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Germany – Amadeus FiRe reports growth but warns staffing market lacks momentum

24 July 2014

German recruitment firm Amadeus FiRe AG (AAD :GR) reported revenue of €75.5 million for the six months ending 30 June 2014, an increase of +10.4% compared with €68.4 million last year.

The company achieved gross profit of €30.6 million during H1 2014, an increase of +10.3% from €27.7 million a year ago. EBIT for the period rose to €10.3 million, up by +8.6% from €9.5 million last year. Net income for the period was €6.7 million, a year-on-year increase of +5.8% from €6.3 million in H1 2013.

The company reported growth across all business segment. Revenue derived from Temporary Staffing increased by +13% to €56.2 million, up from €49.8 million last year. The company’s Interim and Project Management business reported revenue growth of +4% to €4.4 million compared with €4.2 million a year ago. Revenue from Permanent Placement increased by +6% to €7.2 million, up from €6.8 million in H1 2013.

According to the company’s financial statement: “The number of temporary workers reached its peak in June 2011. Over the past two years that number has declined; by -0.5% in 2012 and -4.4% in 2013. At the end of 2013 the number of temporary workers was approximately 815,000. According to the latest figures from Germany’s Federal Employment Agency (BA) the number of temporary workers was +3% higher in June 2014, compared with the same month last year. However, despite the positive economic environment and rising employment in the labour market, there has not been much momentum observed in the temporary staffing industry.” 

Looking forward, Amadeus FiRe maintains its expectations that sales will exceed €150 million in 2014.

In trading today, the company’s share price fell by -0.7% to €55.20, an increase of +34.9% compared with a year ago. Based on its current share price, the company has a market value of €286.8 million.