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France – Synergie looks abroad after French revenue drops

13 September 2012

French staffing company Synergie SA (SDG:PAR) said that international operations have helped raise revenue in the second half of the year after sales stalled in its domestic market. The firm said it is now looking to expand its presence in more “dynamic” markets in Europe and Canada.  

Revised results from previously published figures in July now show a more accurate picture of the firm’s financial performance. In the six months to June, revenue was up by +2.7% from €689.4 million last year to €707.9 million. International revenue grew +10% while in France turnover dropped slightly (-2%).

Operating profit decreased -22% to €17.4 million against €22.3 million last year. Profit before tax in the half year slumped to €15.7 million from €19.1 million, a reduction of -17.8%. Net income was down by a quarter to €5.9 million, compared to €7.9 million at the same time last year.

The company said that economic conditions put pressure on its profit margins which saw “a slight decline.”

“Our results from the first half of 2012 show a particularly tense economic environment in which our group still managed to maintain an excellent level of activity due to its international development strategy,” said CEO Daniel Augereau.

“In the second half of the year, our efforts will continue to focus on improving our profitability,” he said, focusing also on consolidating its financial strength in the European market.

Synergie is the 15th largest staffing firm in the world. The company specialises in temporary employment, outplacement, recruitment and training services operating in a range of economic sectors, notably in industry.

In early trading, the company’s share price was down -0.8% to €7.54, a -11.3% decrease from a year ago and +9.9% above its 52-week low of €6.86 seen in May. The firm has a market value of €185.15 million.  

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