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Work Service 2014 Record Performance



As a result of successful implementation of its business development strategy and excellent effects of its international expansion, in 2014 the Work Service Group recorded its best results ever. Its revenues for 12 months of 2014 increased by 89% yoy to over PLN 1 739 million and its net profit reached over PLN 52,4 million, a 77% % growth on the figures for the four quarters of 2013. These are the first results showing benefits of the recent years’ acquisitions in Poland and Central and Eastern Europe. Group’s international operations are becoming a major pillar on the revenue side, with foreign companies already contributing over 40%.


The excellent 2014 financial results of the Work Service Group are the outcome of successful implementation of its business development strategy to become a leader in the countries of the Berlin-Moscow-Istanbul triangle. Thanks to completed transactions, the Work Service Group is present in nine Central and Eastern European countries, making up a complementary offer for over 3,000 customers. Continually improving sales margins, an improved cash conversion cycle and integration of the acquired companies into the Group translated into a 2014 profit in excess of PLN 1 739 million.

The achievement of such good financial results for 2014 confirms that our efforts and the consistently implemented strategy are bringing the expected effects. Last year, we already achieved market leadership in Central Europe in terms of share value*, and our ambitions go much further. With this strong position and our auspicious geographical location, we want to take advantage of this unique situation on the personnel service market. That market is growing at double digit rates year on year, while its penetration in Central and Eastern Europe is still far lower than in Western European countries - emphasizes Tomasz Hanczarek, Management Board President of Work Service SA. -This gives us great opportunities for further business development in international markets- adds Tomasz Hanczarek.

Consolidated financial results for the four quarters of 2014 include the results of the following companies: Antal International (since 4thQ 2013), Work Express together with its subsidiaries (since 1stQ 2014), Prohuman together with its subsidiaries (since 1stQ 2014), Human Existence (since 3rdQ 2014). It is worth noting that, given the consolidation of Fiege Group companies during 12 months of 2014, the growth in the scale of Group’s operations is all the more impressive. Consolidated revenues would be at PLN 1 877,5 million, meaning an over double fold increase in the scale of operations (by 104%).

Total revenues generated outside of Poland increased in 2014 to 40,2%% on 22,2% in 2013. The Work Service Group is growing not only through consolidation of acquired companies’ performance but also through its dynamic organic growth. For the entire 2014, the Group generated a record positive cash flow from operations and its operating profit (EBITDA) increased o 85% compared to the previous year.

This was a breakthrough year for the Work Service Group. In just 12 months, our Group expanded by 14 new companies, set up a joint-venture with a powerful German group, completed its SPO with a huge success, raising money for further acquisitions, and began analyzing new markets for possible further acquisitions. 2015 promises to be equally active. We are planning successive acquisitions in Central and Eastern Europe and Turkey, and we will also focus on buying out minority interests in Group’s subsidiaries. The effect of those efforts will strengthen our position in particular markets and initiate a global growth outlook - says Tomasz Misiak, Chairman of the Supervisory Board of Work Service SA.


Key financial data of Work Service Group for the period from 1 January 2014 to 31 December 2014, compared to the same period of last year:

Consolidated data (PLN)







% Increase


1 739 756 267.24

918 391 397.72


EBITDA (operating profit before amortisation and depreciation)

98 675 262.18

52 802 129.95


Gross profit on sales  

91 446 451.26

49 210 427.93


EBIT (operating profit)

89 142 645.61

47 987 544.33


Profit before tax

62 559 482.92

32 893 980.98


Net profit

52 422 555.27

29 484 916.77



Work Service Group’s financial stability is also greatly helped by doing business sustainably and responsibly. In March 2015, the Work Service Group published its first-ever social responsibility report, which was the beginning of implementing the Company's CSR strategy. -Doing business ethically, while taking into account the needs of all our stakeholders, has been our guideline since the very beginning, i.e. for 15 years. Being a market leader adds an extra responsibility to approach the issue of social responsibility strategically. For that reason, we have decided to implement a Group CSR strategy which sets out specific non-financial goals and directions for business growth in 2014-2018. We want to focus heavily on educating and inspiring the market in order to promote top quality HR practices-  sums up Tomasz Hanczarek.


* Figures based on the report Temporary Staffing in CEE5 2014, presented by Interconnection Consulting Group, covering Central European CEE-5 countries (Poland, Russia, Hungary, Czech Republic, Slovakia).



Work Service Group was established in 1999 and is the top supplier of end-to-end HR services on the Polish market. It operates through its extensive branch network present in 8 CEE countries, including Poland, Russia, Germany, Czech Republic, Turkey, Romania, Hungary, and Slovakia. The Group specialises in HR consulting services, as well as HR restructuring processes, permanent and temporary recruitment, and employee outsourcing. More than 3000 companies have trusted Work Service as their business partner, and with the help of the Company, 35 000 persons find a job in Poland and abroad every month. Work Service is the first HR services company quoted on the Warsaw Stock Exchange.





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