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Very good financial results of Work Service for the year 2013

After four quarters of 2013, the Work Service Capital Group earned net profit of PLN 33.7 m, which gives an increase of over 46% on the analogous period the year before. (taking into account the one-off costs connected with M&A transactions).

The revenues of Work Service in 2013 increased by over 26% to PLN 918 m. Sale profit at the end of the analysed period amounted to PLN 112.7 m, which gives almost a double increase on the analogous period the year before. EBIT profit increased by almost 34%, giving the result of over PLN 52 m, with consideration of the one-off costs connected with M&A transactions. Sale profitability calculated at the level of operational profit amounted to 5.69% compared to 5.37% in the preceding year.

Yet again, the financial results of Work Service prove that we are developing very dynamically. We are growing faster than the market, and, what is really important, we keep this tendency steadily with every quarter. The profit earned last year is a derivative of actions taken under the Group's growth strategy, in the Moscow-Berlin-Istanbul triangle. Fulfilled acquisitions broadened the scope of our competences as well as the geographical reach of our business. In 2013, as much as 22% of revenues were generated outside Poland,' sums up Tomasz Hanczarek, President of the Management Board of Work Service S.A.


Basic financial information on the Work Service S.A. Capital Group for 2013,
compared to an analogous period of the preceding year:

Consolidated data (in PLN)



2013/2012 dynamics

Net revenue




Cost of products sold 




Gross profit (loss) on sale




Gross profit (loss) on sale *




Operating profit (loss) (EBIT) *








Gross profit (loss) *




Net profit (loss) *




*one-off costs connected with fulfilled M&A transactions in 2013: PLN 4,235 m


The Work Service Group generates revenues in four main business lines: temporary work, outsourcing, personnel advisory and HR strategic advisory. In terms of the size of revenues, temporary work services are the most significant area; however, their share in total revenues of the Group have been systematically decreasing – in 2013 it fell to 65.37% (in 2012, it was 66.75%). The share of revenues generated under outsourcing increased to 33.52% of total revenues (in 2012, it was 32.74%), whereas the share of the two remaining services (personnel advisory and HR strategic advisory) increased to 1.11% (in 2012, it was 0.51%). 

The financial results of Work Service in 2013 were mostly influenced by the consistent building of the company's market position, both through organic growth and acquisitions, as well as by the successful adjustment of the growth strategy to the tendencies in the market of personnel services. Last year, the Company completed transactions of taking over three companies: Antal International, the leader in the Polish market of recruiting specialists and managers; Work Express, an expert in transborder exchange of workers; and ProHuman, one of the largest job agencies in Hungary. The acquisitions performed by Work Service of companies operating in similar or complementary segments in the market allowed broadening the product offer and shifting the burden of sale from temporary work onto comprehensive personnel advisory and high mark-up outsourcing solutions. 




The Work Service Capital Group has operated since 1999 and is the largest provider of comprehensive HR services on the Polish market. Work Service operates around the entire country through its network of branch offices, as well as abroad in 7 Central and Eastern European countries (Russia, Germany, Czech Republic, Turkey, Romania, Hungary, Slovakia). The company specializes in personnel advisory, HR restructuring, recruitment and outsourcing of workforce. Over 3,000 companies have already selected Work Service as their partner in business, and the company assists 35,000 individuals each month in finding employment in Poland and abroad. Work Service is the first company in the personnel services sector to be listed on the Warsaw Stock Exchange.



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