Mare Nostrum SA (ALMAR:PAR), a staffing provider based in Grenoble, France, today reported fourth-quarter revenue decreased by 13% to €40.3 million, citing a decline in temporary staffing.

For the full year 2023, the group posted revenue of €167.8 million, down 2% from the prior year.

Temporary staffing amounted to €143.8 million in 2023 compared to €147.4 million in 2022 (-2.4%) after a fourth quarter experiencing a slowdown in the construction sector.

Mare Nostrum noted this was a general trend since the temporary staffing market showed a more marked decline over the last quarter (excluding the month of December) of -8.9% compared to 2022. The group cited figures from Prism’Emploi.

The group also announced this week that it opened a safeguard procedure by the Grenoble Commercial Court amid increased financial pressures. 

Revenue

The training division saw its annual turnover stand at €10.2 million compared to €9.2 million in 2022, up 11%.

At the end of December 2023, the wage portage activity is holding up well with a turnover of €8.7 million compared to €8.9 million in 2022. Wage portage is the French equivalent of an employer of record (EOR). A portage salarial company, (or EOR) enables French contractors to earn money independently without creating their own business while entitling them to all the benefits of an employee.

Recruitment activity stood at €1.8 million in 2023 compared to €2.2 million in 2022, a decline of 18%.

Earlier this week, the group announced the opening of a safeguard procedure by the Grenoble Commercial Court.

The company said that for more than a year, the consequences of the pandemic and the economic situation have had a lasting impact on the accounts and cash flow of the Mare Nostrum group. It faced increased financial pressures due to a slowdown in its activities. In this context and faced with market uncertainties, the company wanted to protect its cash flow and requested the opening of a safeguard procedure by the Grenoble Commercial Court. This procedure aims in particular to protect the interests of the company, its employees and its business partners.

Mare Nostrum added that the plan should enable it to accelerate and strengthen the reorganisation actions planned in the “Horizon 2025” plan and to study different complementary sources of financing to overcome the financial challenges it faces.

Shares in Mare Nostrum last traded on 29 December 2023 at €0.73. The company has a market cap of €5.53 million.