Finnish HR services firm VMP Plc reported turnover yesterday of €31.1 million for the fourth quarter ended 31 December 2018, an increase of 5.9% compared to the same period last year.

VMP has a comprehensive offering of staffing, recruiting and organisational development and self-employment services.

The company stated that its decrease in EBITDA was due to a “change in the distribution of sales”.

Of the group’s revenue, 97.4% came from Finland and the rest was generated in Sweden.

In November 2018, VMP acquired Helsinki-based staffing and recruitment services firm Henkilöstövoimalo Voima (Personnel Work Force).

More recently, the company acquired HR services company Extremely Nice Job Oy which operates under the Enjoy brand.

In February 2019, VMP acquired Personal Care Extraajat Oy, a company based in Helsinki that offers staffing services including temporary work and flexible employee leasing for the retail industry.

“With these acquisitions, we further strengthened VMP’s position in the HR services industry, bringing a lot of new talent, customers and business into VMP,” Juha Pesola, CEO, said. “The total revenue of the companies we acquired was approximately €50 million in 2018, and by improving the efficiency of our operations we can achieve significant synergy benefits.”

Revenue by segment

VMP also reported revenue for the year of €124.9 million, an increase of 14.0% over the previous year.

In trading yesterday VMP shares closed at €3.95, up 0.01% on the day and 26.18% above the 52-week low of €3.13 set on 27 December 2018. Based on its current share price the company has a market value of €58.5 million.