French talent platform Freelance.com (EPA: ALFRE) reported its fourth quarter and full year 2023 results. The group reported consolidated revenue of €239.8 million in Q4 2023, up 10% against the same period a year ago. Organic growth stood at 1%.

Full year organic revenue growth was 4%.

Revenue

In France, Freelance.com delivered consolidated revenue of €170.7 million in the fourth quarter, up 17% compared with the fourth quarter of 2022 (4% organic growth).

Internationally, Freelance.com generated revenue of €69.1 million in the fourth quarter, down 5% compared with the same quarter of 2022 (-7% organically).

In the fourth quarter, the group announced plans to acquire STA Groupe, a specialist in salary portage (umbrella company) for independent contractors and which connects highly qualified consultants with companies.

For the full year period, French activities grew 15%, reaching €583.7 million. International activities decreased by 6%, reaching €274.0 million.

Freelance.com said International economic uncertainty and the slowdown triggered by central bank rate hikes decelerated its customers' use of freelancers in 2023. Business in France remained buoyant, it added, supported by strong organic growth in the first half of the year and the integration of OpenWork on 1 September 2023.

International business stabilised in the second half of the year, following the gradual winding down of one-off pharmaceutical contracts during the Covid-19 period and a recovery of commercial activity. The group expects a progressive return to growth in 2024.

Looking ahead, the group said the integration of OpenWork in September 2023 and STA in January 2024 propel Freelance.com's combined sales above the €1 billion milestone.

“These two acquisitions will strengthen our position in the external talent management market and allow the group to recover a growth momentum in line with our objectives,” Freelance.com stated.

Freelance.com published its results after markets closed.

Freelance.com shares last traded at €3.33, down 3.06% on the day and 14.66% above the 52 week low of €2.90 set on 24 November 2023. The company has a market cap of €193.92 million.