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Record financial results of Work Service Capital Group

Q3 2011 has brought Work Service Capital Group very good financial results. Consolidated net revenue after three quarters of 2011 amounted to over PLN 443 million, and return on sales exceeded PLN 20 million. Work Service S.A. is carrying out the initial public offering which will enable the company to raise capital for further dynamic growth, including acquisition of companies in Poland and the Central and Eastern Europe. 

 

 Data in PLN

3 quarters
01.2011-09.2011

3 quarters
01.2010-09.2010

Revenue

443 055 074.03

356 248 326.85

Return on sales

20 149 087.18

17 376 495.18

Gross profit

12 439 424.42

10 407 997.42

Net profit

11 736 593.45

9 310 306.87

This year is going to be the best one in the history of our company. After three quarters of 2011 we generated net profit of PLN 11.73 million which is a better result by 26% in comparison to the corresponding period of last year. This is the result of a development strategy implemented consistently, the aim of which is carrying out acquisitions on the deeply divided HR market in Poland, comments Tomasz Hanczarek, President of the Management Board of Work Service S.A. The companies taken over by us generate better and better profit for the group due to introduction of their services to the markets of the Czech Republic, Slovakia, Germany and Russia. It is a confirmation for us that the planned further acquisitions will also translate into both broadening the portfolio of services and better financial results,adds Dariusz Rochman, General Director, Vice-President of Management Board of Work Service S.A.

 

Forecast for 2011

Data in PLN

Revenues from sales

629 906

Gross profit

24 476

Net profit

23 068

Our forecasts indicate that 2011 will be closed with revenues at the level of almost PLN 630 million, which will constitute an increase of over 26% in comparison to the corresponding period of last year. At the same time we will show the highest net profit ever at the level of PLN 23 million. Achieving high profitability is possible due to dynamic growth of sale of advanced services and operating leverage,concludes Piotr Ambrozowicz, CFO, Vice-President of Management Board of Work Service S.A.

 

Work Service S.A. is the largest company on the Polish market of personnel services, basing its operations on offering innovative solutions related to flexible forms of employment, personnel consultancy and outsourcing of business processes handled by employees of the company. The prospectus of Work Service S.A. was approved on 17 November 2011 by the Polish Financial Supervision Authority in relation with the first public offering of shares and the intention of applying for the admission of shares to trading on WSE. It will be the first company from the personnel services sector worth over EUR 600 million, which will be listed on the Warsaw trading floor.

 

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Work Service Capital Group provides services in the area of HR management. It specializes in selection and recruitment of qualified employees, personnel consultancy, full outsourcing of functions related with HR and auxiliary processes management in companies as well as offering solutions based on usage of temporary employment contracts. Work Service S.A. is the largest service company on the Polish HR market, operating in the whole country through the network of branch offices as well as abroad in five countries of the Central and Eastern Europe. Work Service has been present on the market since 1999, and due to long-term cooperation with the largest employers in Poland and abroad it has full knowledge of the labour market and comprehensive solutions supporting management. Even 1000 large companies have already chosen Work Service to be their business partner, appreciating the company’s experience, professionalism and individual approach. Each year, thanks to Work Service, as many as 150 thousand people find employment.

 

 

This material is intended for advertising/promotional purposes only and cannot be deemed a basis for purchasing securities of Work Service S.A. (“Company”) as part of public offering or recommendation which may be a basis for making investment decisions. The only legally binding document containing information on the Company and public offering of the Company’s shares will be the Prospectus, approved by the Polish Financial Supervision Authority on 17 November 2011, available online on the Company’s website: www.workservice.pl and the Underwriter’s (IDM S.A.) website: www.idmsa.pl. This material is not intended for dissemination, directly or indirectly, within the territory or in the United States of America or other countries where public dissemination of information contained herein may be subject to limitations or may be prohibited by law.

 

 

 

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