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Work Service strengthens its position as CEE leader and improves its revenues

After three quarters of 2016 the Work Service Capital Group’s revenues reached the level of more than PLN 1,8 billion, which represents an increase of nearly 20% in comparison with the corresponding period of the last year. The Group’s gross profit on sales increased by over 23% in comparison with the corresponding period of the last year, while the operating profit increased by depreciation amounted to PLN 66,8 million. Work Service has strengthened its position as leader in CEE region with its market value share in the entire personnel services market exceeding 14%. 

After the first 9 months of 2016 the Work Service Capital Group’s revenues reached the level of PLN 1819 million, which represents an increase of 19,22% in comparison with the corresponding period in 2015. During the same period the Group noted an improvement in the gross profit on sales that increased from PLN 161 million to nearly 199 million. The improvement on the labour market as well as business development were reflected in the strengthening of the Group’s position as market leader in the personnel services sector in the Central Europe. The report of the research agency Interconnection Consulting shows that currently the Work Service Group has already 14,66% market value share in the entire CEE TOP-5 region, which is comprised of Poland, Russia, Czech Republic, Slovakia and Hungary.

 

- Solid business foundation and good economic conditions on the labour market allow us to achieve solid financial results and maintain developmental dynamics. The Group’s revenues increase by nearly 20%, while the sales profit by over 23% year by year. This is reflected in the strengthening of our position in the entire CEE region as well as in particular countries. Currently we are number one not only in the region but also in Poland and in Hungary, where we have 25,8% and 21,7% market share in the personnel services market respectively – says Maciej Witucki, President of the Management Board of Work Service S.A. – We operate in a very dynamic and prospective market. The forecasts show that by 2019 the value of the personnel services sector in Poland, Czech Republic, Slovakia and in Hungary will have increased by more than half, reaching the level of EUR 4 billion. These are the countries that we currently operate in and would like to further develop. For that purpose for many months we have been undertaking restructuring activities within the group in order to better prepare ourselves for the upcoming challenges. We are consolidating our business structures and executing operational restructuring plans, which has an impact on generating additional costs that burden the operational results. The cumulated effects of the aforesaid undertakings will be seen already in 2017 – adds Maciej Witucki.

 

After three quarters the operating profit increased by depreciation amounted to PLN 66,8 million and reached the level comparable to the corresponding period of 2015. Having excluded revaluation write-offs, which were a one-time event, the EBITDA result reached the level higher by 4%. This confirms that the growth dynamics of the Capital Group’s results is maintained, which is, in turn, confirmed by the organic growth at the level of 11%.

 

- Our strategy provides for the maximisation of development both in geographical terms as well as within business lines. A double-digit increase in the sales levels and strong growth confirm that we grow effectively not only through acquisitions but also through widening our current operations. The best example of the above is the increase in the income from international operations. Their proportion on the side of revenues has increased from 20% to the current 45%since 2012 – concludes Tomasz Misiak, President of the Supervisory Board of Work Service S.A.

 

Basic financial data of the Work Service S.A. Capital Group for the period between 1 January 2016 and 31 September 2016, compared to the corresponding period of the preceding year:

 

Consolidated data (in thousand PLN)

 

Q1-Q3 2016

 

Q1-Q3 2015

 

2016/2015 dynamics

Revenues

1 819 173

1 525 886

+19,22%

Gross profit on sales

198 812

160 750

+23,67%

EBITDA (operating profit + depreciation)

66 813

66 801

+0,02%

EBIT profit

55 020

58 186

-5,44%

Net profit

18 845

27 025

-30,27%

***

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, Press Spokesman

mobile: +48 508 040 345

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

 

 

 

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Press Officer

Andrzej Kubisiak


Andrzej Kubisiak

tel. +[48] 512 176 030
andrzej.kubisiak@workservice.pl

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