Amadeus FiRe (AADX:GER), the Germany-based staffing provider, reported consolidated sales of €442.4 million for the full year of 2023, up 8.7% when compared to the prior year period.

The group’s preliminary figures also showed EBITA of €70.4 million, an uptick of 3.5% compared to the previous year. Amadeus FiRe said both EBITA and revenue during FY 2023 were ‘new absolute highs’.

In the personnel services segment, the company said personnel expansion and growth plans were implemented as planned. However, Amadeus FiRe said its overall productivity was affected for longer than expected.

Furthermore, the company said the full year, and especially the fourth quarter, were characterised by an extraordinarily high level of sickness. This led to disrupted order processes at the end of the year and resulted in an unforeseen impact on sales and earnings in the last three months of the year. Overall, segment earnings in 2023 were 13% below the previous year and below its own expectations.

As a result of the effects of special depreciation and sickness rates, Amadeus Fire’s forecast full-year target of increasing operating EBITA by 7% to 9% was missed with growth of 3.5%.

In the continuing education segment, earnings almost doubled during the FY 2023 period with an increase of 92% and a new record result was achieved, despite an impairment loss on an IT project. The group’s own expectations for 2023 were exceeded and the weak previous year was significantly overcome. For the first time since the acquisition in 2020, GFN also made a significantly positive contribution to earnings.

The final figures for the 2023 financial year, including a growth forecast for 2024 and a dividend proposal, will be announced on 19 March 2024.

Amadeus Fire shares last traded at €109.40, up 0.74% on the day and 7.89% above its 52-week low of €101.40, set on 25 September 2023. The company has a market cap of €598.62 million.