German staffing firm Amadeus FiRe (AAD: GR) reported revenue for the six months ending 30 June 2019 of €110.9 million, an increase of 13.4% compared with the same period last year.

All service sectors contributed to the increase in revenue during the H1 period.

EBITA stood at €17.6 million, up 15.7% when compared to the previous year.

During the period there was one billable day less than in the previous year. This had a negative impact on revenue, gross profit and EBITA of approximately €0.6 million. Amadeus FiRe said this effect will offset in 2019 through an additional chargeable day in the third quarter.

Revenue by segment

The Managing Board of Amadeus FiRe also announced that it raised its earnings forecast for the 2019 financial year. 

“The results achieved so far in the first half of the year are above the original expectations,” the company stated. “All personnel services have made a contribution to increasing gross profit more clearly than planned. In contrast, expenses for sales and administration increased as expected. Thus, the personnel requirements have been created to be able to continue to develop the services of the Amadeus FiRe Group in a positive way.”

EBITA growth of approximately 5% was forecast for the 2019 financial year.  For the second half of the year, the Executive Board expects a fundamentally unchanged supply and demand market situation. On this basis, the Management Board now expects to be able to increase last year’s EBITA by more than 10% in FY 2019.

As of last trade Amadeus Fire traded at €116.80, up 2.28% and 7.74% below its 52-week high of 126.60, set on 23 May 2019. Based on its current share price the company has a market value of €593.64 million.