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Germany – Temp staffing increases sales at recruitment firm Amadeus FIRe

March 14 2012

Amadeus FiRe (AADX:GER) reported on Wednesday that group sales for the financial year 2011 amounted to €130.1 million, an increase of 11.9% when compared to the previous year. This makes it “the most successful year in the history of Amadeus FIRe” with growth in sales driven by both temporary staffing and permanent placement service lines. Consolidated profit also went up from €12.1 million in 2010 to €14.8 million in 2011.

In a preliminary statement issued today, the firm also said that revenues in training had gone up, albeit only marginally while revenue in interim and project management have dropped since last year.

But nonetheless, the company saw a higher gross profit in 2011 which was mainly caused by an increase in sales in permanent placement, producing a gross profit margin of 42.9% - an increase of 1.7 percentage points when compared to last year’s figure.  

However, further investments in staff and a higher variable compensation related to the improved earnings meant that selling and administrative expenses went up by +14.8% in 2011. The EBITDA in the fiscal year also increased by +17.7% and amounted to €22.2 million, compared €18.8 million in 2010. This resulted in an improved EBITA margin of 17.1% as in 2010 this figure reached 16.2%.  

Operating through 19 locations in Germany, Amadeus FiRe provides flexible personnel solutions in the accounting, office, banking and IT services sectors. According to Staffing Industry Analysts’ ‘Top 50 Staffing Companies in Germany’ report, Amadeus FiRe is the 19th largest staffing firm in the country in terms of revenue.

In early trading this morning the company’s share prices increased +4.31% to €34.61, up +6.79% from a year ago and -1.10% below its 52-week high of €35.00 set on 18 March 2011. This values the company at €172.48 million.


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