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Work Service becomes regional leader, with record revenues in the first half of 2015


Revenues of Work Service S.A. Group in the period from January to June 2015 exceeded PLN 977 million, growing by one third YoY, while net profit, excluding one-off costs, increased by over 36%. Work Service S.A. Group has captured over 13% market share (by value) in the entire region and fulfilled the company’s strategic goal to become the Central European leader 2 years ahead of its originally announced plan. During 3Q, Work Service will draft a new three-year strategy, including further expansion in key foreign markets.

In the first half of 2015, Work Service Group improved its financial performance in comparison to the same period of 2014. Sales amounted to PLN 977 million, nearly 33% more than in 1H of 2014, when the figure was PLN 735 million. Work Service Group has thus achieved the leading position in the HR services market in Central Europe. An Interconnection Consulting study indicates that the company has already captured 13.1% of the market (by value) in the TOP-5 CEE region (Poland, Russia, the Czech Republic, Slovakia and Hungary).

- Leadership position in Central Europe became our strategic goal after the IPO on the Warsaw Stock Exchange in 2012. Today we are able to report that we have achieved this goal, 2 years ahead of schedule. This demonstrates our effectiveness in implementing the strategy, which resulted in the geographic expansion of our business and dynamic growth in the scale of operations. As this opens up entirely new opportunities, in this quarter we are going to issue a new strategy and map out our growth up to 2018 - said Tomasz Hanczarek, President of the Board, Work Service S.A. - Our primary goal is to build on our leadership position in the region to join the ranks of five largest employment agencies in Europe. To achieve this objective, we will expand our international business and enter new markets in France, the Netherlands and the United Kingdom. The first step in this direction will be the technical Dual Listing of our shares on the London Stock Exchange, scheduled to take place in late 2015 or early 2016,” added Tomasz Hanczarek.

From January to June 2015, Work Service Group pursued an intensive programme of integration of its operating entities across Europe. IT Kontrakt commenced operations on five new markets, and Antal International began to offer services in Germany, the Czech Republic, Slovakia and Hungary. With these developments, the Group diversified its revenue sources geographically, and launched sales to multinational blue chips. Currently, Work Service Group entities are participating in over 30 tenders on a regional level, with potential total annual revenues of over EUR 50 million.

International expansion requires investment and some one-off costs. In the first half of the year, expenses related to investing in our above mentioned high-margin entities, foreign exchange effects and acquisition costs amounted to PLN 11.79 million. Excluding these expenses, the Group's net profit amounted to PLN 26.5 million, an increase of 36%. Headline EBITDA grew by 6.16% and amounted to PLN 38.5 million, whilst EBITDA growth adjusted for the latter was almost 23%. Work Service also continued to grow strongly organically. In the first half of the year alone, the development of existing lines of business generated growth of approximately 13%, while operating cash flows amounted to PLN 4.1mln in 1Q and PLN 24.2mln in 2Q of 2015, respectively.

- With dynamic international expansion, we have become a reliable partner not only for local, but also for global players. Having become a regional leader, has finally opened up for us the opportunity to win contracts from the largest European and international corporations. This is a whole new chapter for our Group, which is expected to achieve even better performance in the second half of 2015, due to seasonal factors: the third and fourth quarters have consistently been the best in our financial reports - concluded Tomasz Misiak, Chairman of the Supervisory Board, Work Service S.A.

Key financial figures for Group Service S.A. Group, covering the period from 1 January 2015 to 30 June 2015, in comparison to the same period of the previous year


Consolidated data (in thousand PLN)


1H 2014


1H 2015




735 856

977 115


EBITDA (operating profit + depreciation)

36 269

38 505


Gross profit (loss) from sales

83 900

98 770



32 388

32 890


Net profit

19 466

13 210


Net profit excluding one-off costs

19 466

26 571


Profit attributable to equity holders of the parent company

14 646

10 000


Profit attributable to equity holders of the parent company, excluding one-off costs

14 646

21 795




Work Service Group was established in 1999 and is a top supplier of end-to-end HR services across Central Europe. It operates through its extensive branch network present in 12 countries, including Poland, Russia, Germany, UK, Czech Republic, Turkey, Romania, Hungary, Slovakia. The Group specializes 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, 50,000 candidates 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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