German staffing firm Amadeus FiRe (AADX:GER), reported yesterday that consolidated group revenue in H1 2023 increased by 7.8% to €216.7 million compared to the previous year.

Operating EBITA at the end of the first half of 2023 was 10.3% above the previous year at €32.9 million, the group noted.

In the Personnel Services segment, permanent placement marked a new record quarter, however temporary staffing and interim management services declined slightly. Overall, demand from companies for specialists and managers remains at a ‘good’ level.

Within permanent placement services, the group reported revenue of €41.2 million, up 12.3%. The temporary staffing service reported total revenue of €87.6 million, a decrease of 3.7% compared to the previous year. The continuing shortage of available candidates for temporary work remained the main driver for the decline. On the demand side, the preference of customers to retain employees through direct hiring also plays a role, the group added.

Interim management services revenue declined by 1.2%.

In the Training segment, revenue was up 25% percent to €74.7 million. In addition to the significant expansion of the network and the continuous development of the product portfolio, Comcave has succeeded in transforming the positive market development into revenue and earnings. Revenue increased by 22.2% at the 2023 half-year mark. GFN, in its third year as a member of the group, reported revenue growth of 42.2%. Revenue for Steuer-Fachschule Dr. Endriss also increased by 12.7%.

The management board assumes that the second half of 2023 will develop positively and within expectations and confirms its current forecast for the consolidated result of the Amadeus FiRe Group.

The target remains to achieve an operating EBITA in the range of €73 to €79 million by the end of the year, which would exceed the €68 million operating EBITA achieved in 2022.

Amadeus FiRe shares closed yesterday at €104.80, down 1.31% on the day. The company has a market cap of €598.11 million.