Work Service Capital Group, (WSE:WSE) the Polish staffing and RPO provider, reported revenue for the first half of the year yesterday of PLN 840.2 million (€192.2 million) a decrease of 19.7% compared to the previous year.

“In the first half of 2019, the Work Service Capital Group achieved financial results at a level higher than in the corresponding period of 2018, which was mainly due to the operational restructuring carried out (in particular, reducing the costs of operating companies) and was reflected in the improvement of sales results and in the consequences of operating results of entities consolidated in 2019,” the company stated.

Earlier this year, Work Service announced that Maciej Witucki had resigned from his role as CEO with effect from 28 February 2019. Iwona Szmitkowska, Vice President of the Management Board will take over Witucki’s role on the Board.

In February 2019, Work Service announced that it has begun the process of selling its foreign subsidiaries including Work Service Czech, Work Service Slovakia, as well as Work Service SK, and Work Service Outsourcing Slovakia, which are part of Work Service Slovakia.

On March 21, 2019, the company decided to start a review of strategic options aimed at choosing the most advantageous way to implement the long-term strategy of the Work Service Capital Group.

The company's Management Board also announced yesterday that it aims to obtain additional financing in 2019.

“The capital obtained from investors would enable the improvement of working capital and the financing of significant liabilities of the Capital Group,” the company stated.

“Our intention is to systematically improve profitability of operations by further reducing fixed costs started in 2018, and on the other hand to focus commercial activities on acquiring new orders from existing and new customers in Poland, the Czech Republic, Slovakia and Germany," the company stated.

As of last trade on the Warsaw Stock Exchange, Work Service traded at PLN 0.90 (€0.21), down 8.16% on the day and 40.63% above the 52-week low of PLN 0.64 (€0.15) set on 2 October 2018. Based on its current share price the company has a market value of PLN 59.03 million (€13.50 million).