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France – Synergie revenue declines in Q1

03 May 2013

One of France’s largest recruiters, Synergie SA (SDG:PAR) reported yesterday that during the first quarter of this year the consolidated revenue generated by the group fell by -2.7% to €328.2 million, compared with €337.5 million over the same period last year.

“Once corrected for the difference in the number of business days (-2 compared with last year), the Group’s overall activity remains on the same level as last year”, the CEO Daniel Angereau indicated in the same release.

In France, the Group’s main market, revenue declined by -4.8% to €187.1 million, compared with €196.5 million last year. Internationally, revenue grew from €141.0 million in the first quarter of 2012 to reach €141.1 million this year, representing 43% of the group’s consolidated revenue. This compares positively with a ratio of 42% of revenue generated outside France for the whole of the year 2012. The increase was primarily driven by strong performances in the Belgian and Canadian markets.

For Angereau, “these performances – coming in addition to Synergie’s constant international strengthening- are proof of the reliance of the Group’s strategic choices and of the significant efforts undertaken in rapidly developing sectors such as aeronautics, renewable energies and the professions in the specialised tertiary sector.”

Synergie is the sixth-largest staffing firm in Europe, specialising in temporary staffing, outplacement, and recruitment with services mainly provided to the industrial sector. It has a network of 600 agencies in Europe, Canada and Australia. According to the company the strategy employed by SYNERGIE is based on an active organic and external growth policy that is intended to strengthen its positioning as a key European actor.

Just after the opening of the Paris stock exchange Synergie traded at €8.30, down -1.19%, -10.37% below its 52-week high of €9.26, set on the 20 February 2013 and down -4.60% from a year ago. This means the firm is valued at €204.64 million.

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