Grupa Pracuj, the parent company of a number of Eastern European job board brands, reported revenue yesterday of PLN 181.2 million (€41.5 million) for the third quarter of 2023, up 4.8% compared to the same period a year ago.

Przemysław Gacek, CEO of Grupa Pracuj said, “Grupa Pracuj is consistently improving its financial results despite the challenging market environment. Last year’s acquisition of the German group softgarden is having a positive impact on our revenue and provides the potential for further dynamic growth in the HR technology SaaS area, in which eRecruiter, our Polish recruitment support system, is also achieving better results quarter-on-quarter. Both of these brands are currently benefitting from their mutual experiences, achieving product synergies among other advantages, and they are now taking the next step in their development by entering the post-hire area.”

The total revenue of Grupa Pracuj from the Polish market generated in the first three quarters of 2023 stood at PLN 382.7 million (€87.7 million), down 2.6% over the year.

Grupa Pracuj generated revenue from the Ukrainian market in the first three quarters of this year of PLN 31.3 million (€7.1 million), 61.0% higher than in the same period of 2022.

Gacek continued, “The results achieved by Grupa Pracuj’s Ukrainian platform Robota.ua are especially encouraging. Despite the difficult operating conditions due to Russia’s armed aggression against Ukraine, Robota.ua reinforced its position as a leading recruitment site in that country, and the number of published job offers is approaching levels observed before the war broke out. This is translating into a strong increase in revenues and improved profitability of the Ukrainian segment, and also allows us to think more boldly about investing in growing the scale of the business in Ukraine.”

In the first nine months of 2023, Grupa Pracuj generated consolidated revenue of PLN 550.9 million (€126.2 million), 21.5% higher than in the same period of 2022. This increase resulted primarily from the consolidation of softgarden, a strong revival of the Ukrainian market, and a steadily growing number of customers using services offered in the SaaS model.

Grupa Pracuj shares closed yesterday at PLN 59.40 (€13.61), down 3.41% on the day. The company has a market cap of PLN 4.05 billion (€927.78 million).