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Work Service doubles profits in the first half of 2014

The Work service Capital Group has published financial results for the first half of the year. In the period from January to June 2014, the Company has noted a net profit on the level of almost PLN 19.5 million. The result is higher by 97.8 % than the last year one in the analogical period. Company's revenues increased by 79.4%,  to PLN 735.9 million and operating result (EBIT) amounted to more than PLN 32 million.  

In the first half of 2014, the Capital Group's revenues increased by 79.4% compared to the same period of 2013, to a level of PLN 735.9 million, year-over-year. With the sale of the organic part (excluding acquisitions) increased by 25.5%.  The dynamics of the organic growth of the Capital Group Work Service is more than twice the increase in the reported* value of the personal services market in 2014. The net profit in the first half of 2014 amounted to PLN 19.5 million, which means the increase by 97.8% comparing to the first half of 2013. Another quarter in a row, the Group generates growing positive operating cash flows (in Q1 2014: 24 million, Q2 2014: 39 million). It is the result of an ongoing process of improving the margin on sales, shortening the cash conversion cycle by 12 days (54 days at the end of the first half of 2013 to 42 days at the end of June 2014), as well as the purchase of companies that generate positive cash flows, especially from operational activity.

“Maintaining such a high rate of growth of sales in the Group demonstrates the effectiveness of the business model adopted by us”,  said Tomasz Hanczarek, President of the Management Board of Work Service SA.

“The first half of 2014 was a very successful period for us. Such a good financial performance is the result of exemplary cooperation of companies that have recently joined the Group. According to our forecasts, this year we will achieve the leading position in terms of market valuable shares for  personal services in the Central European countries CEE-5 (Poland, Russia, Hungary, Czech Republic, Slovakia). This demonstrates the effectiveness and consistency in implementation of the adopted strategy”   – added Tomasz Hanczarek.


Table 1. Basic financial data of the Capital Group Work Service S.A. for the period from 1. January 2014 to 30 June, in comparison to the same period in the previous year:

Consolidated data (in thousands PLN)


1H 2014.



1H 2013.




735 856

410 111


EBITDA (operational result+ amortization)




Profit on sale




Profit EBIT




Gross profit




Net profit





The development of the companies it bought also affected the record financial results of the Capital Group Work Service. Thanks to the synergy of revenues, the financial results of Antal International, Work Express and ProHuman (purchased in 2013-2014) grew faster this year than before the acquisitions (+ 57.2% growth in sales, + 64.4% increase in operating profit), thus proving the benefits of being a part of the Capital Group. In the first half of 2014, the listed companies generated respectively PLN 221.2 million of revenue and PLN 15.7 million of EBIT profit. The results presented for the first half of the year do not include the fourth acquisition on the German market (Fiege / Uniserv, Fige / Worksess), which will be consolidated from the third quarter of 2014.


 Table 2. Selected items in the profit and loss account (in PLN thousands)

Wyniki Work Service 1H2014


*Wybrane pozycje rachunku zysków i strat (w tys. zł) - Selected items in the profit and loss account (in PLN thousands)

Grupa Kapitałowa Work Service – the Capital Group Work Service

Akwizycje – acquisitions

Przychodzy netto ze sprzedaży – net profit on sales

Dynamika – dynamics


“The financial result for the first half of 2014 confirms the accuracy of decisions on the choice of the objectives of the transactions, as well as the ability to exploit the potential of HR market by the Capital Group”, said Tomasz Misiak, President of the Supervisory Board of Work Service SA.

“Definite influence on the results had both the synergy of sales and high efficiency of integration processes of the new entities in the Group”, added Tomasz Misiak.


*Based on the report: Temporary Staffing in CEE5 2014, Interconection Consulting




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-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 find 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


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