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France – Synergie’s Q1 boosted by international revenue and acquisition

24 April 2014

France-based recruitment firm Synergie SA (SDG: PAR) reported revenue for the first quarter ending 31 March 2014 of €373.1 million, a rise of +13.7% compared with €328.2 million for the same period last year.

Daniel Augereau, CEO of Synergie, commented: “Synergie confirmed its excellent start to 2014, posting revenue of €373.1 million, a significant increase compared with 2013. The group outperformed the market in most of the countries in which it operates.”

Revenue in France increased by +8% to €202.2 million, up from €187.1 million for the same period in 2013. Citing data provided by Prisme, the French Association of Employment Agencies, Synergie reported that the company outperformed the local market where the number of temporary and contract workers fell by -3.5% during the period.

International revenue rose by +21.1% during the period, rising to €170.9 million in Q1 2014 from €141.1 million in Q1 2013. 

Mr Augereau added: “The international expansion is part of a beautiful dynamic in Canada and Australia, as well as Northern Europe, where there was already a lot of activity in 2013. At the same time in Southern Europe there was a return to growth during the second half of last year. The International turnover now represents 46% of the Group’s consolidated turnover.”

Revenue from the UK grew by +27.5% in constant currency, year-on-year, during the first quarter, with positive growth also reported in Germany (+19.1%), Belgium (+12.7%), and Italy (+12.6%).

During the fourth quarter, Synergie announced the acquisition of Spanish recruitment firm Solempleo. The new business was successfully integrated into the company during the first quarter. During Q1 2014 Synergie Spain posted +54% revenue growth (+35% in constant currency) and is expected to exceed €100 million in 2014..

In trading today, the company’s share price rose by +2% to €19.75, a rise of +143.6% compared with a year ago. Based on its current share price, the company has a market value of €471.2 million.