Dutch staffing firm Headfirst Source Group, previously known as the Source Group before its merger with Headfirst, reported revenue for the first three months of 2017 with sales of €123 million, up 156%  from €75 million in the same period last year. This increase is largely due to the merger, which was completed at the end of 2016.

The group stated that its results were also boosted by contract awards which included contracts with the Ministry of Economic Affairs, the Royal Library, Council for the Judiciary and the UWV (Employee Insurance Agency). 

Headfirst Source Group also stated that EBITDA increased to €1.6 million, despite additional costs in connection with the merger. Operating profit increased to €1 million.

The group is targeting turnover of €460 million and EBITDA of €7.0 million for the full year of 2017.

In trading today, Headfirst Source Group traded at €2.30, up 4.5% on the day. Based on its current share price the company has a market value of €28.05 million.