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29 January 2010
Synergie SA (SDG:PAR), the staffing and training services group announces results for the fourth quarter of 2009 as well as full year results for 2009.
The fourth quarter of 2009 saw a strong improvement over the earlier quarters of the year. Q4 2009 revenues were down by -5.9% to 256 million Euro compared to 271 million Euro in Q4 2008.
Q4 2009 revenues generated in France were down by -9.2% to 165 million Euro compared to Q4 2008 in a market which contracted by -13% during the same period.
Q4 2009 revenues generated in the 12 countries outside of France which Synergie operates in were up to 91.3 million Euro compared to 90.5 million Euro in Q4 2008.
Full year revenues in 2009 were 945 million Euro, down by -21.3% from 1.2 billion Euro in 2008.
Full year 2009 revenues generated outside of France represent 40% of total group revenues for the year, which is in line with Synergie's strategy to raise international revenues to 50% of total revenues by 2011.
Synergie's Spanish subsidiary will from January 2010 benefit from the recent acquisition of the Spanish operations of Olympia, which will take the revenues of Synergie Spain from 35 million Euro to an expected 70 million Euro in 2010.
Synergie has high levels of cash flow, which will enable the company to remain on the lookout for further acquisitions.
In early trading Synergie's shares were down by -0.05% to 18.89 Euro.