Work Service (WSE:WSE) the Polish staffing, RPO, and outsourcing company reported revenue of PLN 655.0 million  (€156.2 million) for the first quarter of 2017 ending 31 March, an increase of 11% compared with the same period last year.

According to Work Service, the company’s operating profit of PLN 25.2 million (€6.0 million) has already fulfilled more than 29% of its guidance for the entire year. Meanwhile, the group states that its revenue growth of 11% is in-line with the company’s stated strategy of organic growth and intensifying already existing business and territory lines.

Work Service stated that 44.7% of the revenues came from international business, which in value terms was over PLN 25 million higher than in the equivalent period last year.

“The last quarter was very good for us,” Maciej Witucki, President of the Management Board of Work Service, said. “The results show both development of our business and significant increase of profitability. We skillfully used the prosperity on the job market in Central and Eastern Europe and thanks to this, we have recorded strong organic growth of 9% year over year. At the same time, we are introducing changes in the group all the time, which are expected to improve our efficiency. Some effects of these activities are already visible, which is demonstrated by the highest EBDITA level recorded in our history being achieved in the first quarter of this year.”

“We focus on balanced development built on solid foundation,” Witucki said. “On the one hand, we introduce new recruitment tools, so that in the current market condition, we have access to the biggest database of candidates. On the other hand, we focus both on improving the effectiveness of financing and the conducted business..”

Earlier this year, the Work Service Supervisory Board appointed Krzysztof Rewers as a member of the Management Board, moving into the position of Vice-President responsible for supervision of the financial and accounting policy of the group and financial supervision of subsidiaries of the Work Service Capital Group.

Work Service is one of the world’s largest staffing firms.

In trading today, Work Service traded at PLN 8.96 (€2.14) ,up 5.66% on the day and 15.61% above the 52 week low of PLN 7.75 (€1.85) set on 18 May 2017. Based on its current share price the company has a market value of PLN 552 million (€131.7 million).