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The record growth in profits of Work Service after Q3 2014

Work Service Capital Group has published its financial results for the third quarter of 2014. After three quarters of 2014, revenues grew by 89% compared to the same period of 2013, to a level of PLN 1.22 billion. Net profit amounted to PLN 30.3 million, which means more than two-fold increase as compared to the first three quarters of 2013. The operating profit (EBITDA), on the other hand, was recorded at the level of PLN 59.9 million, with an increase of 85% compared to the previous year. Excellent financial results of the Group are the effect of organic growth within the operations of the Capital Group, expansion into new geographic markets as well as the extension of portfolio of products and HR solutions.

In the third quarter of 2014, the Group revenues increased more than two-fold, to PLN 488.3 million. Profit from operations (EBIT) amounted to more than PLN 21.1 million. In the reported period, the Work Service Group earned nearly PLN 10.9 million net, more than two times more than a year ago. Consolidated financial results of the Work Service Group for three quarters of 2014 already take into account the results of the following companies: Antal Interational, Work Express, Prohuman, Human Existence, Fiege uni/serv Gmbh and Fiege worksess Gmbh, which joined the Group in the years 2013/2014. Thanks to these transactions, the Work Service Group is present in 9 countries in the Central and Eastern Europe, creating complementary offer for the more than 3000 customers.  All entities forming the Capital Group are joined by the strong, distinctive and recognisable brand of Work Service. This is the result of the implementation of the adopted development strategy of the Capital Group, aiming to achieve market leadership in the personal services of the Berlin - Moscow – Istanbul triangle.

Another quarter in a row, the Group generates growing positive operating cash flows (in Q1 2014: PLN 24 mln, in Q2 2014: PLN 39 mln, in 3Q 2014: PLN 53.5 mln). Very good financial performance is the result of an ongoing process of increasing the margin on sales, improving cash conversion cycle as well as the inclusion to the Group of acquired companies that generate positive cash flows from operating activities.

The third quarter of 2014 also proved to be a record in terms of number of people employed in the Work Service Capital Group. At the end of September 2014, the rate of employment amounted to almost 35,000 employees in the full-time employment (FTE). This is direct evidence of the increase in the number of clients served and placed orders for employees, which in turn translate into a dynamic growth in sales and profit.

According to the forecasts presented in the report of the Temporary Staffing in CEE5 2014, presented by Interconnection Consulting Group, Work Service already in 2014 will reach a leading position in terms of share value in the personal services market in the Central European countries of CEE-5 (Poland, Russia, Hungary, Czech Republic and Slovakia).

“The Work Service Group is increasing every quarter, which is evident in our financial results. Of course, part of the growth is the result of the acquisition, but, what is important, we also steadily grow organically. Such a good financial result was possible thanks to obtaining meaningful revenue synergy effects in the different markets and products. This proves that we have chosen the right direction of business strategy.” - said Tomasz Hanczarek, the President of Work Service SA.

“Investors appreciate our results. In October, we successfully carried out the subscription of S-Series shares. At the overbooking 2.5 times higher, the issue price amounted to PLN 16.5, whereas two years ago, during our debut on the Warsaw Stock Exchange, the share price at the opening amounted to PLN 6.” - said Tomasz Misiak, the President of the Supervisory Board of Work Service.

“The largest and the best-known global funds invested in the Work Service Capital Group. This is the result of years of consistently implemented development strategy of the Group in the promising market of personal services in Europe and worldwide.” - added Tomasz Misiak.


Table 1. Key financial figures of Work Service SA Capital Group for the period 01.01.2014 - 30.09.2014, compared to the same period of the previous year:

Consolidated data (in ths. PLN)


1-3Q 2014



1-3Q 2013




1 224 159



EBITDA (operating profit + depreciation)




Profit from the sale




EBIT profit




Gross profit




Net profit





Table 2. Financial figures of the Work Service SA Capital Group for the period of three months ended on 30.09.2014, compared to the same period of the previous year:

Consolidated data (in ths. PLN)


3Q 2014



3Q 2013







Profit from the sale




EBIT profit




Gross profit




Net profit






Work Service Capital Group has been operating since 1999 and is the largest provider of comprehensive HR services on the Polish market. It operates throughout the country through a network of branches and abroad in 9 countries in Central and Eastern Europe (Russia, Germany, Czech Republic, Turkey, Romania, Hungary, Slovakia, United Kingdom). It specialises in both services in the field of human resource consulting as well as restructuring in the area of HR, recruitment and outsourcing of staff. More than 3,000 companies have chosen Work Service as its partner in business, and 50 000 people a month are employed in Poland and abroad thanks to Work Service. Work Service is the first company in the sector of personal services listed on the Stock Exchange in Warsaw.



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