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View All NewsPoland – Acquisitions give strong boost to Work Service’s annual revenue
Polish contract, RPO, and outsourcing company Work Service last week reported revenue for the year ending 31 December 2014 of PLN 1.7 billion (€423.4 million), an increase of 89.4% from PLN 918.4 million (€223.5 million) in 2013.
| FY 2014 | FY 2013 | Change | |
| Revenue | PLN 1.7 billion | PLN 918.4 million | +89.4% |
| €423.4 million | €223.5 million | ||
| Gross Profit | PLN 203.4 million | PLN 112.8 million | +80.4% |
| €49.5 million | €27.4 million | ||
| EBITDA | PLN 98.7 million | PLN 52.8 million | +86.9% |
| €24.0 million | €12.9 million |
Work Service as of 31 December 2014 consists of more than 50 subsidiaries providing services in the field of HR management; including permanent and temporary recruitment, outsourcing HR functions, personal consulting, and the provision of temporary employment contract solutions.
The company has operations in nine countries; including Poland, which accounted for 59.8% of net revenue in 2014. Revenue was split as follows:
| FY 2014 | FY 2013 | Change | |
| Poland | PLN 1.0 billion | PLN 714.2 million | +45.7% |
| €253.3 million | €173.8 million | ||
| Czech Republic | PLN 60.3 million | PLN 36.7 million | +64.3% |
| €14.7 million | €8.9 million | ||
| Slovakia | PLN 54.8 million | PLN 33.5 million | +63.4% |
| €13.3 million | €8.2 million | ||
| Germany | PLN 225.6 million | PLN 43.9 million | +413.7% |
| €54.9 million | €10.7 million | ||
| Russia | PLN 101.5 million | PLN 87.5 million | +16.0% |
| €24.7 million | €21.3 million | ||
| Romania | PLN 44,564 | - | N/A |
| €10,846 | - | ||
| Turkey | PLN 4.9 million | PLN 2.4 million | +100.0% |
| €1.2 million | €593,145 | ||
| Hungary | PLN 251.3 million | - | N/A |
| €61.2 million | - | ||
| England | PLN 393,851 | - | N/A |
| €95,859 | - | ||
| Total Revenue | PLN 1.7 billion | PLN 918.4 million | +89.4% |
| €423.4 million | €223.5 million |
The company’s strong financial results stem from two acquisitions made during the second half of last year. The company announced in October 2013 that they had signed a deal to acquire the Polish business of recruitment consultancy Antal International. Work Service will take over the management of Antal’s operations in Warsaw, Wroclaw, and Krakow.
The company also acquired Work Express in October 2013, an HR advisory and temporary recruitment agency for PLN 42 million (€10.2 million). In December 2013 the company also acquired Hungarian recruitment company ProHuman.