Amadeus FiRe (AAD: GR), the German staffing firm, reported revenue for the nine months ended 30 September 2018 of €152.4 million, an increase of 11.6% compared to the same period last year.

Gross profit for the nine months ended 2017 was adjusted compared to previous reports due to a change in the accounting method. Expenses for specialised units in the sales organisation, which exclusively handle recruitment and interim management, were reported in the past in the cost of the services provided and will be reclassified from now on to selling expenses. The reclassification has no further effect on the group’s results.

Amadeus FiRe operates two divisions; Personnel Services and Training Services. The revenue by division and segment was as follows for the nine-month period ended 30 September 2018.

Amadeus FiRe stated that despite the one-off negative effect of the first-time application of the Equal Pay regulation at the turn of the year, unusually high sickness rates at the beginning of the year and one additional billable day, turnover in temporary staffing increased. In addition to more sales in the segment, the group reported higher prices as a result of increases in the underlying salaries of temporary workers.

The group stated that the amendment to the German Temporary Employment Act will not have a financial impact until the fourth quarter.

Amadeus FiRe ranks 19th on Staffing Industry Analysts’ list of Germany’s largest staffing firms.

In trading yesterday, Amadeus FiRe traded at €91.60 million, up 0.43% on the day. Based on its current share price the company has a market value of €478.2 million.