Amadeus FiRe (AAD: GR), the German staffing firm, announced that its Management Board is raising its previous earnings forecast for the 2018 financial year.

The group said permanent placement developed very positively over the course of 2018, especially in the third quarter. Furthermore, the group’s temporary staffing business remained stable despite the effects of legal changes regarding equal pay and the introduction of a maximum lending period.

The other services provided by the Amadeus FiRe Group - training and education as well as interim management also reported results that were slightly above expectations.

Overall, the group said this represents a significant improvement in the situation for the expected gross revenues in 2018.

So far, an EBITA increase of around 2% above the previous year's result was forecasted. After nine months of the 2018 financial year, the Amadeus FiRe Group achieved an EBITA of €27.5 million, an increase of 13.2% year-on-year.

For the financial year 2018, the Management Board now expects to exceed last year's EBITA by at least 10%.

Results for the first nine months of 2018 will be announced on 25 October 2018.

As of last trade Amadeus Fire traded at €91.60, down 2.76% on the day and 11.41% below its 52-week high of €103.40, set on 10 May 2018. Based on its current share price the company has a market value of €489.67 million.