Amadeus FiRe (AADX:GER), the Germany-based staffing provider, announced today preliminary figures for the 2019 financial year. The group generated consolidated sales of €233.1 million in the 2019 financial year, an increase of 13.3% when compared to the previous year.

All services of the Amadeus FiRe group contributed to the positive overall development.

Shortly before the end of the year, on December 19, 2019, Amadeus FiRe AG acquired 100% of the shares in Comcave Holding GmbH. Due to the very late acquisition date, Comcave business figures are not included in the Amadeus FiRe Group's consolidated income statement for the 2019 financial year, but only at the beginning of the 2020 financial year. Comcave Holding GmbH's preliminary 2019 sales and earnings figures corresponded to those in the announcement of 19 December 2019.

Gross profit for the period amounted to €110.6 million, an increase of 11.4% compared to the previous year. The gross profit margin fell 0.8% year-on-year from 48.2% to 47.4%. This decline is largely the result of a change in the mix of services due to the comparatively strong growth in services with lower margins, temporary work and interim and project management. In addition, the group added that results from the temporary employment service were burdened by an exceptionally high sickness rate in the fourth quarter.

Selling, general and administrative expenses totaled EUR 72.1 million after EUR 62.0 million in the previous year. The increase resulted mainly from the increased number of employees as a result of the planned significant expansion of the sales organization and associated expenses. The expenses also include the transaction costs incurred in the fourth quarter for the acquisition of Comcave Holding GmbH in the amount of around EUR 3 million.
Earnings before interest, taxes, and goodwill amortization (EBITA) in the past financial year amounted to €38.7 million and was 3.2% above the previous year's figure. The one-time expenses in particular for the successful Comcave transaction and the high sickness rate in the fourth quarter influenced the EBITA overall growth for the year by 10%.
The 2019 EBITA margin was 16.6%. Adjusted for the transaction expenses, the group reported an EBITA margin of 17.9%, 0.3% below the previous year's margin of 18.2%. The reason for the slight decline here is also the above-average growth in temporary employment.
“After all of the organic growth targets set in 2019 had been achieved, the Comcave acquisition significantly strengthened the Continuing Education segment at the end of the year. The amalgamation of Amadeus FiRe and Comcave opens up new opportunities for the networking of further training and personnel services in the interests of everyone involved,” the company stated.
“For 2020, the Executive Board has taken further steps to expand in both business areas, personnel services and further training, with increasing sales and earnings,” Amadeus FiRe stated. “A key task will continue to be the integration of Comcave into the Amadeus FiRe group. In particular, it is important to use the commercial synergy potential. All planning is based on a stable macroeconomic environment in Germany.”

In trading today, Amadeus FiRe set a new 52-week high during today's trading session when it reached €162.60. Over this period, the share price is up 78.99%. The company last traded at €160.20, up 3.49% on the day. Based on its current share price the company has a market value of €804.69 million.