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In 2015 Work Service Group exceeded 2 billion of revenue and is announcing new goals for 2016-17

18.03.2016

In 2015 Work Service Group reported more than PLN 2 bn of consolidated revenue, an increase of  22% yoy. The Group’s post-tax profit at the end of the year was PLN 41,4 m, and EBIT exceeded PLN 91,5 m. In a period of a candidate-driven market and increased demand for personnel services, the company is entering a new chapter of development based on integration of services, international sales and dynamic organic growth.

“The past three years saw dynamic growth of Work Service in terms of geographic coverage and specialised business lines. Today our companies are present in 17 countries and the Group is the leader in the Central and Eastern Europe market, which in 2015 was estimated to be worth EUR 3,38 bn. 44% of our revenues are generated abroad; we have grown twice as fast as the market of personnel services in the CEE region” says Maciej Witucki, President of the Management Board of Work Service S.A. “There are new prospects and development opportunities ahead of us. Both in Poland and in the entire region we have seen a stronger employee market and a greater demand for qualified personnel from the employers. This is a market element which drives huge demand for personnel services. This is why, in 2016 and 2017 we are planning to focus on integration of operations, digitalization and greater use of synergy within the entire Group so that it is easier for our customers in Europe to reach employees. The Group’s technological base, know-how and the largest database of candidates will be the foundation for the dynamic organic growth. We still want to grow more than twice as fast as the market to reach our long-term goal, namely being among the top five HR companies in Europe” adds Maciej Witucki.

 

2015 – the year of changes and new records

 

For Work Service Group, 2015 was a  time of many breakthroughs. For the first time in history, the Group exceeded PLN 2 bn in revenues, which means an increase of 22% yoy. In terms of operating profit before depreciation (EBITDA), the PLN 100 m zloty milestone was smashed. Profit after tax (excluding one-off costs) was PLN 60,09 m, whilst the headline profit after tax exceeded PLN 41 m. One-off costs were related to development of the business structure in new markets for high-margin companies, acquisitions and exchange differences. At the same time, the leader of the HR services market in the region reached record-breaking employment levels for its customers. Measured by Full Time Equivalents (FTEs), more than 40,000 persons were hired through Work Service.

 

“For Work Service, 2015 was a year of strategic decisions and strengthening of market position. Following their acquisition, in September two high-margin companies from the CRS Group joined the Group, as a result of which the Group entered the Belgian market. We launched sales processes dedicated for international Blue Chip clients. We made investments in high-margin companies, which operate in new countries. Last year, we launched the process of dual listing as a result of which Work Service debuted on the London Stock Exchange. Today we are the first Polish company listed on both stock exchanges at the same time, in Warsaw and in London”, says Tomasz Misiak, Chairman of the Supervisory Board of Work Service S.A.

 

During the year, there was also a change of the President of the Management Board. After many years, the founders and owners of Work Service, Tomasz Misiak and Tomasz Hanczarek, handed over the helm to Maciej Witucki, a manager with years of extensive experience, to lead the company towards further expansion.

 

New opening at a time of the candidate market

 

In line with the adopted business goals, in 2016 and 2017 Work Service plans to focus on integration and building of competitive leverage on international markets, based on development of the largest recruitment base in the region. The Group wishes to utilize a wide range of services offered by the companies in the Group (Antal, Enloyd, IT Kontrakt or Exact Systems) and intensify sales activities so that it can offer a fully  comprehensive package of HR services to each customer. The Company will also increase its activity in international tender procedures to work for one customer in several countries at the same time. This approach will allow us to achieve strong organic growth in all markets where the Work Service Group operates.

 

“We are entering a new path of development. We want to work as a bridge between companies and candidates. At the time of an employee market, access to appropriate staff will be one of the key business challenges. With increased integration and the achievement of maximum synergy effects, our ambition is to become the leading recruiter and employer in this part of Europe”, Maciej Witucki sums up.

 

Key financial figures of Work Service Group for the period from 1 January 2015 to 31 December 2015 compared to the same period of the previous year:

 

Consolidated figures (in PLN 000s)

 

 2015

 

2014

 

Change yoy

Revenues

2 136 717

1 739 756

+ 22,82%

EBITDA (operating result + depreciation)

104 215

98 675

+ 5,61 %

Profit on sales

77 544

91 446

- 15,20 %

EBIT profit

91 524

89 143

+ 2,67 %

Profit after tax

41 426

52 423

 - 20,98%

Profit after tax excluding one-off costs

60 090

52 423

+ 14,62%

 

 

 

 

 

 

 

 

 

Work Service Group operates since 1999 and is the largest provider of comprehensive HR services on the Polish market. It operates throughout Poland through a network of branches and also in 16 other countries (Russia, Germany, Czech Republic, Turkey, Romania, Hungary, Slovakia, Great Britain, Belgium, France, Switzerland, Slovenia, Bulgaria, Serbia, Croatia and China). Its specialty areas include personnel consulting services as well as HR restructuring, recruitment and staff outsourcing. More than 3,000 companies have already chosen Work Service as their business partner. Every day, 50,000 people – and 300,000 candidates a year – find employment via companies belonging to the Work Service Group.

 

Media contact:

 

Krzysztof Inglot    
 Attorney of the Management Board, Spokesperson            
 mobile: +48 508 040 345       
 phone: +48 71 371 0927        
e-mail: krzysztof.inglot@workservice.pl

 

Andrzej Kubisiak  
 Head of the Work Service Press Office
 mobile: +48 512 176 030       
e-mail: andrzej.kubisiak@workservice.pl 

 

Investor Relations contact:

Adam Jenkins
 President of Work Service International Management Board               
 mobile: +48 508 040 140                      
e-mail: adam.jenkins@workservice.pl

 

 

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