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Synergie SA (SDG:PAR), the staffing and training services group, has last night published interim results for the first quarter of 2010.
Consolidated group revenues were up by +19% from 205.5 million Euro in Q1 2009 to 244.5 million Euro in Q1 2010. On a like-for-like basis revenues were up by +14.1%.
In France, quarterly revenues were up by +8.5% from 139.1 million Euro in Q1 2009 to 150.9 million Euro in Q1 2010, outperforming the market which according to industry association Prisme grew by +5% during the same period.
In Europe and Canada revenues were up by +41% to 93.6 million Euro in Q1 2010 on a like-for-like basis revenues generated outside France were up by +26%.
The group reports that the integration of the Spanish operations acquired from Olympia Flexgroup AG has gone smoothly and has significantly strengthened Synergie's presence in Spain.
Revenues have continued to rise after the first quarter of 2010, with an increase of +30% in April (+20.5% in France and +47% outside France) and further growth in May.
Synergie now generates 40% of revenues outside France. It is the group's strategy to reach a 50% revenue contribution from markets outside France by the end of 2011.
In May 2010 the group has finalised the acquisition of staffing agency Global Job & Services SA, enabling Synergie to increase the number of its branches in French-speaking Switzerland.
Synergie says in a statement "with its strongly positive cash-flow (70 million Euro) and healthy financial structure, the group continues to explore every opportunity for external growth, particularly in Germany and Belgium.
In early trading Synergie's shares were up by +3.57% to 20.30 Euro.