French recruitment firm Synergie SA (SDG: PAR) reported revenue for the six months ending 30 June 2014 of €793.9 million, an increase of +11.9%, in constant currency, compared with €703.6 million during the same period last year.

Operating income for the period rose by +52% to €33.4 million, up from €21.9 million a year ago. Net earnings for the six-month period more than doubled (+102%) to €22.5 million, compared with €11.1 million last year.

Daniel Augereau, Chairman and CEO of Synergie, commented: “With a network of 600 agencies and thanks to a strong international presence in 15 European countries, Canada, and Australia, the Synergie Group generated a consolidated turnover of €793.9 million during the first half of the year, a +12.8% increase relative to the same period in 2013.”

Citing data provided by Prisme, the French Association of Employment Agencies, Synergie reported that the company outperformed the French market, which grew by +1% during H1, compared with +8.1% for Synergie during the first six months of the year.

Mr Augereau continued: “Over the course of the half-year, Synergie posted a clear improvement in its operating income, both in France and internationally, notably thanks to the contribution of the foreign subsidiaries, for which the share of the consolidated turnover is now 45.3%.”

“In France, the impact of the completed investments (strengthening areas of expertise and the launch of new agencies), with the support of the effect of the CICE (competitive employment tax credit) helped to partly improve margins.”

The CICE is a government tax credit, which effectively cuts payroll taxes on the salaries of employees that are at, or just above, the minimum wage.

“Internationally, Synergie subsidiaries that encountered a difficult economic environment during the first half of 2013; namely the Iberian Peninsula and Switzerland, showed a net increase this year. Significant investments were carried out in our operations in Belgium, Italy, and Great Britain, similar to France, with the intention of improving our service offering and adding value,” Mr Augereau added.

Looking forward and building on its performance and financial solidity in the first half of the year, Synergie expects an increase of +10% in revenue in 2014, compared with €1.5 billion last year.

In trading today, the company’s share price increased by +1.2% to €20.14, an increase of +70.4% compared with last year. Based on its current share price, the company has a market value of €492.1 million.

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