Finnish HR services firm VMP Plc reported revenue today for the third quarter ended 30 September 2019 of €55.7 million, up 79.0% compared to the previous year.

The results reflect the combined revenue of VMP and Smile Personnel Services. Both firms merged earlier this year to create a powerhouse HR services firm.

VMP offers staffing, recruiting and organisational development and self-employment services. Smile provides staffing services in Finland.

Smile has been reported as part of the VMP group since September.

Sami Asikainen, who earlier served as the CEO of Smile, started as the new CEO of the combined company on 23 August 2019.

The group said the HR services market has continued growing, but growth has slowed down from previous years. VMP’s own business developed positively especially in HoReCa (Hotel, Restaurant, and Café) and retail sectors.

Of the group’s revenue, 98.8% came from Finland and the rest was generated in Sweden.

The contribution from Smile was approximately €12.0 million in September.

In the recruitment and organisational development service area, revenue increased by 2.9%. The growth stemmed from the acquisition of Corporate Spirit.

In the self-employment service area, revenue increased by 12.7%. The growth in the self-employment revenue is mainly based on the increase in the number of users of the service

Sami Asikainen, CEO of VMP Group commented, “Combining VMP and Smile is without doubt the most significant event in 2019 so far. The acquisition was announced in July and was completed in late August. The acquisition has doubled the annual revenue of our staffing business. The combined company is a significant player in the HR services market and seeks to become the market leader.”

“The acquisition has naturally affected the operations of the combined company after the summer, as we have planned the combined organisation and prepared a strategy and brand renewal, which we will announce later this year,” Asikainen said.

“In the next few months our focus will be on combining the VMP and Smile businesses in practice,” Asikainen said. “Our main business, staffing services, is based on understanding the current needs of our corporate customers as well as fulfilling the employment wishes of our staffing employees. By operating in a united way, we can ensure that we serve both our corporate customers and our employees using the resources of the whole company.”

VMP set a new 52-week high during today's trading session when it reached €6.20. Over this period, the share price is up 29.83%. As of last trade the company traded at €5.85, up 1.74% on the day. Based on its current share price the company has a market value of €142.88 million.