Dutch staffing firm HeadFirst Source Group NV (HFS:NA) reported revenue for the full year 2017 of €498.9 million, an increase of 9.4% on an organic basis when compared to €191.7 million last year.

HeadFirst’s growth was mainly due to the completion of the merger between HeadFirst and Source in 2016, but the company stated that HeadFirst has also grown significantly organically. The group also exceed its defined target for 2017 of €450 million.

HeadFirst spent 2017 integrating the two companies positioning the various brands within HeadFirst Source Group with corresponding services (matchmaking, contracting, payrolling and MSP). As of 1 January 2018, the group will work in a single Enterprise Resource Planning system in accordance with a uniform approach.  Furthermore, new organisational structure with an operational management team has been set up. 

Mike Korenvaar, CFO at HeadFirst Source Group, commented, "In the past year, much attention was paid to the integration of both companies, the streamlining of work processes, the fusion of cultures and the realisation of synergy and scale benefits.”

CEO Gert-Jan Schellingerhout also commented, "We want to increase our market share in Belgium by convincing new clients of our services, based on our extensive experience in the Dutch flex market in combination with local knowledge and approach of the Belgian hiring market from our Belgian branch. In addition, we want to take the first steps to expand our international footprint. This enables us to both acquire new customers and better serve existing customers who operate in several countries.”

HeadFirst announced that it expects further growth in 2018 and targeted 6% revenue growth to approximately €530 million.

In trading today, HeadFirst traded at €2.84, up 14.52% on the day. Based on its current share price the company has a market value of €34.21 million.