues restructuring


In the first half of 2018, the Work Service Group generated over PLN 1,04 billion in revenue. On the Polish and Hungarian market, it continued to achieve positive results, but the Group's operating ratios were negatively affected by non-cash write-offs, which burdened the EBIT result by more than PLN 26 million. After excluding one-off charges, the Group achieved comparable results on y/y basis. ...

Work Service improves business profitability in the first quarter


After the first 3 months of 2018, the revenues of the Work Service Capital Group, in a comparable structure of the Group, increased by 5% and its net result improved by over 13% in comparison to the results from the previous year. In the same period, the operating profit exceeded PLN 20 million, and the greatest improvement in results was attributed to the Polish structures of the company. This ...

Change in the composition of the Management Board of Work Service S.A.


On 23 May this year, the Supervisory Board appointed Piotra Ambrozowicza to the Management Board of Work Service S.A. He will hold the position of Vice President responsible for supervision of the financial and accounting policy in the Group and the financial supervision over the Subsidiaries of Work Service Group. Mr. Piotr Ambrozowicz will replace Krzysztof Rewers, who tendered his resignation ...

Changes in the divestiture of Exact Systems


On 21 May, Work Service S.A. concluded Heads of Terms for the sale of all of its 69% shares in Exact Systems (the “Company”). The managers in charge of the Company – Paweł Gos and Lesław Walaszczyk, being minority shareholders of Exact Systems currently holding on aggregate 24% of the shares – joined forces with funds co-managed by CVI Dom Maklerski Sp. z o.o. (“CVI“) as buyers. The prior ...

Work Service completes the transformation processes and is ready to take advantage of the market situation in Central Europe


In 2017, revenues increased by 7,3% and EBIT from business activities reached PLN 67,9 million, according to preliminary and unaudited financial data presented by Work Service Group today. In the same period, three major sales processes were carried out, which allowed the Group to prepare itself for the implementation of a new development strategy assuming the achievement of 3-fold revenues from ...

Work Service enters into agreement to sell shares in Exact Systems Group to Cornerstone Partners and Oaktree Capital Management


30 March 2018, Work Service signed the preliminary agreement relating to the sale of all its shares in Exact Systems companies.  The buyers will be funds managed by Cornerstone Partners and Oaktree Capital Management, L.P. (“Oaktree”). The companies' enterprise value is approx. PLN 300 million.

Change in the management board of Work Service S.A.


On 8 December Piotr Gajek submitted his resignation from the office of Vice President of Work Service S.A. This, however, is not the end of his cooperation with the company. He will continue to advise the Board’s President on restructuring the Work Service Group and implementing the newly adopted strategy.

Work Service after 3 quarters: solid results and a new Group strategy for the years 2018-2020


Through the first nine months of 2017, the revenues of the Work Service Capital Group have exceeded PLN 1,975 billion with an operating profit of almost PLN 52 million. Including the results of continuing activities, all key business factors reached double-digit growth over the previous year. The last 3 quarters were a time of considerable transformation for the Group with respect to both its ...

Work Service concluded the agreement for acquisition of Hungarian company Prohuman


Work Service Group concluded the agreement for acquiring the remaining 25% of Hungarian company Prohuman. The company being acquired is the leader on the Hungarian market in providing services of temporary job with its share of more than 22% of the market and the fastest developing entity in the structures of the Group. The value of the transaction shall amount up to HUF 7 325 billion and ...

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