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A very good quarter for Work Service S.A. capital group

14.11.2013

 As the third quarter of this year draws to a close, the Company’s financial results break one more record.As of the end of September 2013, the consolidated net profit amounted to PLN 15m, which is tantamount to a 25% increase compared to the analogical period in previous year.

The financial results of Work Service S.A. at the end of the third quarter 2013 are very satisfying and in line with the Company’s expectations. Revenues increased by 20.15% and reached PLN 648m. Profit from sale at the end of the analysed period was at the level of PLN 29m, which is tantamount to a 14% increase compared to the analogical period in previous year. EBIT profit is in the similar order, as it grew by 15.42%, giving eventually nearly PLN 29m. It is worth highlighting that as the Company incurred one-off costs of PLN 3.1m connected with the acquisitions, the actual amount of EBIT profit as at the end of 3rd quarter 2013 equals PLN 42m, and means a 28% business growth.

Consolidated data in PLN

Q1 - Q3 2013

Q1 - Q3 2012

Change:

Revenues

648 968 000

540 151 000

20,15%

EBITDA (operating result + amortization)

32 347 000

28 059 000

15,28%

Sale profit

29 464 000

25 843 000

14,01%

EBIT profit

28 837 000

24 984 000

15,42%

Gross profit

17 021 000

12 506 000

36,10%

Net profit

15 034 000

12 006 000

25,22%

 

In the last period, Work Service S.A. consequently fulfilled its strategic assumptions of a dynamic growth. In October, the Company completed the acquisition of Antal International, whose competences strengthened Work Service S.A. Group by broadening the product offer by premium recruitment services. Also, the acquisition of Work Express was announced, which is a company specializing in transborder exchange of workers. Both acquisitions will enhance the position of Work Service S.A. on the Polish market, and will also enable extending the areas of current activity of the Company to the markets of Central-East Europe.

'We are satisfied with the financial results the Company has made at the end of the third quarter 2013. We are planning to exercise intensive efforts to take care of the organic development of the company, at the same time maintaining its high-level growth.‘Thanks to further acquisitions, we are expanding the Group’s competences and resources, which in turn gives us the edge over our Polish and European competition.‘In nearest future, we are expecting even larger growth, which will be the effect of a successfully fulfilled strategy of acquisitions,’ commented Tomasz Hanczarek, President of the Management Board of Work Service S.A.

 

***

 

Work Service Capital Group has operated since 1999, and is the biggest service company in the Polish market of personnel services. It operates throughout the country by means of networks of offices, and abroad in 6 countries in Central-Eastern Europe. It specializes in restructuring within HR, recruitment of well-qualified employees, personal consulting and outsourcing of functions connected with HR management. It also offers solutions which use temporary work agreements. Over 2000 companies have chosen Work Service as their business partner, and almost 250 thousand people a year find work through Work Service. Work Service is the first company in personnel service sector listed on the Warsaw Stock Exchange.

 

 

For more information, visit:

 

Krzysztof Inglot

Director of Market Development Department, Spokesman of Work Service S.A.

tel.: 508 040 345

e-mail: krzysztof.inglot@workservice.pl

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