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France – Synergie reports strong international revenue growth in Q3

23 October 2014

French recruitment firm Synergie (SDG: PAR) reported revenue of €444.8 million for the third quarter ending 30 September 2014, an increase of +9.5% compared with €406.4 million during the same period last year.

Revenue derived from France in Q3 2014 rose by +6.4% to €238.5 million, up from €224.2 million a year ago. International revenue for the quarter was €206.3 million, an increase of +13.3% against revenue of €182.2 million in Q3 2013.

Daniel Augereau, Chairman and CEO of Synergie, commented: “Synergie confirmed its excellent start to 2014 with consolidated turnover over nine months of €1.2 billion, up by +11.6% versus 2013 (+10.7% on a like-for-like basis), outperforming all of its markets, with growth still very strong abroad (+17%), and in France.”

Citing data provided by Prisme, the French Association of Employment Agencies, Synergie reported that the company outperformed the French market, which grew by +0.5% in the year to August, compared with +7.4% for Synergie for the nine months ending 30 September 2014.

Synergie has a network of approximately 600 agencies across 15 European countries, Canada, and Australia.

Mr Augeraue continued: “With €566.1 million [in revenue during the nine months to the end of September] the company’s International business is showing significant increases; especially in Europe, where the Group has now become a major player.”

Growth was reported in Portugal (+43.7%), the UK (+15.8% in constant currency), Belgium (+12.3%), Germany (+8.8%), and Italy (+8%).

During the fourth quarter of 2013, Synergie announced the acquisition of Spanish recruitment firm Solempleo. The new business was successfully integrated into the company during the first quarter. During the first nine months of 2014 Synergie Spain posted revenue growth of +50.7% (+32.5% in constant currency) and is expected to exceed €100 million in revenue during 2014.

Following it strong financial performance, Synergie is considering additional acquisitions to accelerate growth in France and overseas. The company expects to report consolidated revenue growth of +10% during 2014 as a whole.

In trading today, the company’s share price rose by +0.6% to €18.16, an increase of +39.9% compared with a year ago. Based on its current share price, the company has a market value of €439.7 million.