Umalis Group (MLUMG:EMA), an umbrella company based in Paris, reported first-quarter revenue rose 21.2% year over year to more than €4.0 million.

For the full-year 2023, Umalis aims for turnover of €20 million, up on a like-for-like basis from €15.0 million.

Umalis supports independent professionals through the provision of so called ‘portages salarial’ services which provides freelance workers with the benefits and rights of a fixed-term or permanent employment contract.

In the event Umalis acquires Missions Cadres, also a Paris-based umbrella firm, the company said it expects revenue of €26 million.

Umalis also reported that last February it signed a partnership agreement with freelancing platform Bizme.fr. Launched in September 2022, the marketplace targets a French-speaking African and European audience of more than 10 million freelancers. The flow of visitors to the Bizme.fr site is currently between 250,000 and 350,000 annually.

Share price and market cap

Share in Umalis Group closed at €3.70 in Paris on Monday; they were 25.40% above their 52-week high, according to FT.com.