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Staffing firm Adequat announced yesterday that revenue in the first half of the year increased by +13% to €178 million , signalling “exceptional growth” given the difficult trading conditions in the country.
The ninth largest recruitment firm in France, Adequat last year made revenues of €326 million of which 40% were generated from the construction industry.
Earlier this year the firm said that the construction industry continued to perform well as the company has won several flagship projects in the sector. This had a positive impact on hiring levels of temporary workers and could have helped boost its revenue.
In the first six months of the year, the firm has also expanded nationally and now spans a network of 115 agencies. It aims to more than double this figure to 300 in the next five years.
Staffing Industry Analysts estimate that the size of the French market in 2011 was €23.5 billion but business has suffered this year. The latest statistics by the French association of employment agencies (Prisme) showed that the number of temporary workers in France declined by -8.2% in June, following months of negative developments.
While Adequat saw a rise in revenue, competitor Groupe Crit has been troubled by the slowdown in the staffing sector. The firm recently reported it is refocusing its attention to international markets to escape economic woes.