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France – Synergie revenue hits historic high

30 January 2014

France-based recruitment firm Synergie SA (SDG: PAR) reported revenue for the three months ending 31 December 2013 of €409.9 million, an increase of +13.1% compared with €362.4 million during the same quarter last year.

Daniel Augereau, Chairman and CEO of Synergie commented: “In the fourth quarter, thanks to the improved expertise within its 600 agencies, the Syngerie Group once again strongly outperformed its market in all of the 15 countries where it is established.”

In its home market of France, Synergie reported a +9.5% increase in revenue from €205.4 million in Q4 2012 to €224.9 million in Q4 2013. Business in France during the fourth quarter, according to Synergie, was down by nearly -7% compared with the start of the year.

International revenue also rose during Q4 2013, from €157 million last year to €185 million this year, equating to year-on-year growth of +17.8%. International revenue now accounts for 45% of total company revenue.

The international growth is attributed to strong revenue increases in the United Kingdom (+24.1%), Germany (+20.5%), Italy (+20.1%), and Belgium (+14.5%). The Iberian Peninsula also reported significant growth of +29.4% during the fourth quarter, year-on-year.

On an annual basis, Synergie reported record revenue of €1.5 billion, an increase of +4.9% compared with 2012. French revenue grew by +2% to €850.7 million from €833.7 million a year ago. Across Synergie’s International markets revenue rose by +8.8% to €669 million, up from €615.1 million last year.

Mr Augereau added: “These performances confirm the relevance of the strategic choices made in France and Internationals, and of the investments carried out in high potential sectors… while relying on the Group’s totally integrated network.” 

“Looking forward to 2014, and in the context of an economic recovery, particularly on the International side, Synergie and its 2,300 employees have set a growth objective in the area of +10% in [revenue], while protecting the profitability,” he concluded.

During the fourth quarter, Synergie announced the acquisition of Spanish recruitment firm Solempleo. Through the acquisition, Synergie has increased its branch network in Spain to 34 offices.

In trading today, the company’s share price rose by +4.5% to €16.56, an increase of +99.7% compared with a year ago. Based on its current share price, the company has a market value of €402.7 million. 

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