Munich-based IT staffing and software firm Allgeier (AEI: GR) reported revenue from continuing operations of €428.2 million for the full year ending 31 December 2014, up by 3.2% compared with €414.8 million in 2013. 

Allgeier operates three primary business segments; Experts, a provider of recruitment and placement services for IT personnel; Solutions, a provider of IP and IT Solutions; and Projects which delivers software development services. 

While revenue from the Experts segment decreased during 2014, compared with 2013, it was still the second highest ever annual revenue figure reported by the company. EBITDA for the segment, however, decreased to €10.3 million, the lowest level over the past five years.

According to the company’s financial statement, the Experts segment, which accounted for 53% of group revenue last year, entered 2014 with significant challenges following the loss of several major projects at the end of 2013. The company therefore invested in its internal resources, specifically its sales and business development.

The segment was also unexpectedly hit hard during the first half of 2014 by the labour market policy plans announced by the newly elected coalition government. Considerable uncertainty in the market resulted in a tough second quarter in particular, as customers reacted strongly to the ambiguous labour market conditions.