Work Service (WSE:WSE) the Polish staffing, RPO, and outsourcing company reported revenue of PLN 592 million  (€135.3 million)for the first quarter of 2016 ending 31 March . This was an increase of 24.7% compared with PLN 474 million (€108.3 million) during the same period last year.

According to the company, the results obtained in Q1 are in spite of the impact of seasonality. According to the growth plan presented in March 2016, the group has announced it will continue internal integration and improve efficiency in the coming quarters.

“The earnings generated in the first months of 2016 prove that our growth rate has remained strong at almost double the market average,” Maciej Witucki, President of the Management Board of Work Service S.A, said. “This is a good prognostic for the rest of the year. In spite of investments in the structure, both domestically and internationally, we have increased our sales and the HR numbers of our clients.”

The company listed on the London Stock Exchange in February in an effort to broaden its investor base and help it expand into new markets.

In March 2016, the Work Service Group published a growth plan which defines its strategic objectives by the end of Q2 2017. It provides for improved efficiency as well as synergies generated in the activity of the large Group with its business and geographic diversity. The plan included integration of Work Express and Work Service International. They now operate as Work Service Express responsible for cross-border job opportunities for Poles. The key internal processes put in place by the Management Board include the development of an efficiency improvement programme. It anticipates cost optimisation in the group combined with further investments generating new orders.

“I am convinced that the expected increase of the financial efficiency of the group will be visible at the end of the year. We will achieve that goal because of better integration both in Polish market, which remains the main market for us, and at the international level”, said Maciej Witucki.

The Hungarian company Prohuman contributed the second biggest revenue in Work Service at more than PLN 96 million in Q1 2016. The high-margin companies also reported strong improvement of revenue. The revenue of IT Kontrakt grew by 48% Year-on-Year and the revenue of Antal increased by 14% Year-on-Year. Exact Systems is launching its Chinese operation as the group’s first company to expand beyond Europe. Due to its acquisitions, 45% of the Work Service Group’s total revenue comes from foreign operations.

“Our key long-term objective is to be a top five European HR service provider. To do that, we need not only to respond to current trends but also make strategic forward-looking decisions. This is why we went public on the LSE earlier this year, welcoming international investors in order to grow the business of our companies. The two experienced managers who have recently joined the Management Board – Adam Pawłowicz and Piotr Gajek – will work together with Maciej Witucki to enhance the successful integration of the Group, positioning us for the next big step,”  Tomasz Misiak, Chairman of the Supervisory Board of Work Service S.A., said.

In trading on Friday, Work Service traded at 10.15 (€2.32), 0.40% above its 52-week low of 10.11 (€2.31), set on 13 May 2016. Based on its current share price, the company has a market value of PLN 660.67 million (€151 million).