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Germany – Amadeus FiRe reports Q3 growth despite slowing economy

23 October 2014

German recruitment firm Amadeus FiRe AG (AAD: GR) reported revenue of €43.8 million for the third quarter ending 30 September 2014, an increase of +17% compared with €37.4 million during the same period last year.

Gross profit for the period rose by +16.6% to €19.8 million, up from €17 million in Q3 2013. Amadeus FiRe achieved operating profit of €9.4 million during the quarter, an increase of +22.8% from €7.6 million a year ago.

According to the company’s financial statement, the German economy lost momentum and contracted during Q2 2014 for the first time since the start of 2013. Data from the Federal Employment Agency (BA) revealed that the number of temporary workers at the end of 2013 was 814,580, which means that from its all-time peak in 2011, the number of temporary workers in Germany has declined for two years (2012: down -0.5%; 2013: down -4.4%). 

However, based on the latest trend projections from the Federal Employment Agency and information published by the Federal Employers’ Association for Personnel Service Providers (BAP), the number of temporary workers is believed to have increased by around +2% to +3% in the year to August 2014, compared with last year.

Amadeus FiRe achieved revenue of €119.3 million during the nine months to 30 September 2014, an increase of +12.7% from €105.8 million in 2013. Revenue from the company’s training division rose by +5.2% to €12.5 million, against €11.9 million last year.

Total revenue from temporary, interim, and permanent recruitment rose by +14% to €106.8 million, up from €94 million a year ago. Revenue from temporary staffing rose by +15% to €88.5 million, while interim/project management revenue rose by +8% to €6.7 million. Revenue from permanent placements for the nine-month period was €11.6 million, up by +10% from a year ago.

In trading today, the company’s share price decreased by -0.5% to €55.02, an increase of +14% compared with a year ago. Based on its current share price, the company has a market value of €287.5 million.