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France – Groupe Crit reports growth and plans more acquisitions

06 February 2014

French recruitment firm Groupe Crit (CRIT: OAR) reported revenue of €408.8 million during the fourth quarter of 2013, an increase of +11.7% compared with €365.9 million for the same period in 2012. On an annual basis, the company achieved revenue of €1.56 billion, a rise of +4.6% compared with €1.49 billion last year. Revenue from the company’s international business increased year-on-year by +31.1% to €307.2 million.

Revenue derived from temporary and permanent recruitment increased organically during the fourth quarter by +9.3% to €344.4 million, year-on-year. On an annual basis revenue from temporary and permanent recruitment rose by +4.9% to €1.3 billion.

Sales in France, Groupe Crit’s home market, during the fourth quarter rose organically by +8.9% to €272.3 million. According to the company’s statement, the year-on-year increase is much higher than the market average. On an annual basis, the company reported revenue of €1 billion in France, on par with the revenue achieved in 2012.

International revenue increased by +32.1% during the fourth quarter to €72.1 million, compared with last year. Revenue from the United States accounted for the biggest proportion of international revenue, rising organically by +15% to €47 million. On an annual basis, international revenue grew by +33% to €265.4 million, compared with 2012.

Looking forward, Groupe Crit is entering 2014 with confidence in both France and abroad. Over the coming months the Group intends to pursue its acquisition strategy in the United States. In October, the company announced its acquisition of Texas-based recruitment firm MEP Staffing, marking the sixth North American acquisition by Groupe Crit in the past two years. 

In trading today, the company’s share price rose by +1.3% to €37.30, an increase of +142.6% compared with last year. Based on its current share price, the company has a market value of €414.1 million.  

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