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France — Synergie revenues down by less than the market

13 November 2009

Synergie SA (SDG:PAR), the temporary and permanent staffing agency group based in Paris, announces interim results for the third quarter ending 30 September 2009.

Revenues for the first nine months of 2009 were down by -25.8% to 689.3 million Euro compared to 928.8 million Euro for the same period in 2008.

Revenues for the third quarter of 2009, on the other hand, showed a great improvement compared to the first two quarters of 2009 but were still down by -18.4% from 318.2 million Euro in Q3 2008 to 259.5 million Euro in Q3 2009.

In France, Q3 2009 revenues were down by -20.9% to 171 million Euro. This compares to a negative growth of -25.3% for the staffing industry in France as a whole (figures from industry association PRISME).

In Europe and Canada figures were even more encouraging with a negative growth of only -13.1% to 88.5 million Euro in Q3 2009.

The group says in a statement, "our partnership with [the government's job centre] 'Pole Emploi' should have a strong leverage effect on our turnover for the quarters to come. Our cost saving practises and corporate re-structuring, which have been going on since January 2009, have had and will in the future have a significant effect on our profit margin."

Synergie has 550 agencies in 13 countries across Europe and Canada. Subsidiaries include among others Synergie Formation SARL (France), Gestion Hunt Inc (Canada), Elitt SARL (Luxembourg), Acorn Synergie UK (United Kingdom) and Synergie Holding srl (Italy).

In early trading Synergie's shares were unchanged at 17.75 Euro.



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