Work Service (WSE:WSE) the Polish staffing, RPO, and outsourcing company reported revenue from continuing operations of PLN 516.5 million  (€119.3 million) for the first quarter of 2018 ending 31 March, an increase of 3.7% compared with the same period last year.

Last year, Work Service exited the Russian market because of business uncertainty. However, the company added that this exit process is still in progress, and the group will still be consolidating the results of Proservice within its “discontinued operations” until Q2 of 2018. Work Service also sold Kontrakt System Group last year.

Earlier this year, Work Service entered into an agreement to sell all of its shares in subsidiary Exact Systems. The group stated that it will focus on its core business.

Revenue from continued operations (without Exact Group, IT Kontrakt and Proservice Group) was as follows.

According to Work Service, revenue growth from continued operations was based on solid organic growth. The largest sales increases were reported in the Hungarian, Polish and Czech markets.

Revenue from continued operations was broken down as follows.

Overseas operations saw an increase of 6.6%, with every country showing growth except for Slovakia and Germany.

Maciej Witucki, President of the Management Board of Work Service, commented, “Our Polish core operations record both growth in sales and profitability, the latter being achieved thanks to cost reductions undertaken by the Management in 2017 and the growing trend of employing Ukrainian employees in Poland.”

In trading today, Work Service traded at PLN 205 (€47.50), no change on the day. Based on its current share price the company has a market value of PLN 130.19 million (€30.1 million).